bought a vacation property for $18 900.00 down and sem nnual period for eight years. Interest is 10.4% compounde at was the purchase price of the property?
Q: John purchased a house for $325,000. He made a downpayment of 15% of the value of the house and…
A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…
Q: Casey purchased a house for $350,000. She made a down payment of 10.00% of the value of the house…
A: Data given: Value of house = $350,000 Down payment = 10% of value of house. r= 6.82% compounded…
Q: A property was purchased for $7876.00 down and payments of $983.00 at the end of every month for 6…
A: Down Payment = 7876 Monthly Payment = 983 Number of payments = N = 72 (6 years in months) Interest =…
Q: 3. Gary and Sandra Duncan bought a property by making semi-annual payments of $4210.00 for 8.5…
A: Here, Semi-Annual Payments is $4,210 Payment Period is 8.5 years Interest Rate is 8.53% compounded…
Q: Edwill just purchased a new home costing R1 107 900,00 by paying R120000,00 cash on the purchase…
A: Total payments means the amount which will be paid to repay the loan. This amount is more than the…
Q: Tariq bought a commercial property valued at $71 000 for $26 000.00 down and a mortgage amortized…
A: Interest rate can be converted as follows, Annually compounding rate = 6% Annual factor = 1+6% =…
Q: A condominium unit is being amortized with a quarterly payment of P56,000 for 5 years at 3%…
A: Amortization of Loan: An amortized loan is a form of loan in which the borrower is required to make…
Q: An investor buys a property for $683,000 with a 25-year mortgage and monthly payments at 7.3% APR.…
A: Here we will first calculate the monthly payment for the loan taken Laon is $ 683000, Tenure is 25…
Q: Mr. Jimenez buys a parcel of land worth P550,000. He pays a P50,000 down payment and the remaining…
A: The question is based on the concept of Financial Management.
Q: James invested an amount of P100,000 where he obtalned an interest of P16,000 at the end of 2.5…
A: Here, Invested Amount (PV) is P100,000 Interest Received at the end is P16,000 Therefore,…
Q: Joshua bought a car worth Php 65 000 amortized in 4 months at 12% interest compounded monthly.…
A: Loan amount (P) = Php 65000 Interest rate = 12% Monthly interest rate (r) = 12%/12= 1% Period (n) =…
Q: Ms. Callie paid Php200,000 as down payment for a farm. The remaining amount is to be settled by…
A: Given information: Down payment = Php20,000 Monthly payment = Php16,200 Interest rate r = 5%…
Q: Larry invested $12,000 at an interest rate of 10.18% for 4 years. If the amortization schedule needs…
A: Interest is the cost payable for using the amount taken as a loan.
Q: A $660,000 townhome in Richmond Hill was purchased with a down payment of 20% of the amount. A…
A: Given That: Cost of Townhome=$660000 Down payment = 20% Down payment amount = 20% of…
Q: P. Atty. Barrientos agreed to sell her condominium unit to a compañera. The unit worth 2.4 million…
A: Unit Worth is 2.4million pesos Total Number Schedule is 2 Fist schedule for 5 months at 3% Quaterly…
Q: A man purchased on monthly installment a P100,000 worth of land. The interest rate is 12% nominal…
A: The monthly amortization amount can be calculated with the help of present value of annuity
Q: 1. Mr. Teves bought a property on sale with a P200,000 down payment and twelve equal monthly…
A: Down payment = P 200,000 Monthly payment = P 10,000 Number of monthly payments = 12 First payment =…
Q: Curtis bought a condominium for $319 000 and made a down payment of $64 000. The annual interest…
A: Loan amount (L) = $255,000 (i.e. $319,000 - $64,000) Monthly interest rate (r) = 0.004575 (i.e.…
Q: Asim bought a cottage property near lake Huron for quarterly payments of $2470.00 for 18 years. If…
A: The given problem can be solved using PV function in excel. PV function computes loan amount for…
Q: A vacation property was bought by making semi-annual payments of S7500.00 for seven years. If the…
A: In order to calculate the purchase price of the property, we will use the future value function in…
Q: A man borrowed K6,000 a 7% and agrees to pay back by making equal payments at end of every month for…
A: Amortization schedule: A table that details the regular payments for an amortizing debt is called an…
Q: Island News purchased a piece of property for $1.17 million. The firm paid a down payment of 20…
A: Given info, Value of the property = $1.17 million Down payment = 20% in cash Loan term = 20 years…
