Find the total monthly payment, including taxes and insurance, for the following loan. Amount of Loan Interest Rate $149,300 Term of Loan 512% 25 years (Simplify your answer. Round to the nearest cent as needed.) Annual Taxes $2840 Annual Insurance $655 Monthly Payment $___
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- Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for 15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five years at 7 percent. Payments, which are made on a monthly basis, are determined using the add-on method. a. How much total interest will Eli pay on the loan if it is held for the full five-year term? b. What are Elis monthly payments? c. How much higher are the monthly payments under the add-on method than under the simple interest method?The following loan is a simple interest amortized loan with monthly payments. $155,000, 9- 9-%, 30 years 2 (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total.interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest | Enter a number.
- Loan payment Determine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully during the stated term of the loan. (Click on the icon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet.) Principal $42,000 Interest rate 14% www The amount of the equal, annual, end-of-year payment, CF, is $ Term of loan (years) 20 (Round to the nearest cent.)1 Find the total monthly payment, including taxes and insurance, for the following loan. Annual Annual Amount of Loan Term of Loan Taxes Insurance Interest Rate 1 6-% $149,500 10 years $2830 $655 Click the icon to view the real estate amortization table. Complete the table below. Amount of Loan $149,500 0 Interest Rate 1 6-% 2 Term of Loan W Annual Taxes $2830 F Monthly Payment Annual Insurance $655 10 years (Simplify your answer. Round to the nearest cent as needed.) Monthly Payment $The following loan is a simple interest amortized loan with monthly payments. $7000, 7%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $189.58 (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $ 2100 X
- Loan payment Determine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully during the stated term of the loan. (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Principal $7,000 Interest rate 13% ... The amount of the equal, annual, end-of-year payment, CF, is $ Term of loan (years) 29 (Round to the nearest cent.)Find the total monthly payment including taxes and insurance. Mortgage $56,400 Interest rate 5%Term of loan 10 years Annual taxes $662 Annual insurance $359 Total monthly payment is $___ (round to nearest cent as needed) Please include equation and steps!Given the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Annual Interest Rate Payment 6.7% $468.39 Fill out the amortization schedule below. Interest Paid $42.28 Annual Interest Rate 6.7% Interest Paid $42.28 $ (Round to the nearest cent as needed.) Payment $468.39 Paid on Principal $426.11 Paid on Principal $426.11 $ Balance $7,150.14 Balance $7,150.14 $
- Investigate the effect of the interest rate on home loans by finding the monthly payment and the total interest for a twenty-year simple interest amortized loan of $150,000 at the following rates. (Round your answers to the nearest cent.) (a) 6% payment $ total interest $ (b) 7% payment $ total interest $ (c) 8% payment $ total interest $ (d) 9% payment $ total interest $ (e) 10% payment $ total interest $ (f) 11% payment $ total interest $Find the total monthly payment, including taxes and insurance. Mortgage $74,000 Interest Rate Term of Loan Annual Taxes 5% 15 years $596 Click the icon to view the Real Estate Amortization Table. The total monthly payment is $ (Round to the nearest cent as needed.) Annual Insurance $215Use the following amortization chart: Selling price of home Down payment Principal (loan) Rate of interest Years Payment per $1,000 Monthly mortgage payment $ 79,000 $ 6,000 $ 73,000 6% 30 $ 5.9955 $ 437.67 Assume the interest rate rises to 7.5%. What is the total cost of interest with the new interest rate? (Use Table 15.1). Note: Round your intermediate calculations and final answer to the nearest cent. Total cost of interest:???