What is the principal (to the nearest whole dollar) remaining after 42 monthly payments have been made on a $21,000 five-year loan? The annual interest rate is 24% nominal compounded monthly. (Do not enter a dollar sign $ with your answer.)
What is the principal (to the nearest whole dollar) remaining after 42 monthly payments have been made on a $21,000 five...
QUESTION 5 What is the principal (to the nearest whole dollar) remaining after 24 monthly payments have been made on a $55,000 five-year loan? The annual interest rate is 3% nominal compounded monthly. (Do not enter a dollar sign $ with your answer.) QUESTION 5 What is the principal (to the nearest whole dollar) remaining after 24 monthly payments have been made on a $55,000 five-year loan? The annual interest rate is 3% nominal compounded monthly. (Do not enter a...
How much principal is still owed after 100 Monthly payments have been made on a $125,000 30-year mortgage with an interest rate of 5% compounded monthly? (Round to the nearest dollar) (a) $98,716 (b) $112,718 (c) $106,415 (d) $100,077
Express monetary answers to the nearest whole dollar. Express percentage answers to the nearest hundredth 24.After saving diligently herentire career, Alexandra isready to retire with a nest egg of $692,500. Sheneedsto invest this money in a mix of stocks and bonds that will allow herto withdraw $5,750 per month for 20 years. What annual interest rate (APR) doesshe need to earn?(Express as a percentage to the nearest hundredth) 25.Susan borrowed $62,500 in student loans and she has just graduated from...
2 You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest) 3 Loan 4 Interest Rate 5 Life (years) 6 Date of Loan $292,000 15.30% 42 January 1, 2018 9 Use the installment method not straight line 10 Do NOT round any interrmediate numbers 11 Do NOT turn this into a monthly problem. 12 13 a) What is the annual payment? 14 b What are the...
You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest) Loan Interest Rate Life (years) Date of Loan $902,000 12.80% 49 January 1, 2019 Use the installment method-not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 29 payments have been made, what percentage...
Your monthly mortgage payment (principal plus interest) is $1,750 . If you have a 30-year loan with a fixed interest rate of 0.3% per month, how much did you borrow from the bank to purchase your house (rounded to the nearest whole dollar)? (Do not enter a dollar sign $ with your answer.)
Your monthly mortgage payment (principal plus interest) is $1,750 . If you have a 30-year loan with a fixed interest rate of 0.3% per month, how much did you borrow from the bank to purchase your house (rounded to the nearest whole dollar)? (Do not enter a dollar sign $ with your answer.)
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate period has just expired. The loan was originally for $302,000 with 360 payments at 4.3% APR, compounded monthly a. Now that you have made 60 payments, what is the remaining balance on the loan? b. If the interest rate increases by 1.1%, to 5.4% APR, compounded monthly, what will be your new payments? a. Now that you have made 60 payments, what is the...
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. Complete parts (a) though (e) below. (a) What is the size of the monthly payments? The size of a monthly payment is $ (Round to the nearest cent as needed.) (b) How much interest is paid during the first year? The interest paid in the first year is $ (Round to the nearest cent as needed.) (c) ow much of...
James wants to take out a loan. He can afford to make monthly payments of 100 dollars and wants to pay the loan off after exactly 30 years. What is the maximum amount that James can afford to borrow if the bank charges interest at an annual rate of 8 percent, compounded monthly? (Give your answer, in dollars, correct to the nearest dollar.) Nicola borrows 60000 dollars from a bank that charges interest at an annual rate of 10 percent,...