You borrow $2,400 to pay for a Caribbean vacation and will pay it off over 2 years with regular monthly What is the regular payment if interest is charged on the loan amount at APR of 8% interest is charged monthly on the balance still Create an amortization table for this loan on Excel What is the total amount of payments made in part a.? What is the total interest

Q: A homeowner takes-out a loan in the amount of $600,000 for a term of 20 years at 6% APR, compounded…

A: Hello, as per our guidelines, I have solved the first question. Please repost the second question…

Q: Six years ago you acquired a 15-year loan of $140,400, charging 3.4% annual interest, compounded…

A: monthly payment formula: pmt=p×rm1-1+rm-m×n where,  p = principal r = rate of interest m = frequency…

Q: a) What is the maturity value of the loan? (b) How much interest are you paying on the loan?

A: The time value of money implies that the cash in hand at present has a higher value than the cash…

Q: You borrow $21421 to buy a car. You will have to repay this loan by making equal monthly payments…

A: Formula for calculating EMI: EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1] P = Loan amount  r=…

Q: You borrow $6,275 from your friend at a nominal interest annual rate of 11.35% compounded weekly.…

A: Borrowed amount (B) = $6275 Interest rate = 11.35% per annum  Let n = Number of years to pay off the…

Q: Suppose you have three personal loans outstanding to your friend Elizabeth. A payment of $1,000 is…

A: To Find: Annual percentage rate Monthly payment   Note:- As method of Calculation is not given, I…

Q: You borrow $7000 to help pay your college expenses. You agree to repay the loan at the end of 8…

A: (a) Formula:

Q: 1. Jeremiah has 3 years to repay a $55000 personal loan at 6.55% per year, compounded monthly. a.…

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

Q: You have a new 10 year Student loan for $18,500.00 that charges an interest rate of 8.55% compounded…

A: Loan: The loan is a value that is borrowed from external sources like banks and this amount is…

Q: You borrow $8000 to help pay your college expenses. You agree to repay the loan at the end of 7…

A: The formula to compute maturity value of the loan as follows: A=P×1+rnnt

Q: You purchase a car priced at 750,000 Php. You paid 10% as the down payment and the remaining balance…

A: P= 675,000 (after down Payment) r= 0.4% (monthly) n= 10 yrs* 12months= 120 months Calculate interest…

Q: wing Rs. 80,000 for 25 years at 10% nominal annual interest.  How much must your annually payments…

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

Q: You borrow $160,000; the annual loan payments are $24,368.03 for 30 years. What interest rate are…

A: Calculation of interest rate being charged is shown below: Hence, Interest rate charged is 15%

Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…

A: Fixed monthly payment =P× r ×(1+r)n(1+r)n-1 Where : P = Loan amount r = monthly rate of interest n =…

Q: your given the following information about a home loan: loan amount 300000 number of years 25 years…

A: As per the Given Informatin we have, Loan= 300,000 Interest Rate Given=7% Upfront Rate=3% Total…

Q: Sally Johnson loaned a friend $10,000 at 15% interest, compounded annually. The loan will be paid in…

A: Interest rate=15%Inflation=3%Loan amount=$10000

Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…

A: Given Information : Amount of loan : 10,000 OMR Interest rate : 5% annual Tenure : 12 months

Q: You want to buy a $35,000 car. The company is offering a 4% interest rate for 60 months (5 years).…

A: An Annuity is a continuous flow of systematic timely cash flows made or received for a stipulated…

Q: You want to buy a $330000 home. You plan to pay $33000 as a down payment, and take out a 20 year…

A: given, price =  $330000 downpayment = $33000 principal = $330000 - $33000 = $297,000 n=20 m=12…

Q: Assume you have a student loan that you will pay off in 10 years. How much will you save in interest…

A: Interest refers to the amount charged by the lender on the lent amount. The borrower of the loan is…

Q: You plan to borrow $25,000 at a 3.4% annual interest rate compounded annually. The terms require you…

A: In case of amortization loan, equal payments at equal interval over the loan period are made. A…

Q: You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over…

A: Loan amount is the amount borrowed from the financial institutions such as banks, corporate houses,…

Q: Question: You are considering borrowing $10,000 for 3 years at an annual interest rate of 6%. The…

A: Answer Borrowing = $10,000 Annual interest = 6% Time = 3 year

Q: You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25%…

A: The number of months to stay will be around 6 months.

