Helen purchased a house for $350,000. She made a downpayment of 15% of the value of the house and received a mortgage for the rest of the amount at 4.50% compounded semi-annually for 15 years. The interest rate was fixed for a 5-year term. a. Calculate the size of the monthly payments. Round to the nearest cent b. Calculate the principal balance at the end of the 5-year term. Round to the nearest cent

Q: Carol Jones, a single person, has an annual income of $32,200. The principal and interest payment on…

A: SolutionGiven thatAnnual income of carlo jones=$32,000Loan amount =$25000 30 year at 8%Annual…

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: Laura deposited $1,100 at the end of every month into an RRSP for 6 years. The interest rate earned…

A: Future Value of Annuity formula will be used to calculate the value of monthly instalments at the…

Q: Gavin and Holly purchased a $730,000 condominium in Toronto. They paid 20% of the amount as a down…

A: Price of condominium   $                    7,30,000.00 Down Payment 20% Time Period 25…

Q: Lupe made a down payment of $2000 toward the purchase of a new car. To pay the balance of the…

A: Loan borrowed: loan is $5,258.53

Q: Gavin and Holly purchased a $600,000 condominium in Toronto. They paid 20% of the amount as a down…

A: Price of condominium   $          6,00,000.00 Down Payment 20% Time Period 25 Interest Rate…

Q: Lily purchased a boat valued at $19 000 on an installment plan requiring equal monthly payment for…

A:

Q: Joan borrowed $18,000.00 to buy a car. She repaid $4700.00 three months later and $8300.00 nine…

A: If enough funds are not available with a person for a transaction, then the person can avail credit.…

Q: Jacqueline received a $30,950 loan from a bank that was charging interest at 4.50% compounded…

A: The periodic payment is based on the loan amount, the periodic interest rate, and the number of…

Q: Jean borrowed $3600 from the bank in order to buy a new piano. She will pay it off by equal payments…

A: Interest-  The monetary payment for the privilege of borrowing money is known as interest, and it is…

Q: he percentage rounded to two decimal places, of the total payments made the first two years that…

A: Amortization Schedule: It is a schedule consisting of the loan periodic payments, interest…

Q: Tara purchased a house for $475,000. She made a down payment of 30.00% of the value of the house and…

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

Q: Courtney purchased a house for $475,000. She made a down payment of 25.00% of the value of the house…

A: Here, To Find: Part 1. Monthly payment =? Part 2. Principal Balance at the end of 3 years =? Part…

Q: Gavin and Holly purchased a $640,000 condominium in Toronto. They paid 20% of the amount as a down…

A: Equivalent Monthly Payment: It is a fixed payment to a lender   by a borrower on a specified date of…

Q: Mrs. Kinton borrowed $35,000 to be repaid in 3 equal semi-annual payments. If the interest is 8%…

A: For loans, amortization schedule refers to the table which shows the bifurcation of payment amount…

Q: Scott purchased a car using a 3-year car lease at 7.10% compounded quarterly that required her to…

A: Present value of annuity due Present value of annuity due is applied to find out the value of an…

Q: On April 1, year 1, Mary borrowed $220,000 to refinance the original mortgage on her principal…

A: A home mortgage loan indicates the loan secured against a property, generally residential property…

Q: While buying a new car, Julia made a down payment of $800.00 and agreed to make month-end payments…

A: Loan is contract between lender and borrower where lender provide funds to borrower that is repaid…

Q: Fred owes $12000 due in two years and $8,000 due in twelve years. Fred is allowed to pay off both…

A: We have to consider present value and future value of both.

