Richard Miyashiro purchased acondominium and obtained a 20-year loan of $192, 000 at an annualinterest rate of 8.20%. (Round youranswers to the nearest cent.)(a) Whatis the mortgage payment? (b) What isthe total of the payments over the lifeof the loan? (c) Find the amount ofinterest paid on the mortgage loanover the 20 years.

A mortgage payment is a continuing installment made by a borrower to repay a loan used to buy real…

Richard Miyashiro purchased a condominium and obtained a 20- year loan of $192,000 at an annual nterest rate of 8.20%. (Round your answers to the nearest cent.) (a) Wha s the mortgage payment? (b) What i the total of the payments over the lif of the loan? (c) Find the amount of nterest paid on the mortgage loan Over the 20 years.

Richard Miyashiro purchased a condominium and obtained a 20- year loan of $192,000 at an annual nterest rate of 8.20%. (Round your answers to the nearest cent.) (a) Wha s the mortgage payment? (b) What i the total of the payments over the lif of the loan? (c) Find the amount of nterest paid on the mortgage loan Over the 20 years.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Engineering Economics How much monthly deposit into a sinking fund at 8.5% compounded monthly will be needed to accumulate 462,000 pesos at the end of 3 years? Provide a sinking fund schedule.
Compute for the future worth of the sample. If you are the one, will you decide the same? Why? What is the present worth of ₱3000 deposited quarterly for 5 years if the interest is 10% compounded monthly? Adding sensitivity to the analysis - the deposit is made quarterly and yet the interest is compounded monthly. First solve the equivalent rates following the period of annuity, which is quarterly.
Leon and Heidi decided to invest $2,500 annually for only the first eight years of their marriage. The first payment was made at age 25. If the annual interest rate is 12 percentage, how much accumulated interest rate and principal will they have at age 65?
23. Engr Mazon borrows P 100,000 at 10% effective annual interest. He must ay back the loan over 30 years with a uniform monthly payment due on the fist day of the month. How much will he pays every month?
7. Find the PV of $1000due in 5 years if the discount rate is 10% per year. (Assume this is a single payment not an annuity).
An investor is considering to buy a 20-year corporate bond. the bond has a face value of $ 1M and pays 6% interest per year in 2 semi-annual payments. thus the purchaser of the bond would receive $ 30 000 every 6 months and in addition he would receive $ 1M at the end of 20 years, along with the last $ 30 000 interest payment. If the investor thought he should receive 8% interest, compounded semi-annually, how much would he be willing to pay for the bond? Ans. ($802,072)
A parent on the day the child is born wishes to determine what lump sum would have to be paid an account annually, in order to withdraw ₱ 20,000.00 each of the child’s 18th, 19th, 20th, and 21st birthdays? Interest rate is 5%.
The financial officer of a construction company that has just made a net profit of$45,000 on a building construction contract wants to deposit enough of theearnings into an interest-generating fund so that she will have $100,000 topurchase a new power-shovel. The existing power-shovel is three years old andwill have to be discarded when it is 18 years old. How much must the financialofficer deposit if she can earn 7% interest compounded quarterly on herinvestment?
Leon and Heidi decided to invest $3.500 annually for only the first seven years of their marriage. The first payment was made at age 20. If the annual interest rate is %15, how much accumulated interest and principal will they have at age 70? The accumulated interest and principal will equal ..........$ (round to the nearest dollar.)
. If you plan to invest EOY 2 $4000, then what would this be equivalent to EOY 4 years? Assume i = 6%
Gurpreet already had a balance of $1700 on her credit card when she used it to purchase items worth another $335. The minimum monthly payment is 3% of the outstanding balance or $30 dollars, whichever is greater, and the interest rate is 19.7%, compounded daily. If Gurpreet pays only the minimum each month, how long will it take her to pay off the balance? How much interest would she end up paying?
Mrs. Scarlet owns 65 bonds with a par value of ₱2,000 each and pays 10 % interest. What annual income does Mrs. Scarlet get from these bonds?