Q: Determine the interest rate you will pay if you are approved for a loan of $112,000 with annual…

A: Interest Rate: It helps in the computation of the present value or future value of…

Q: If you are planning to apply for a personal loan and borrow PhP 30,000 and repay the principal and…

A: Loan Amount = Php 30,000 Time Period = 3 Years

Q: You borrow 180000 for 12 years from a bank in order to renovate your flat. The effective interest…

A: Loan Amount = 180,000 Time Period = 12 years Interest Rate = 4.8%

Q: Suppose that you need an amount of money which equals to $10000000. It is possible to find it from…

A: To find equal monthly payments we have to calculate present value FACTOR and find equated monthly…

Q: You have just borrowed $120,000 to buy a condo. You will repay the loan in equal monthly payments of…

A: a. Calculate the monthly interest rate as follows: Monthly interest rate is 1.25%

Q: loan

A: Formulas: Maturity value of the loan is calculated using the following formula: A = P[(1+r/n)^nt]…

Q: Suppose you borrow $1million to purchase a house. The bank offers you the fixed borrowing rate 4%…

A: Repayment of loan is made in installment of fixed amount which include portion of principal as well…

Q: Suppose that four years ago you took out a Canadian mortgage for $683,000at an APR of 3.37% with…

A: Given:

Q: You can afford $1050 per month mortgage payment. You’ve found a 30 year loan at 6% interest. a) how…

A: Given information : Monthly payments = $1050 Time period = 30 years Interest rate = 6%

Q: A man plans to take a vacation in 4 years. He wants to buy a certificate of deposit for $1200 that…

A: We need to use compound interest formula to solve this problem A=P(1+r)n Where A =Amount/Final…

Q: Pauline borrows a loan of 120000 for 3 years at 11.5% simple interest Calculate the total interest…

A: Workings: Calculation of monthly interest payment: Monthly interest…

Q: You borrow $280,000 to buy a house. The mortgage rate is 4.5% and the loan period is 25 years.…

A: The series of payments discussed here is a form of annuity wherein an equal amount is paid every…

Q: You borrow $6000 to help pay your college expenses. You agree to repay the loan at the end of 8…

A: Compound interest is the interest that is compounded on both principal amount and interest. Compound…

Q: You borrow $280,000 to buy a house. The mortgage rate is 4.5% and the loan period is 25 years.…

A: Given information:

Q: Sam takes out a loan for $3,685.50. The term of the loan is 7 years, and she will make bi-weekly…

A: Since you have asked a question with multiple parts, we will solve the first 3 parts for you. Please…

Q: You plan to borrow $35,000 at a 7.5% annual interest rate. The terms require you to amortize the…

A: Borrow amounted = $35,000 rate of interest = 7.5% total payments =7

Q: You have taken a personal loan from Bank Muscat for 15000 OMR and charged with an interest rate of…

A: Amortized Loan is a type of loan in which the borrower would pay periodic payments that are applied…

Q: You have accepted a loan in an amount of $15,000 for your new car. You have agreed to pay the loan…

A: Here, Loan Amount is $15,000 Time Period is 4 years Interest Rate is : 9% 6% 7% 8% Compounding…

Q: A person borrows $45000 at an interest rate of 12% per year. It is desired to repay the loan in 12…

A: In this we have to calculate the annual payment required to get fifth payment.

Q: Loans You have a $6,000 credit card debt, and you plan to pay it off through monthly payments of…

A: Loan amount (PV) = $6000 Monthly payment (P) = $150 Interest rate = 15% Monthly interest rate (r) =…

Q: You bought a house for $1,000,000. You paid 20% as the down payment and financed the rest. The…

A: Solution- The value period into this problem is given- Purchase price=$1000000 Down payment=20% of…

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.