(Do not round intermediate calculations and round your final answer to 2 decimal places.) A mortgage broker offers to sell you a mortgage loan contract delivering Semi-Annually-end payments of $829 for the next 7 years to you. At that point, the principal balance of $18,038.67 is due and payable to you. What should you pay for the contract, if you require a return of 5.97% compounded Monthly? ALL VALUE PUT IN AS POSITIVE 14 5.97 12 9,350.18 829 2 14,186.0 N X/Y C/Y -PV PMT PY FV
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- If you borrow $2,900 and agree to repay the loan in six equal annual payments at an interest rate of 11%, what will your payment be? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)Pursell Bank offers you a five-year loan for $100,000 at an annual interest rate of 6.8 percent. What will your annual loan payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Annual loan paymentPrescott Bank offers you a five-year loan for $62,000 at an annual interest rate of 6.25 percent. What will your annual loan payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
- 1. If you borrow $2,400 and agree to repay the loan in four equal annual payments at an interest rate of 10%, what will your payment be? (Do not round intermediate calculations. Round your enswer to 2 decimal places.) Amount of payment b. What if you make the first payment on the loan immediately instead of at the end of the first year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Repayment amount %24 %24You apply for a loan of $79,000 with the following terms: a seven-year loan with semi-annual payments of $7,700 (at the end of period payments). Based on this information, what is the APR of the loan Bank Y offers you? 8.74% 8.42% 8.57% 9.02% 8.89%You plan to borrow $25,000 at a 3.4% annual interest rate compounded annually. The terms require you to amortize the loan with 5 equal payments each made at the end of each year. You would like to construct an amortization schedule showing details of the payments. Answer the following questions, and choose the closest answer from the possible choices following each question: 1.To find the interest repaid in period 1 only in the financial calculator amortization worksheet, you enter P2 = 2.To find the interest repaid in period 1 only in the financial calculator amortization worksheet, you enter P1 = 3.How much total interest is repaid in periods 1 to 2?
- A lender gives you a $125,000 thirty-year fixed-rate mortgage at 6.60%, two discount points, monthly payments. Suppose that, before you make any payments, you receive a pay raise so you pay an extra $100 per month in addition to your normal payment. Also, at the end of year five of the mortgage you have an unexpected job transfer thus the house is sold and the mortgage is repaid. a . What is the mortgage balance at the end of year five with the extra $100 per month payment? b . What is the effective cost of the loan for the five-year holding period?You want to pay off your mortgage on something called an accelerated bi-weekly payment plan. You have a mortgage of $480,000 amortized over 16 years at a rate of 2.5 percent APR compounded semi-annually. (Assume 52 weeks a year.) a. What would the regular bi-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) Regular bi-weekly payment $ b. What would the accelerated bi-weekly payment be? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) Accelerated bi-weekly payment $ c. How much quicker would you pay off the mortgage payment? (Round your answer to 3 decimal places.) Pay off periodyears d. How much interest would you save by doing the accelerated bi-weekly payment? (Do not round your intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.) Savings in interest paymentAfter making payments of $891.10 for 6 years on your 30-year loan at 8.1%, you decide to sell your home. What is the loan payoff? (Round your answer to two decimal places.)
- You have approached your bank for a 30 year mortage loan in the sum of $2,160,000. The bank has agreed to lend you the money at the annual rate of 6.32% a Caluate the montly repayment on this loan b Compute the interest payment for the first month of the loan based on the answer in a.Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $Erindale Bank offers you a $58,000, four-year term loan at 7.0% annual Interest. What will your annual loan payment be? (Do not round Intermediate calculations. Round the final answer to 2 decimal places.) Annual loan payment HURD $ SAN RACE CL