how long will it takehim to repay the loan

Q: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…

A: Given:

Q: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…

A: Calculation of Monthly Payment:The monthly payment is $710.04.Excel Spreadsheet:

Q: What is the monthly payments you must make on this loan?

A: Pricipal=? n=60 months Rate=12%

Q: ou can afford a $1,250.00 per month mortgage payment. You can get a loan at 7% interest for 30…

A: When we make a mortgage payment we pay fixed monthly amounts as payments towards the mortgage.…

Q: Imagine you have $200 today and you think to save your money in a bank for 2 years. The Bank A says…

A: Interest rate is the rate which an investor may earn on the deposits in the banks or the investment…

Q: how long will it take hime to repay the loan?

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

Q: new house for $ 120,000. He was able to make a down payment equal to 25% of the value of the house;…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: ean needs $18,000 immediately as a down payment on a new home. He can borrow this money from his…

A: Periodic payment is calculated by present value of annuity formula.

Q: This question is from part B. a. The going rate on student loans is quoted as 8 per cent APR. The…

A:

Q: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…

A: Computation of total interest:Hence, the total interest that is paid so far is $1,980.06.

Q: Fifteen years ago deposited 12500 in to an investment fund.five years ago you added an additional…

A: a) The computation of effective annual rate for 10 year: Hence, the effective annual rate is 8.16%.

Q: Suppose that the Carlsons have decided that they can afford a maximum of $3000/month for a monthly…

A: Monthly Payment = $3,000 Time period = 30 Years Interest rate of 5/1 ARM = 4.6%

Q: 3. To pay for college, you borrowed $ 1000 loar Government High Education Fund that make. 126 per…

A: Given information : Borrowed amount = $1000 Amount to be paid per year = $126 Time period = 25 years…

Q: what would the remaining payment look like over five years

A: Future payments are the expected cash payoffs either in the form of cash receipts or cash payments…

Q: Joseph used the Quantitative Reasoning Procees to create a plan to pay off his student loans of…

A: Given information: Student loan = $7,680 Monthly Payment = 73.80 Time = 10 Annual interest = 2.9%

Q: Fifteen years ago deposited 12500 in to an investment fund.five years ago you added an additional…

A: a) Computation:

Q: A student graduates from college with $31,000 in student loans with a 5.6% annual simple interest…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in equal…

Q: If I loaned 151,068 today and promised to pay it back after 5 years to the bank with monthly…

A: Given: Loan amount = 151,068 Year = 5 Interest rate = 9%

Q: MY NOTES ASK YOUR TEACHER Teal and Associates needs to borrow $65,000. The best loan they can find…

A: The amount of Monthly payment will be calculated by dividing the loan amount by the PVAF value.

Q: If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year…

A: Given values: Present value (PV) is $25,000. Annual payments (PMT) are $4,424.50. Maturity period…

Q: Suppose that 10 years ago you bought a home for $160,000, paying 10% as a down payment, and…

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

Q: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and…

A: Calculation of Amount Saved each month due to lower Monthly Payment:The amount saved each month due…

Q: You would like to save for a car. You would like to have $20,000 saved in 5 years. You decide to…

A: Recurring deposit is an annuity where same amount is deposited with an institution over cardinal…

Q: cial position, and you can pay off the loan in 240 equal monthly payments. Answer the following…

A: A loan is a type of debt that an individual or other entity incurs. The lender, who is typically a…

Q: Compute the annual percentage rate (APR) and effective annual return (EAR) on this loan.

A: Effective annual rate (EAR) refers to a real interest rate which an investor is expect from his…

Q: You decide that you need $47,000 in 3 years to make a down payment on a house. You plan to make…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Your uncle is trying to figure out how much he has to have set aside today to pay for his son's…

A: The value of current payment or upcoming flow of payments at any future date when flow of payment…

Q: Suppose you want to buy a home after 3 years and you will need $15,000 for that. You open a savings…

A: As per the time value of money, a dollar is worth more today than the same dollar in the future.…

Q: "Assume you graduate with $31,300 in student loans with an interest rate of 5.25% compounded…

A: The loan amount consists present value of all future payments.It is given that,Loan amount is…

Q: I need help with understanding the calculatin breakdown for the problem below -  Pete needs $8000…

A: Interest Payable for Loan A is :-               Payback Value  Less  Loan Amount…

Q: A student needs to borrow $7,000 to pay for college. She can get a loan at an APR of 10% to paid off…

A: We need to calculate total payment by using the loan amortization formula. Fist we need to calculate…

Q: Your company bought equipment for $25,000 by paying 10% down and the rest on credit. The credit…

A: price of equipment=$25,000 downpayment=10% loan amount = price x (1-downpayment) loan amount…

Q: 0) The Jacobs family is planning to buy a home. They have some money or a down payment already. They…

A: Given information: Amount needed to borrow : $213,000 Time Period of loan : 30 years Annual…

Q: You have an outstanding student loan with required payments of $500 per month for the next four…

A: Here, Lottery Amount is $10,000

Q: he college tuition is expected to increase with an average of 5% per year for the next 5 years. The…

A: We will use the concept of time value of money here. As per the concept of time value of money the…

Q: you are a lender. suppose you have savings. your friends approached you and asked if you can lend…

A: Maturity Amount = Principal Amount x (1+i)n  where, i= Interest Rate n= number of period

Q: Zachary Porter of Abilene, Texas, is contemplating borrowing $10,000 from his bank. The bank could…

A: The question gives the following information:

Q: To help pay for college, you have just taken out a$1,000 government loan that makes you pay $126per…

A: Repayment of loan is made at fixed instalment of same amount which includes interest and part of…

Q: Suppose that you are obtaining a personal loan from your uncle in the amount of $20,000 (now) to be…

A: Present value: The money having at present has more value than receivable in future. Formula: FV =…

Q: Repaying a Loan While Mary Corens was a student at the University of Tennessee, she borrowed $9,000…

A: Loan repayment is the process by which loan taken is returned to the lender with applicable interest…

Q: Total expenses for a year at college will be $9,000. You plan to pay $2,600 from your savings and…

A: Total expense is $9,000 Amount paid is $2600 Simple interest rate is 5%   To Find: Monthly Payment

Q: Hi there, a Bartleby tutor just helped me answer this question but it was monthly compounding. I now…

A: The Future Value: The value of an investment made at present at some time in the future or at the…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.