Richard Miyashiro purchased a condominium and obtained a 30-year loan of $190,000 at an annual interest...

Richard Miyashiro purchased a condominium and obtained a 30-year loan of $190,000 at an annual interest rate of 8.45%. (Round your answers to the nearest cent.)

(a) What is the mortgage payment?
(b) What is the total of the payments over the life of the loan?
(c) Find the amount of interest paid on the mortgage loan over the 30 years.

Expert Solution

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

As nothing was mentioned excel is used. PMT is rounded to 2 decimals for further calculations

jeff jeffy answered 7 months ago

Richard Miyashiro purchased a condominium and obtained a 30-year loan of $199,000 at an annual interest...

Richard Miyashiro purchased a condominium and obtained a 30-year loan of $199,000 at an annual interest rate of 8.40% (a) What is the mortgage payment? $ (b) What is the total of the payments over the life of the loan? $ (c) Find the amount of interest paid on the mortgage loan over the 30 years. $

For a 30-year loan with a face value of $150,000, 5 percent annual interest, and monthly...

For a 30-year loan with a face value of $150,000, 5 percent annual interest, and monthly payments, find the monthly payment and remaining mortgage balance at the end of years 5, 20, and 30

3. Amortize a $250,000 (Sale Price) house on a 30 year loan at 4.0% annual interest...

3. Amortize a $250,000 (Sale Price) house on a 30 year loan at 4.0% annual interest rate Amortize a $250,000 (Sale Price) house on a 15 year loan at 3.0% annual interest rate (7) What will be the total cost of the 30 year loan? (Total of all Interest & Principle ) (8) What will be the total cost of the 15 year loan? (Total of all Interest & Principle ) (9) At the end of 4 years, how much...

You are currently maintaining a conventional 30-year mortgage loan with your bank and the annual interest...

You are currently maintaining a conventional 30-year mortgage loan with your bank and the annual interest rate is 8%. Your bank manager now offers you a 30-year adjustable rate mortgage (ARM) at 2% but the rate will be adjusted once each year. Evaluate your current mortgage and the new option in terms of the following: Risk that the monthly payment will change over the next 30 years, and, interest rate risk. Explain your understanding on the risk involved in this...

A) For a loan of $160,000 at 7% annual interest, monthly payments, for 30 years, how...

A) For a loan of $160,000 at 7% annual interest, monthly payments, for 30 years, how much total interest will be paid over the life of the loan? Group of answer choices $279,785.00 $81,002.00 $223,214.00 $265,778.00 B) For a loan of $250,000 at 6% annual interest, with monthly payments over 15 years, if you pay an additional $100 in principle per month, how much total interest will you pay over the life of the loan? Group of answer choices $218,090.00...

When you purchased your car, you took out a five-year annual-payment loan with an interest rate...

When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 5.9% per year. The annual payment on the car is $5,000. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned the...

1. When you purchased your car, you took out a five-year annual-payment loan with an interest...

1. When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 6.5% per year. The annual payment on the car is $4,500. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for the one year (so there are four year left on the loan)? answer: $15,416.09 b....

Red Sea Co. obtained a $200,000 loan from ANB bank at 6% annual interest rate that...

Red Sea Co. obtained a $200,000 loan from ANB bank at 6% annual interest rate that will be paid off in annual payments over ten years. How much will each annual payment be?

calculate a loan amortization schedule for a $10,000 loan, 5% annual interest, one payment a year...

calculate a loan amortization schedule for a $10,000 loan, 5% annual interest, one payment a year for 10 years, starting on 1/1/2010. All calculations must be shown, i.e., do not use a “package” to complete this question. Loan period starts from 1/1/2010. I mean the first payment is to be made on 1/1/2010.

Create a loan amortization table for a $100,000 2 year loan at 4.875% annual interest payable...

Create a loan amortization table for a $100,000 2 year loan at 4.875% annual interest payable semi-annually: a) Calculate the payment amount. b) Do the loan amortization table. c) What is the journal entry to receive the third payment?

Question