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N interest? Use Po foliowing formula toonemine the regular payment amount. Determine which loan i...
Use PMT to determine the regular payment amount, sounded to the nearest dollar In terms of...
Use PMT to determine the regular payment amount, sounded to the nearest dollar In terms of paying less in interest, which is more economical for a $230.,000 mortgage a 30 year foed-rate at 10% or a 20-year fed-rate at D5% 7 How much is saved in interest Denermine which loan is more economical Choose the comect answer below O The 30-ear 10% loan is moe ecenomical O The 20-year 9.5% loan is more economical The byer will save approximately Sin...
Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of...
Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $35,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 8.5% or 30-year fixed at 85% much does the buyer save in interest with the 20-year option? Calculate the amount of interest paid for each option. How Find the monthly payment for the 20-year option s (Round to the nearest dollar as...
In Chapter 1 of the text we looked at calculating a monthly payment for a loan. A related formula is to calculate the amount accruing when regular payments are made into an interest bearing account -...
In Chapter 1 of the text we looked at calculating a monthly payment for a loan. A related formula is to calculate the amount accruing when regular payments are made into an interest bearing account - often called the Savings Plan formula. (A is the accrued amount after t years of making regular payments, PMT, into an account at interest rate, r%, compounded ntimes each year.) A(t) = PMT·((1 + r/N)N·t - 1)/(r/N) = PMT*((1 + r/N)^(N*t) - 1)/(r/N) The...
Use to determine the regular payment amount, rounded to the nearest collar. Consider the Toulowing pair...
Use to determine the regular payment amount, rounded to the nearest collar. Consider the Toulowing pair or mortgage loan options for a $115,000 mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A 30-year fixed at 12.25% with closing costs of $2600 and 1 point. Mortgage B: 30-year fixed at 11.25% with closing costs of $2600 and 4 points Choose the correct answer...
Use PMT to determine the regular payment amount, sounded to the nearest dollar In terms of paying less in interest, which is more economical for a $230.,000 mortgage a 30 year foed-rate at 10% or a 20-year fed-rate at D5% 7 How much is saved in interest Denermine which loan is more economical Choose the comect answer below O The 30-ear 10% loan is moe ecenomical O The 20-year 9.5% loan is more economical The byer will save approximately Sin...
Use PMT= to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $35,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 8.5% or 30-year fixed at 85% much does the buyer save in interest with the 20-year option? Calculate the amount of interest paid for each option. How Find the monthly payment for the 20-year option s (Round to the nearest dollar as...
Use to determine the regular payment amount, rounded to the nearest collar. Consider the Toulowing pair or mortgage loan options for a $115,000 mortgage. Which mortgage loan has the larger total cost (closing costs + the amount paid for points + total cost of interest)? By how much? Mortgage A 30-year fixed at 12.25% with closing costs of $2600 and 1 point. Mortgage B: 30-year fixed at 11.25% with closing costs of $2600 and 4 points Choose the correct answer...
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