(please solve within 15 minutes I will give thumbs up thanks) Mr. Smith is purchasing a $90000 hoyse. The down payment is 20% of the price of the house.He is given the choice of two mortgages:a) a 20-year mortgage at a rate of 9%.Find) the monthly payment: $(i) the total amount of interest paid: $b) a 15-year mortgage at a rate of 9%.Find) The monthly payment: $(ii) the total amount of interest paid: $

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Answered: Mr. Smith is purchasing a $90000 hoyse.…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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2.Consider a student loan of $18,000 with an APR of 6% for 8 years. Find: a) the monthly payment; b) the total amount paid on the loan; c) percent of total amount that went toward the principal; d) percent of the total amount paid that went toward interest.
Find the amount of monthly payment necessary for the deposit to a sinking fund. A equals $50,000, N = Semiannually, r=14%, t=10
Scott is taking out a mortgage for $258,000 to buy a new house and is deciding between the offers from two lenders.He wants to know which one would be the better deal over the life of the mortgage loan, and by how much. A bank offered him a 40 year mortage loan with an annaul interest rate of 2.5% what is the monthly payment? His credit union offered him a 30 year mortgage at anannual rate of 3.4%. What is the monthly payment
A) How would the monthly payment of the new three-year loan compare to the monthly payment of the 4 year loan? B) How would the total interest paid of the new three-year loan compared to the total interest paid of the 4 year loan?
Karen and Wayne need to buy a refrigerator because theirs just broke. Unfortunately, their savings account is depleted, and they need to borrow money in order to buy a new one. Sears offers them an installment loan of 11% (add-on-rate). if the refrigerator at Sears costs $1,500 plus 5% sales tax, and Karen and Wayne plan to pay for the refrigerator for 4years. what is the monthly payment?
colin has a past due rent of 14,498 his new rent is 1195 a month for the next year. if he breaks up his past due blance equally and adds it to his new monthly amount, at the end of the year how much will he pay a amonth and how much will he pay in total?
If Richard pays the minimum payment of $20.00 and the interest rate for his credit card is 2.1% per month, how much is the finance charge for the month?
A student loan of $50,000 at a fixed APR of 6% for 20 years has a monthly loan payment of $4,359.23, the total amount paid over the 20 year term of the loan is $87,184.60. Of the total amount paid, what percentage is paid toward the principal and what percent is paid for interest ?
A new furniture set costs $2500. If you make a down payment of $500 and finance the rest at a rate of 8% for 18 months, find the monthly payments on your loan. How much will you have paid in interest over the course of the loan?
If you bought a sofa for $900 at 12% interest and agreed to pay it off over a 2 year period, how much would your monthly payment be?
If you buy a computer directly from the manufacturer for $3,398 and agree to repay it in 48 equal installments at 1.72% interest per month on the unpaid balance, how much are your monthly payments? How much total interest will be paid?
Assume that her total winnings are $ 400000, that the utility bonds will pay 16 percent per year, and that the savings account will pay 4 percent per year. What will be her total yearly income from these investments? $

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