Question
In: Finance
Alicia Clothing Goods just borrowed $150,000 to build a new shop. The mortgage calls for equal...
Alicia Clothing Goods just borrowed $150,000 to build a new shop. The mortgage calls for equal monthly payments at the end of the month. The loan is for 30 years at an APR of 4.8%.
1. What is the monthly payment?
2. What is the amount of interest payment for your second
payment?
3. What is the amount of principal reduction for your second
payment?
Solutions
jeff jeffy answered 2 years agoRelated Solutions
Alicia Clothing Goods just borrowed $150,000 to build a new shop. The mortgage calls for equal...
Alicia Clothing Goods just borrowed $150,000 to build a new
shop. The mortgage calls for equal monthly payments at the end of
the month. The loan is for 30 years at an APR of 4.8%.
1. What is the monthly payment?
2. What is the amount of interest payment for your second
payment?
3. What is the amount of principal reduction for your second
payment?
On a finance calculator, not excel. Can you also show
working out to how you...
Sunrise Coffee just borrowed $160,000 to build a new shop. The mortgage loan is for 25...
Sunrise Coffee just borrowed $160,000 to build a new shop. The
mortgage loan is for 25 years at an APR of 8.45% with equal monthly
payments. How much interest will be paid during the final 4
years?
A business borrowed $150,000 from a bank to purchase new equipment. The interest on the loan...
A business borrowed $150,000 from a bank to purchase new
equipment. The interest on the loan is 3% per year, and it must be
paid in 8 years. Create a loan schedule for the payments
It is December 31, 2019. You just borrowed $150,000 to purchase some land. You made no...
It is December 31, 2019. You just borrowed $150,000 to purchase
some land. You made no down payment, the loan term is 15 years and
carries an interest rate of 10%. The annual payment on this loan is
$19,721, and your annual payment is on December 31 of each year
(you will make your first payment on December 31, 2020).
A. Complete the first few lines of the amortization schedule
below:
Partial Amortization Schedule for a $150,000 loan paid...
You have just borrowed $300,000 to buy a condo. You will repay the loan in equal...
You have just borrowed $300,000 to buy a condo. You will repay
the loan in equal monthly payments of $3,950.37 over the next 20
years. a-1. What monthly interest rate are you paying on the loan?
(Do not round intermediate calculations. Enter your answer as a
percent rounded to 2 decimal places.) a-2. What is the APR? (Do not
round intermediate calculations. Enter your answer as a whole
percent.) b. What is the effective annual rate on that loan? (Do...
You have just borrowed $160,000 to buy a condo. You will repay the loan in equal...
You have just borrowed $160,000 to buy a condo. You will repay
the loan in equal monthly payments of $1,287.40 over the next 30
years. a-1. What monthly interest rate are you paying on the loan?
(Do not round intermediate calculations. Enter your answer as a
percent rounded to 2 decimal places.) a-2. What is the APR? (Do not
round intermediate calculations. Enter your answer as a whole
percent.) b. What is the effective annual rate on that loan? (Do...
You have just borrowed $100,000 to buy a condo. You will repay the loan in equal...
You have just borrowed $100,000 to buy a condo. You will repay
the loan in equal monthly payments of $804.62 over the next 30
years.
a. What monthly interest rate are you paying on the loan?'
b. What is the APR?
c. What is the effective annual rate on that loan?
d. What rate is the lender more likely to quote on the loan?
You have just borrowed $200,000 to buy a condo. You will repay the loan in equal...
You have just borrowed $200,000 to buy a condo. You will repay
the loan in equal monthly payments of $2,106.45 over the next 25
years.
a-1. What monthly interest rate are you paying
on the loan? (Do not round intermediate calculations. Enter
your answer as a percent rounded to 2 decimal places.)
Monthly
interest rate
%
a-2. What is the APR? (Do not round
intermediate calculations. Enter your answer as a whole
percent.)
APR%
b. What is the effective annual...
Your friend has just purchased a house and has incurred a $150,000, 4.5% mortgage payable at...
Your friend has just purchased a house and has
incurred a $150,000, 4.5% mortgage payable at $760.03 per month.
After making the first monthly payment, he receives a statement
from the bank indicating only $197.53 had been applied to reducing
the principal amount of the loan. Your friend then calculates that
at the rate of $197.53 per month, it will take 63 years to pay off
the $150,000 mortgage. Discuss and explain whether your friend’s
analysis is correct or not....
Ms. Jordan has just taken out a $150,000 mortgage loan at an interest rate of 6...
Ms. Jordan has just taken out a $150,000 mortgage loan
at an interest rate of 6 percent. If the
mortgage calls for equal monthly payments for 20 years,
what is the amount of each payment?
Also, work out an amortization table
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