You take out a 30-year $100,000 mortgage loan with an APR of 6% and monthly payments. In 12 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan? (Round the monthly loan payment to 2 decimal places when computing the answer. Round your answer to 2 decimal places.)

Q: You buy a house; your mortgage is $200,000. The mortgage is payable monthly over a 30 year period.…

A: Given information: Mortgage amount is $200,000 Number of years is 30 Annual interest rate is 6%

Q: You secure a 20 -year FRM with an APR of 5.75 % on a mortgage loan of $190,000 . Rounded to the…

A: An agreement through which a lender lends the money to the borrower, and has the right to take the…

Q: Suppose you are buying your first condo for $180,000, and you will make a $15,000 down payment. You…

A: Condo price = $ 180,000 Down payment = $ 15000 Loan amount(P) = Condo price-Down payment…

Q: You buy a house for $328,000, make a $33,000 down payment, and take out at 15-year mortgage at an…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub- parts…

Q: You purchase a home for $299,000. You make a down payment of 13% and finance the remaining amount…

A: Formulas:

Q: You look to pay the loan back over 30 years paying 1% per month. You are taking out a mortgage for…

A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…

Q: You buy a house for $800,000.  It is a 20 Year mortgage where the payments are made quarterly and at…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Suppose that your unsubsidized Stafford loans plus accumulated interest total $ 28000 at the time…

A: Loan amount (L) = $28000 Interest rate (r) = 8.5% per annum = 0.70833% per month n = 10 years = 120…

Q: You want to purchase a house valued at $200,000.  After a downpayment, you can finance the house…

A: Value of the house = $200,000 Number of years of mortgage = 20 Number of periods (n) = 20*12 = 240…

Q: Shuman secures a 30-year mortgage for $377,900 and an annual interest rate of 4.875% compounded…

A: When a person is borrowing some amount then he needs to pay regular payment for the purpose of…

Q: A $385,000 house is to be purchased for 25% down and monthly payments of $1200 for as long as…

A: Calculate effective annual rate = (1+nominal rate/no. of compounding)^ no. of compounding -1…

Q: A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are…

A: “Hey, since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

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

A: An effective annual rate (EAR) is the actual rate of interest to be paid annually after taking…

Q: You borrow $100,000 to buy a house; if the annual interest rate is 6% and the term of the loan is 20…

A:

Q: You buy a house for $800,000.  It is a 20 Year mortgage where the payments are made monthly.  If the…

A: Amount of Loan = $800000 Years = 20 Terms(n1)=20*12 =240 Terms Remaining After 17 years = (20-17)*12…

Q: If you went to the bank for a 35 year, $180,000 mortgage at an interest rate of 7% compounding…

A: A borrower is required to pay the lender the interest and the original amount by paying regular…

Q: You decide to buy a small office building costing $150.000 and  take out a fixed term loan over 5…

A: Excel Spreadsheet:

Q: If your bank approves a $300,000 mortgage for your new home, at an annual percentage rate of 4.5%…

A: Loan amount = $ 300,000 Interest rate = 4.5% Monthly interest rate = 4.5%/12 = 0.375% Monthly…

Q: You have just purchased a home and taken out a $500,000 mortgage. The mortgage has a 30-year term…

A: Calculation of Total Interest Paid and Total Principal Paid:The total interest paid is $29,832.97…

Q: You are purchasing a home and plan to take out a 25 year mortgage loan for $300,000. The interest…

A: The correct option is option “c”.

Q: A building is sold for ₱10,000,000 and the bank requires 18% down payment. If the effective rate of…

A: Down payment = 18% Mortgage payment = 100% - 18% = 82% Mortgage amount (M) = 82% of P 10,000,000 = P…

Q: You agree to purchase a home for $150,000 and decide to make a 20% down payment on the home.  You…

A: Please see the next step for the solution

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: If you borrow $500,000 to buy a house today, what is the amount of your monthly mortgage payment…

A: Journal entry: It is the duty of the accountant to record business economic and non-economic…

Q: You buy a house for $1,200,000 using a 30-year mortgage.  The annual interest rate is 3%.  Payments…

A: The equivalent annual cost is the periodic payment made towards the acquisition of an asset or…

Q: You have taken out a 20-year loan of $72,000 with 3% interest (APR) compounded monthly and with…

A: Annual percentage rate (APR) is a rate that a person is paying annually after undertaking all the…

Q: A homebuyer wishes to take out a mortgage of $200,000 for a 40-year period. What monthly payment is…

A: Mortgage loan=$200,000 Time period=40 years Interest rate=11% We can calculate the monthly payment…

Q: You take out a 20​-year mortgage for ​$310,000 to buy a new house. What will your monthly payments…

A: A loan is the net amount of funds acquired by a person in the form of borrowings from the lender.…

Q: You are getting a mortgage. Your home is worth $237,324, and you will make a $63,651 down payment.…

A: Cost of home= $ 237324 Down payment done= $ 63651 Loan= $ 237324- $ 63651 =$ 173673

Q: Suppose you purchase a house for $200,000.00 by getting a mortgage for $180,000.00 and paying a…

A: Present value refers to the current valuation for a future sum. Investors determine the present…

Q: A borrower takes out a 30-year loan for a house worth $250,000. If the annual interest rate is 6%.…

A: Current value of loan (PV) = $250,000 Interest rate (r) = 6% Period for future value (t) = 12 Years…

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: if your bank approves a $300,000 mortagage for your new home, at an annual percentage rate of 4.5 %…

A: Loan amount = $ 300,000 APR = 4.5% Monthly interest rate = 4.5%/12 = 0.375% Monthly payment = $ 1800

Q: There are two common choices for the term of a home mortgage: 15 years or 30 years. Suppose you need…

A: Principal Amount= $90,000 APR (Interest rate)= 6.75% Time period= 30 years= 360 months Monthly…

Q: You had a 15 year mortgage of $300,000 for five years and made payments of $3,500 per month. Now…

A: Given, Mortgage = 300000 Period = 15 years or 15*12 = 180 periods Payment = 3500 per period Interest…

Q: You decide to finance a $21,000.00 car at a 4% interest rate for 4 years. A. How much will your…

A: Car cost ,P =$21,000 Interest Rate, r= 4%=0.04/12= 0.003333333333 Years,n = 4 or 48 months  Formula…

Q: Suppose that your unsubsidized Stafford loans plus accumulated interest total $ 20000 at the time…

A: Installment is the periodic amount paid by the borrower to the lender in order to pay back the loan…

Q: purchase a home for $280,000. She will use a down payment of 18% and finance the remaining portion…

A: Monthly payment of loan carry the interest payment and payment for principal payment and the…

Q: Suppose that your unsubsidized Stafford loans plus accumulated interest total $ 17000 at the time…

A: Loan and total interest= $17,000 For 10 years- = $17000*12*10 = $2,040,000   Let fixed amount for…

Q: You purchase a home and take on a $600k mortgage. The amortization period of the loan is 20 years,…

A: Here, Loan Amount is $600,000 The amortization Period is 20 years APR is 8% compounded Quarterly…

Q: You have taken out a 23-year loan of $78,000 with 5% interest (APR) compounded monthly and with…

A: Therefore, the amount of your second principal payment is $151.7.

Q: How much will your monthly payment? My payment will be a month $_______.  B. By the end of the loan…

A: Loan: It refers to the credit taken by the borrower from the lender.  The borrower makes periodic…

Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.