Christy took out a mortgage of $717,000 for a house and just made the 117th end of month payment. If interest on the loan was 4.19% compounded monthly and the mortgage has a period of 19 years. Round ALL answers to two decimal places if necessary.

Q: Juliet has a 10-year mortgage of $350,000 with an interest rate of 4.5% APR, compounded…

A: Given: Given:

Q: Dylan deposits $10,000 now and makes an additional deposit of $5,000 at the end of Year 3 in the…

A: Interest charged on the principal amount and the interest accrued is known as Compound Interest. It…

Q: Mr. Cruz obtained a 17-year mortgage for 2894112. If this monthly payment is 18325 how much is the…

A: A mortgage is a type of loan in which a property is used as collateral for its own purchase or…

Q: Fidelio has purchased a condominium for $39,750, of which 80% is to be financed by a mortgage.…

A: given, price = $39,750 loan = 80% p= $39,750 x 0.8 = 31800 pmt = $395.80 rate = 14.3%

Q: A man paid a 10% down payment of 200,000 for a house and lot and agreed to pay the balance on…

A: Cost of house = 200,000 Down payment ratio = 10% Loan amount (PV) = Cost*(1-Down payment ratio)…

Q: James has a mortgage of $98,500 at 8% for 15 years. The property taxes are $3,700 per year, and the…

A: Mortgage amount = $98500 Rate = 8% Period = 15 years Property taxes = $3700 per year Insurance…

Q: Justin is financing S169,600 for a home at 5.25% interest with a 25-year fixed-rate loan. Find the…

A: Using excel pmt function

Q: Greg owes two debt payments – a payment of $5316 that was due in 13 months ago and a payment of…

A: The date at which values of all payments are calculated by compounding past and discounting future…

Q: You buy a house for $800,000.  It is a 20 Year mortgage where the payments are made quarterly and at…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: If Rachel obtained a business loan of $205,000.00 at 4.49% compounded semi-annually, how much should…

A: Present value of annuity Annuity is a series of equal payments at equal interval over a specified…

Q: For a 30-year house mortgage of $125,000 at 4.2% interest, find the following. (Round your final…

A: Mortgage on house = $125,000  Time period = 30 years Interest Rate = 4.2% The monthly interest rate…

Q: Bob just signed a lease on a rental agrelement. The current rent is $1,580 per month, and the…

A: Given that: Current Rent = $1580 per month Estimation increase = 5% every year

Q: Jane Adele deposits $1,700 in an account at the beginning of each 3-menth period for 12 years. If…

A: If the amount is deposited at end of each period, then such annuity is called ordinary annuity. If…

Q: Dandil owes two debt payments – a payment of $5323 that was due today and a payment of $1655 due in…

A: Future value is the value of the current investment on some future date at some specific rate of…

Q: On August 1, the home mortgage balance was $97,000 for the home owned by Kevin Roberts. The interest…

A: The monthly given payment includes Interest amount and Principal amount. Interest will be paid at…

Q: A man borrows $200 at a 3% interest compounded monthy. If he pays the loan off at the end of 7…

A: The present value is the value of the sum received at time 0 or the current period. It is the value…

Q: John House has taken a $150,000 mortgage on his house at an interest rate of 6% per year. If the…

A: The annuity refers to the series of cash payments and receipts that finished over a period. The…

Q: James has a mortgage of $98,500 at 8% for 15 years. The property taxes are $3,900 per year, and the…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: James has a mortgage of $94,500 at 8% for 15 years. The property taxes are $3,900 per year, and the…

A: Given, Mortgage amount = $94,500 Interest rate = 8% Taxes = $3,900 Insurance premium = $754.50

Q: James has a mortgage of $84,500 at 4% for 15 years. The property taxes are $3,700 per year, and the…

A: Borrowings are the liability of the borrower which is used to finance the requirement. The borrower…

Q: ) Nancy takes out a 22-year home loan. She makes equal month-end repayments including the principal…

A: Loans are paid by the equal monthly installment and these carry the payment for interest rate and…

Q: Luis paid off a loan by making a payment of $4,050, which included simple interest of 3% p.a. If he…

A: Payment amount after 6 months (FV)= $ 4050 Annual interest rate (R) = 3% Period  (T) = 6 Months =…

Q: Greg owns two debt payments - a payment of $5338 that was due in 11 months ago and a payment of…

