Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. Twenty-year mortgage for $270,000 at 4.02%; remaining balance after 12 years.
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- Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. Twenty-year mortgage for $280,000 at 3.78%; remaining balance after 12 years.Consider a home mortgage of $150,000 at a fixed APR of 6% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
- Prepare the first row of a loan amortization schedule based on the following information. The loan amount is for $17,900 with an annual interest rate of 09.00%. The loan will be repaid over 22 years with monthly payments. 1. What is the Loan Payment? 2. What portion of this payment is Interest? 3. What portion of this payment is Principal? 4. What is the Loan balance after first monthly payment?Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.24%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? (b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.)Consider a home mortgage of $200,000 at a fixed APR of 3% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total amount paid over the term of the loan is $ (Round to the nearest cent as needed.) c. Of the total amount paid,% is paid toward is paid % toward (Round to one decimal place as needed.) the principal, the principal, and % is paid for interest. and
- Find the monthly payment needed to amortize a typical $220,000 mortgage loan amortized over 30 years at an annual interest rate of 5.3% compounded monthly. (Round your answers to the nearest cent.) = $ b) Find the total interest paid on the loan. = $Consider a home mortgage of $125,000 at a fixed APR of 4.5% for 30 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total amount paid over the term of the loan is $ (Round to the nearest cent as needed.) c. Of the total amount paid, % is paid toward the principal, and % is paid for interest. (Round to one decimal place as needed.)Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.24%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? _____ (b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) _____$ (c) If the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change?
- Find the monthly house payments necessary to amortize the following loan. Then calculate the total payments and the total amount of interest paid. $204,000 at 6.89% for 25 years The monthly payments are $ (Round to the nearest cent.)Consider a home mortgage of $150,000 at a fixed APR of 6% for 30 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total payment over the term of the loan is $ (Round to the nearest cent as needed.) c. Of the total payment over the term of the loan, (Round to the nearest tenth as needed.) % is paid toward the principal and % is paid toward interest.A fully amortizing mortgage is made for $112,000 at 6.5 percent interest. Required: If the monthly payments are $1,060 per month, when will the loan be repaid? (Round up your answer to the nearest whole number)