The following loan is a simple interest amortized loan with monthly payments. $5000, 7 1/2%, 4 years   (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)

Q: (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan?…

A: Cost of condominium = $67,000 Time period = 30 years Interest rate = 5% Down Payment = 20%

Q: Determine the periodic payments PMT on the given loan or mortgage. (Round your answer to the nearest…

A: Borrowed amount = $200,000 Rate =3% paid quarterly So, quarterly rate =0.03/4 = 0.25% Time =9 years…

Q: What would the monthly payment be? It is a zero amortizing loan

A: Given  Pv=300000*75%=225000 i=6%/12=0.5% n=30*12=360 Pv=pmt*(1-(1+i)^-n)/i

Q: Amount of Loan $175,000 Interest Rate 6% Down Payment $31,000 Increase in Down paymen $6,000

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Q: The following loan is a simple interest amortized loan with monthly payments. (Round your answers to…

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Q: The following loan is a simple interest amortized loan with monthly payments.($) 6000 , (7 1/2 %), (…

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Q: The following loan is a simple interest amortized loan with monthly payments. (Round your answers to…

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A: Monthly payment= Loan/(PVA, 8%,4 years) = 400000/3.31212 = $ 120768

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A: Loan Amount =$10,000 Interest rate = 678% = 558%=6.875%