A: The concept of the time value of money states that the same amount of money is worth more today than…

Q: a) What is the size of each quarterly payment? b) What is the outstanding principal at the end of…

A: Mortgage amortization refers to a schedule which is prepared to shows the periodic loan payments,…

Q: If Marc obtained a business loan of $225,000 at 4.77% compounded semi-annually, how much should he…

A: Solution:- When a loan is taken, it is either paid back in lump sum mode or installments. In…

Q: Kristina has a mortgage of $575,000 through her bank for property purchased. The loan is repaid by…

A: Formulas:

Q: Marcel Thiessen purchased a home for $205,600 and obtained a 15-year, fixed-rate mortgage at 7%…

A: Interest part is the amount of interest payable on outstanding loan balance and principal repayment…

Q: A person borrows an amount for a new house and s/he is going to make monthly payments of 8,000 $ for…

A: (a) The amount borrowed by this person : Amount borrowed= $8000/(1.12) = 7142.85 (b) Credit Worth…

Q: For a 30-year house mortgage of $325,000 at 5.8% interest, find the following. (Round your final…

A: Mortgage amount is $325,000 Time Period is 30 Years Interest rate is 5.8%   To Find: Principal…

Q: Jeffrey received a $32,950 loan from a bank that was charging interest at 5.75% compounded…

A: Amortized Loan:  Amortized loan is a type of loan in which the borrower would pay periodic payments…

Q: Marcel Thiessen purchased a home for $209,300 and obtained a 15-year, fixed-rate mortgage at 10%…

A: Calculation of Interest and Amount of Principal after first payment:The interest is $1,569.75 and…

Q: Jane bought a $3,000 audio system and agreed to pay for the purchase in 10 equal annual installments…

A: Compute the amount of the annual installment. Amount to be borrowed is $3,000, Rate of interest is…

Q: how much will she have in her account after 11 years

A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…

Q: A couple borrows $300,000 at an APR of 4.8% compounded monthly on a 30-year mortgage with monthly…

A: Honor code Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Ahmad took out a loan for $7500 and was charged simple interest at an annual rate of 4.7%. The total…

A: Simple Interest = Principal * Rate of interest * [ Number of days / 365 ]

Q: On October 1, the home mortgage balance was $166,000 for the home owned by Susan Wilson. The…

A: Balance at the beginning of October Monthly mortgage payment  Interest amount $166,000 $1660…

Q: Virginia Osterman bought a television set on a 12-month installment plan that included a $39.00…

A: Given: Finance charge = $39.00 Monthly Payment = $54 Here, Total number of installments = 12 Settled…

Q: For a 30-year house mortgage of $175,000 at 4.8% interest, find the following. (Round your final…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: At the end of each quarter, Patti Deposits $700 into account that pays 12% interest compounded…

A: In order to find the ending amount one needs to find the future value.

Q: three years ago , the Kennedys purchased a house and took out a mortgage of $ 1,000,000 from the…

A: Mortgage: It is the loan that is granted by the lender to the borrower for purchasing a real estate…

Q: John Mayer Inc. purchases a house for $500,000. On January 1, He makes a 20 percent down-payment and…

A:

Q: Erica deposits $1,400 at the end of every 3 months in an RRSP that is earning 6.90% compounded…

A: Using excel NPER Function

Q: Lucky took out a $289,000 25-year mortgage at an APR of 4.85%.a. What is the monthly payment?b. What…

A: Using excel PMT function

Q: James has a mortgage of $86,500 at 8% for 15 years. The property taxes are $3,900 per year, and the…

A: Solution:- Given, James has a mortgage = $86,500 at 8% for 15 years. The property taxes = $3,900 per…

Q: Marissa converted an RRSP balance of $125,000 into an RRIF that will pay he $1,850 at the end of…

A: Future Value: The future value is the amount that will be received at the end of a certain period.…

Q: A man makes a payment of 1450 at the beginning of every month on a bank that offers 6% interest. How…

A: To calculate the amount of loan we will use present value of annuity due formula that is as follows:…

Q: Dominic takes out a 30-year mortgage of 200000 dollars at the interest of 5.76 percent compounded…

A: Loan amount  $2,00,000.00 Periodic interest 0.48% nper (no. of compounding period) 360…

Q: Asa has invested money from the settlement of an insurance claim. She plans to withdraw $1,560 from…

A: Using excel PV function to calculate the insurance settlement