Question
In: Economics
You would like to borrow $200,000.00 to finance a home. You wish to make monthly payments...
You would like to borrow $200,000.00 to finance a home. You wish to make monthly payments for 15 years. If the annual interest rate (APR) is quoted at 8.4%. What will the monthly payments be? Refinance the loan after you have made 84 payments. First what is remaining balance that is owed. Second If the new interest rate (APR) is 4% and n will be based on the remaining time period of the original loan what will be the new payment amount
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
You would like to borrow $300,000.00 to finance a home. You wish to make monthly payments...
You would like to borrow $300,000.00 to finance a home. You wish
to make monthly payments for 15 years. If the annual interest rate
(APR) is quoted at 5.3%. What will the monthly payments be?
You borrow $210,000 to purchase a home. The terms of the loan call for monthly payments...
You borrow $210,000 to purchase a home. The terms of the loan
call for monthly payments over 30 years at a mortgage rate of 4.50
percent. What percentage of your first 60 months' total payments go
toward interest?
A.
82 percent
B.
66 percent
C.
71 percent
D.
59 percent
You borrow $5,530 to purchase furniture for your house. You agree to make monthly payments for...
You borrow $5,530 to purchase furniture for your house. You
agree to make monthly payments for 4 years to pay for the
furniture. If the interest rate is 5 percent with monthly
compounding, how much are your monthly payments? Assume the first
payment is made one month after purchase. $103.95 $123.18 $127.35
$104.31 $121.90
Borrow $250,000 at 3% (with monthly compounding). The borrower is required to make monthly interest payments...
Borrow $250,000 at 3% (with monthly compounding). The borrower
is required to make monthly interest payments on the loan as well
as make monthly deposits into sinking fund earning 6% (monthly
compounding) to repay the loan in 15 years. What is the total
amount paid each month?
A couple who borrow $50,000 for 20 years at 6%, compounded monthly, must make monthly payments...
A couple who borrow $50,000 for 20 years at 6%, compounded
monthly, must make monthly payments of $358.22. (Round your answers
to the nearest cent.) (a) Find their unpaid balance after 1 year. $
(b) During that first year, how much interest do they pay?
A couple who borrow $80,000 for 30 years at 8.4%, compounded monthly, must make monthly payments...
A couple who borrow $80,000 for 30 years at 8.4%, compounded
monthly, must make monthly payments of $609.47. (a) Find their
unpaid balance after 1 year. (Round your answers to the nearest
cent.) $ (b) During that first year, how much do they pay towards
the principle? (Round your answer to the nearest cent.) $ During
that first year, what are their total payments? (Round your answer
to the nearest cent.) $ During that first year, how much interest
do...
A couple who borrow $80,000 for 30 years at 8.4%, compounded monthly, must make monthly payments...
A couple who borrow $80,000 for 30 years at 8.4%, compounded
monthly, must make monthly payments of $609.47. (a) Find their
unpaid balance after 1 year. (Round your answers to the nearest
cent.) (b) During that first year, how much do they pay towards the
principle? (Round your answer to the nearest cent.) During that
first year, what are their total payments? (Round your answer to
the nearest cent.) $ During that first year, how much interest do
they pay?...
A couple who borrow $50,000 for 15 years at 8.4%, compounded monthly, must make monthly payments...
A couple who borrow $50,000 for 15 years at 8.4%, compounded
monthly, must make monthly payments of $489.44. (Round your answers
to the nearest cent.) (a) Find their unpaid balance after 1 year. $
(b) During that first year, how much interest do they pay? $
Suppose that you wish to borrow $325,000 today to finance the purchase of an asset and...
Suppose that you wish to borrow $325,000 today to finance the
purchase of an asset and that you will repay me with equal
quarterly payments over 15 years.
a) If the APR is 4.426%, how much will you pay me each
quarter?
b) Amortize the first 2 payments. Make a table, and show the
calculation of each cell in the table.
c) Suppose that you plan to pay off the loan immediately after
payment 35. What is the remaining principal?...
You need to borrow money today from your father. You can make payments like this: 1st...
You need to borrow money today from your father. You can make
payments like this: 1st year: $1000, 2nd year: $2,000, 3rd year:
$3,000, 4th year: $4,000, 5th year: $5,000. Your dad says that hes
getting 4% on his CDs, compounded annually, and you'll need to pay
him the same rate. How much can you borrow?
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