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Use PMT to dehermine the eqular payment amont rounded to the nearest dolar Your gredt card has a balance of $2800 a...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent....
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 30-year fixed-rate mortgage at 4%. -nt a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $525.16. (Do not round until the final answer. Then round to the nearest cent as needed.) The...
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...
Round to the nearest cent (Solving for PMT of an annuity) To pay for your child's...
Round to the nearest cent
(Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $15,000 at the end of 10 years. To do this you plan on depositing an goal? equal amount into the bank at the end of each year. If the bank is willing to pay 14 percent compounded annually, how much must you deposit each year to reach your To reach your goal, your annual deposit must be(Round to...
You owe $3629 on your credit card which has a 17.2% APR. (a) How much interest...
You owe $3629 on your credit card which has a 17.2% APR. (a) How much interest do you get charged this month on your balance of $3629? (b) You make a payment of $850. What is your new balance for the next month? (c) How many total months will it take you to pay off the debt if you continue to make $850 payments each month (the last month you would pay just what you owe)? (a) The interest is...
Suppose your credit card balance is $16500. The minimum payment is $312, and the annual percentage...
Suppose your credit card balance is $16500. The minimum payment is $312, and the annual percentage rate is 20.7%. a. If you make a constant monthly payment of $312 how long will it take you to pay off the credit card balance? b. How much interest will you pay if you elect to make the minimum payment? Please solve using financial calculator and provide imputs for I/Y, PV, PMT, and FV. ***I will need the answers both rounded to rounded...
What is Vic's monthly interest payment? (Round to the nearest dollar as needed.) 2.) Suppose that...
What is Vic's monthly interest payment? (Round to the nearest dollar as needed.) 2.) Suppose that on January 1 you have a balance of$4200 on a credit card whose APR is 13%,which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total...
You have credit card debt of $ 30 comma 000 that has an APR (monthly compounding)...
You have credit card debt of $ 30 comma 000 that has an APR (monthly compounding) of 17 %. Each month you pay the minimum monthly payment only. You are required to pay only the outstanding interest. You have received an offer in the mail for an otherwise identical credit card with an APR of 11 %. After considering all your alternatives, you decide to switch cards, roll over the outstanding balance on the old card into the new card,...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $5...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61.The amount she owes, the monthly payment and the interest rates appear in the table below: Loan Type Annual Percentage rate, APR Loan Amount Monthly Payment Current Debt) S12,000 $11,500 S 1,500 $25,000 Bank Card Auto Loan 18% 5.5% $243.85 $257.88 Department Store Card | 15%...
Suppose that on January 1 you have a balance of $6200 on a credit card whose...
Suppose that on January 1 you have a balance of $6200 on a credit card whose APR is 14%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part(b) is interest? a. The monthly payment is $ (Do...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 30-year fixed-rate mortgage at 4%. -nt a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $525.16. (Do not round until the final answer. Then round to the nearest cent as needed.) The...
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...
Round to the nearest cent
(Solving for PMT of an annuity) To pay for your child's education, you wish to have accumulated $15,000 at the end of 10 years. To do this you plan on depositing an goal? equal amount into the bank at the end of each year. If the bank is willing to pay 14 percent compounded annually, how much must you deposit each year to reach your To reach your goal, your annual deposit must be(Round to...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61.The amount she owes, the monthly payment and the interest rates appear in the table below: Loan Type Annual Percentage rate, APR Loan Amount Monthly Payment Current Debt) S12,000 $11,500 S 1,500 $25,000 Bank Card Auto Loan 18% 5.5% $243.85 $257.88 Department Store Card | 15%...
Suppose that on January 1 you have a balance of $6200 on a credit card whose APR is 14%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part(b) is interest? a. The monthly payment is $ (Do...
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