Suppose you take out a $185,500 mortgage for 30 years at 5.15% interest. (a) Find the monthly payment on this mortgage. S (b) Fill out the first two rows of the amortization schedule below. Round your answers to the nearest dollar. Payment Number Interest Payment | Principal Payment Balance of Loan 1 2
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- You lend a friend $10,000, for which your friend will repay you $27,027 at the end of 5 years. What interest rate are you charging your "friend"? Question content area bottom Part 1 The interest rate you are charging your friend on the loan is enter your response here%.Goal To use recursive sequence to determine the amount money owed on a loan after months Role You are a loan officer at a mortgage company. Audience Jim and Joan Miller are customers applying for a mortgage. Situation Jim and Joan Miller are borrowing $120,000 at 6.5% per annum compounded monthly for 30 years (360 months) to purchase a home. Their monthly payment is determined to be $758.48. Performance Task You need to present Jim and Joan with a report detailing the following: • Arecursive formula for their balance after each monthly payment has been made. • To do this, use the formula: a, = an-1 (1+r) – 758.48 A determination of Jim and Joan's balance after the first payment. Don't forget the interest affecting their payment! • Use a spreadsheet or graphing utility to create a table showing their balance after each monthly payment. • Determine when the balance will be below $75,000. • Determine when the balance will be paid off. • Determine the interest expense when the loan is…Calculate the principal portion of the second payment on the required on an amortized loan annual interest rate of 8.25% for 20 years. finance the purchase of a new home priced at $99,757.57 assuming the O A. $165.30 O B. $174.17 OC. $175.30 O D. $164.17 Click to select your answer. tUs /- MacBook Air 888 F4 14 F7 F1 F3 FS F6 II 4) F9 F10 F11 @ 2$ 4 23 & 2 6. 0. R Y P. S D F H. J K B alt command +
- Suppose you want to have $700,000 for retirement in 20 years. Your account earns 7% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? S Question Help: Video Submit Question Q Search hp HFind the interest earned on $5,750 deposited into a savings account for 3 1/2 years at an annual interest rate of 4 1/2% a. What formula should be used? b. What are you trying to find and what variable does it represent in the formula? c. Solve the problem showing all of your work (must show all steps!!) d. Interpet your answer using a complete sentence You may use the box below to upoload a picture of your written explanation or type it out in the box. Use the "mountain" button to add pictures.File Edit View History Bookmarks Window Help 2 DZL Understanding Loans and Simple Interest - 21516 MAT142 Topics In Coll... W DERIVITA Tiana Klughart a) What is the principal of her mortgage? Principal $ Donna wants to buy a house for $900,000.00. She makes a 15% down payment and borrows the rest by getting a 30-year mortgage. Her monthly mortgage payment is $3,803.75. b) What is the total she will pay on the loan? Total $ c) How much interest will she pay over the life of her loan? Total interest $ CHECK ANSWER C #3 E C a d2l.pima.edu D2L 5.2 Understanding Loans and Simple Interest - 21516 MAT142 Topics... $ 4 R 45 % T () > 6 3 MacBook Pro Y & 7 U 8 Question 4 of 15 A DZL Chapter 5.2 - 21516 MAT142 1 9 www BACK Help Question 1 10 Question 2 Question 3 Question 4 Question 5 Question 6 Question 7 Question 8 Question 9 Question 11 Question 12 Question 13 Question 14 Question 15 Question 10 1 Summary 0 NE 0 10 10 1 1 1
- a grande songs-Google Se x 8.acellus.com/StudentFunctions/Interface/acellus_engine.html?ClassID=1977958208# M My Gmail My Classes O My Drive - Google D.. O Algebi des K to 12 Acellus - The Scienc.. Unit 6 Exam Mortgage payments How much money will be spent in interest alone over the course of the 4% 30-year mortgage described in the table? Principal: $200,000.00 Monthly Payment Interest Rate 3% 4% $843 $955 $1074 5% A. $200,000 B. $343,800 C. $143,800 D. $8,000 rellus Corporation. All Rights Reserved.A ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser%3D0&launchUrl-https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal% Use the following amortization chart: Principal (loan) $88,000 Payment per $1,000 $ 5.68 Monthly mortgage payment $ 499.84 Rate of Selling price of home Down interest Years payment $ 5,000 $ 93,000 5.5% 30 What is the total cost of interest? (Do not round intermediate calculations. Round your answer to the nearest whole dollar.) Total cost of interest acerFind the interest paid on a loan of $2,600 for three years at a simple interest rate of 10% per year. .... The interest on the loan is $ st Help Me Solve This Calculator Get More Help - Cle JDecimals & Percents.6 J Decimals & Percents-7 / Decimals & Percents-8 ype here to search DELL prt sc F10 F2 F3 F4 F5 F6 F7 FB F9 %23 %24 & 4. 7. R. * CO 5
- Picture Tools Format O Tell me what you want to do... Exercise 10. Loan Payments A student loan of $50,000 at a fixed APR of 6% for 20 years (10a) Calculate the monthly payment P x APR РMТ (-nY)1 1+ APR (10b) Determine the total amount paid over the term of the loan.You can afford a $200 per month car payment. You've found a 5 year loan at 7% interest. How big of a loan can you afford? S Submit Question Q Search hp OCalculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) Monthly Payment Amount Number of Table Finance APR Financed Payments Factor Charge $9,300 36 13% $ Need Help? Read It Viewing Saved Work Revert to Last Response Submit Answer