Q: Sergio purchased a house for $440,000; he paid $44000 as a down payment and financed the balance…

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

Q: Leona Jefferson purchased a home and obtained a 25 year loan of 436,250$ at an annual interest rate…

A: The equivalent annual cost is the periodic payment made towards the acquisition of an asset or…

Q: Juan took out a $20,000 loan for 146 days and was charged simple interest. The total interest he…

A: We need to use simple interest formula to solve this problem Simple interest =Principal*Rate*Time

Q: Tess purchased a house for $475,000, she made a down payment of 25.00% of the value of the house and…

A: Here, To Find: Part 1. Monthly payment =? Part 2. Principal Balance at the end of 6 years =? Part…

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: Rose, recently purchased a new automobile for $25,000. She made a $5,000 down payment and financed…

A: Using excel PMT function

Q: Alexis deposited $1,000 at the end of every month into an RRSP for 7 years. The interest rate earned…

A: Future value of annuity (FVA) is a stream of recurring cashflow compounded at specified rate.…

Q: Kristen purchased a car for $43,000; she paid $2150 as a down payment and financed the balance…

A: Using excel NPER and PMT function

Q: Doris purchased a Steinway concert piano for $132,000 with a down payment of 25%, and a loan for the…

A: Cost of piano is $132,000 Down payment is 25% Equal Monthly Payment is $1,650 Interest rate…

Q: Sylvie Cardinal bought a business for $45 000. She made a down payment of $10 000 and agreed to pay…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Mrs. Parker bought a computer set for $32,000 to be paid in equal payments at the end of every 3…

A: Computer price (PV) = $ 32000 Interest rate = 8% Quarterly interest rate (r) = 8%/4 = 2% Period = 1…

Q: When Christian bought his home, he borrowed $315,700 at 4.2% interest, compounded monthly for 25…

A: Loan amount (PV) = $315,700 Interest rate = 4.2% Monthly interest rate (r) = 4.2%/12 = 0.35% Period…

Q: Ancog purchased a parcel of land somewhere in Brgy Tignapoloan. She paid P150,000 for the down…

A:

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: Carlos purchased a house for $230,000; he paid $11500 as a down payment and financed the balance…

A: Value of House is $230,000 Down Payment is $11,500 Therefore, Loan Amount is : =$230,000-$11,500…

Q: Five years after buying their first home, Scott and Mia's mortgage came up for renewal. Interest…

A: A mortgage is a loan for a property where the collateral for the loan is the property itself.

Q: Gabrielle obtained a business loan of $245,000.00 at 4.03% compounded semi-annually, how much should…

A: Loans are paid by the periodic payments that carry the payment for interest and payment for…

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: Morgan received a $29,050 loan from a bank that was charging interest at 3.25% compounded…

A: Loan is the value or an amount which is borrowed from other sources like banks for a finite period…

Q: Sarah secured a bank loan of $200,000 for the purpose of purchasing a home. The mortgage is to be…

A: Calculation for remaining balance for repaying loan after 5 years is shown below: Hence, the…

Q: Lupé made a down payment of $7000 toward the purchase of a new car. To pay the balance of the…

A: Given information: Down payment of $7,000 Interest rate is 9% compounded monthly Annuity payment is…

Q: A couple bought a business to rent apartments near St Clair's College in North York. They purchased…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Kelsey deposited $1,100 at the end of every month into an RRSP for 6 years. The interest rate earned…

A: An RRSP is a Canadian retirement plan where money grows at a fixed rate and the final tax on this…

Q: Carlos purchased a house for $230,000; he paid $11500 as a down payment and financed the balance…

A: interest is difference between payment paid and loan amount.

Q: Benjie purchased a house and lot. He paid P500,000 as a down payment and was required to pay P10,000…

A: The present value is the present worth of the payment that will be paid or received in the future.

Q: Maryanne purchases a house for $380,000 and takes a mortage for the full amount. Her mortgage…

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

Q: When Florio and Rhoda bought their home, they borrowed $200,000 for 30 years at 6%, compounded…

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

Q: Sarah secured a bank loan of $200,000 for the purchase of a house. The mortgage is to be amortized…

A: Here, Loan Amount is $200,000 Time Period is 15 Years Therefore, Monthly Time period will be:…

Flow of Funds

The flow of funds is the financial accounts of the nation, which monitor and control the cash flow among various sectors or industries, or markets. Central banks use these flow of funds statements to acquire macroeconomic data, to publish cash inflow and cash outflow statements of the nation. This flow of funds system is utilized to identify economic activity and changes in the economy. It is used by Federal Reserve to determine the Gross Domestic Product (GDP) of the nation and to implement monetary policy and fiscal policies.