Q: Rebecca leased equipment worth $45,000 for 9 years. If the cost of borrowing is 7.26% compounded…
A: Equipment worth (PV) = $ 45000 Period = 9 Years Period in quarters (n) = 9*4 = 36 Annual interest…
Q: In buying a farm worth P 1,500,000 cash, the purchaser pays P 500,000 cash and agrees to pay the…
A: Payments are the modes of the cash outflow; therefore, the person who pays the amount has to make it…
Q: Atty. Santa agreed to sell their condominium unit to a campanera worth 2.4 million pesos in two…
A: Interest for the first 5 months = 2400000 x 3% x 3/12…
Q: A farmer bought an equipment costing P12, 000. The equipment may be purchased by installment for 5…
A: Cost of equipment (PV) = P 12,000 Interest rate (r) = 8% Number of annual payment (n) = 5 Years…
Q: A property is financed with a 60% loan at 9% over 25 years. The property produces an ATIRR on total…
A: Investment means engaging the funds to generate some gain in coming years. IRR is the rate which…
Q: A property was purchased for $3861.00 down and payments of $1170.00 at the end of every six months…
A: purchase price of the property = downpayment +principal of loan monthly payment…
Q: A farmer bought a tractor costing P 12,000 if paid in cash. The tractor may be purchased by…
A: Cost of Tractor = 12000 Time Period = 5 years Interest Rate = 8% Beginning of year payments
Q: An investor buys a property for $665,000 with a 25-year mortgage and monthly payments at 8.5% APR.…
A: Mortgage Loans: A legitimate consent to acquire cash from a bank or other monetary association,…
Q: A condominium unit is being amortized with a quarterly payment of P56,000 for 5 years at 3%…
A: An amortization schedule is a table representing the components of the periodic payments and how…
Q: A property was purchased for $7060 00 down and payments of $1451.00 at the end of every year for 3…
A: Present value of annuity Annuity is a series of equal payment at equal interval over a specified…
Q: Edwill just purchased a new home costing R1 107 900,00 by paying R120 000,00 cash on the purchase…
A: Computation:
Q: Lukas Center acquired a new Laser Machine worth ₱580,000.00. The center plans to pay 35% advance…
A: Amortization means the expensed off the asset account over the life of an asset.
Q: A person buys a piece of property for P100,000 down payment and ten deferred semi-annual payments of…
A: An investment in an asset can be made by paying for the asset overtime or paying cash at the time of…
Q: Lesiba invests an amount of money in an a ount earning 13,88% interest per year, ompounded weekly.…
A: Amount invested = Future value * PVIF ( Weekly rate, Number of weeks )
Q: Harry and Potter bought a property by making semi-annual payments of $3210.00 for 8.5 years. If the…
A: Effective rate of interest can be defined as the interest rate which considers the effect of…
Q: A man paid 10% down payment of P200, 000.00 for a house and lot and agreed to pay the balance on…
A: Borrowings are the liability that used to finance the requirement of the funds. The borrower needs…
Q: An investor buys a property for $657,000 with a 25-year mortgage and monthly payments at 7.5% APR.…
A: Solution:- Cash remaining in hand after sales will be the cash in hand after paying the remaining…
Q: Christopher sold a piece of property P1,300,00.00. A down payment of P500,000 was made and the…
A: Here, Note: We are providing the solution of first three sub parts as per the specifications given…
Q: A property was purchased for $5374.00 down and payments of $1534.00 at the end of every month for 9…
A: Down payment (DP) = $ 5374 Monthly payment (P) = $ 1534 Period = 9 Years Number of monthly payments…
Q: A farmer bought a rice harvester worth ₱ 1.45 M if paid in cash. The tractor may be purchased by…
A: Cost = P 1,450,000 Annual interest rate = 8% Period = 5 Years
Q: A artist invest 4,596 at 5% compounded semiannually for two years. What is the future value of the…
A: Compound interest: It is the interest on interest calculated on the principal amount of a loan or a…
Q: invests $3,600 for two years. ccount pays 0.43% monthly compound interest. To the nearest s the…
A: In this problem we have to use future value formula to get future value.
Q: Tom Blasting invested $4,500 in an investment paying 8% compounded quarterly for 3 years. Find the…
A: The compound interest refers to the interest on the invested amount using the compounding method. In…
Q: What is the principal amount of the investment?
A: Investment refers to those mechanism which is used by the company for the purpose of generating…
Q: Mr. Dela Cruz bought a piece of property for P100,000 down payment and a 10 deferred semiannual…
A: Solution: Present worth of property should be computed as = Down payment + Present value of deferred…
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- Bryan purchased a house for $500,000. She made a down payment of 15.00% of the value of the house and received a mortgage for the rest of the amount at 4.12% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 5 year period. a. Calculate the monthly payment amount. $0.00 Round to the nearest cent b. Calculate the principal balance at the end of the 5 year term. $0.00 Round to the nearest cent c. Calculate the monthly payment amount if the mortgage was renewed for another 5 years at 5.82% compounded semi-annually? $0.00 چی Round to the nearest centCynthia purchased a house for $500,000. She made a down payment of 20.00% of the value of the house and received a mortgage for the rest of the amount at 6.92% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 4 year period. a. Calculate the monthly payment amount.Casey purchased a house for $350,000. She made a down payment of 10.00% of the value of the house and received a mortgage for the rest of the amount at 6.82% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 6 year period. a. Calculate the monthly payment amount. $0.00 Round to the nearest cent b. Calculate the principal balance at the end of the 6 year term. $0.00 Round to the nearest cent c. Calculate the monthly payment amount if the mortgage was renewed for another 6 years at 5.82% compounded semi-annually? $0.00 Round to the nearest cent
- Tara purchased a house for $475,000. She made a down payment of 30.00% of the value of the house and received a mortgage for the rest of the amount at 5.32% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 4 year period. a. Calculate the monthly payment amount. Round to the nearest cent b. Calculate the principal balance at the end of the 4 year term. Round to the nearest cent $0.00 Round to the nearest cent $0.00 c. Calculate the monthly payment amount if the mortgage was renewed for another 4 years at 6.32% compounded semi-annually? $0.00Scott purchased a house for $375,000. She made a down payment of 20.00% of the value of the house and received a mortgage for the rest of the amount at 4.72% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 7 year period. a. Calculate the monthly payment amount. b. Calculate the principal balance at the end of the 7 year term. c. Calculate the monthly payment amount if the mortgage was renewed for another 7 years at 3.82% compounded semi-anually?The Delgados have a gross monthly income of $6000. Monthly payments on personal loans total $500. Their bank limits the gross debt service ratio at 33% and the total debt service ratio at 42%. a. What is the maximum 25-year mortgage loan for which they can qualify on the basis of their income? Assume monthly heating costs of $200 and property taxes of $220 per month. Current mortgage rates are 6.8% compounded semiannually. (Do not round intermediate calculations and round your final answer to the nearest $100.) Maximum mortgage b. What minimum down payment must they have to qualify for the maximum conventional mortgage (80% loan-to-value ratio) on a new home? (Do not round intermediate calculations and round your final answer to the nearest $100.) Minimum down payment
- Chad purchased a house for $475,000. He made a downpayment of 20% of the value of the house and received a mortgage for the rest of the amount at 6.25% compounded semi-annually for 20 years. The interest rate was fixed for a 5-year term. a. Calculate the principal balance at the end of the 5-year term. b. Calculate the size of the monthly payments if after the first 5-year term the mortgage was renewed for another 5-year term at 6.00% compounded semi-annually?3. Scott purchased a house for $375,000. She made a down payment of 20.00% of the value of the house and received a mortgage for the rest of the amount at 4.72% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 7 year period. a. Calculate the monthly payment amount. b. Calculate the principal balance at the end of the 7 year term. c. Calculate the monthly payment amount if the mortgage was renewed for another years at 3.82% compounded semi-annually? ROUND ALL ANSWERS TO THE NEAREST CENT USE EXCEL FOR PRECISE ANSWERSGregory purchased a house for $350,000. He made a down payment of 30.00% of the value of the house and received a mortgage for the rest of the amount at 4.72% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 4 year period. a. Calculate the monthly payment amount. b. calculate the principal balance at the end of 4 year term c. calculate the montly payment if the mortgage was renewed for anotther 4 years at 4.12% compunded semiannually
- Jimmy buys a piece of property worth $90454, Jimmy makes a down payment of $17541, and pays the remaining portion of the debt with a mortgage consisting of year end payments for the next 18 years. If interest on the mortgage is 5.6% compounded yearly, then in what amount are the payments? Answer:Shanice paid $69,950 as a down payment towards an apartment purchase and received a mortgage from a bank for the remaining amount; she is to pay $3,460 at the end of every three months for 27 years at an interest rate of 4.93% compounded quarterly to repay the mortgage. a) What was the purchase price of the apartment? $ b) What was the total amount Shanice paid over the 27-year period to repay the mortgage? $ c) How much interest was charged on the mortgage? $. Jan sold her house on December 31 and took a $10,000 mortgage aspart of the payment. The 10-year mortgage has a 10% nominal interest rate, but it calls forsemiannual payments beginning next June 30. Next year Jan must report on Schedule B ofher IRS Form 1040 the amount of interest that was included in the two payments she receivedduring the year.a. What is the dollar amount of each payment Jan receives?b. How much interest was included in the first payment? How much repayment of principalwas included? How do these values change for the second payment?c. How much interest must Jan report on Schedule B for the first year? Will her interestincome be the same next year?d. If the payments are constant, why does the amount of interest income change over time? Please show solution and formula. Show manual computation (not in excel or accounting calculator) Thank you
