Leslie borrowed $25,000 at a rate of 6% compounded monthly (j12) for a term of 10 years. Calculate the balance owing on her loan after 7 years. When calculating her original payment, round it up to the next cent before proceeding to the balance calculation.
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A: n=4 r=8.8/4/100=0.022 present value=7900
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A: In this we have to calculate the future value of the present value.
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Q: Determine the monthly payment.
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A: Annual deposit (PMT) = $2,000 Interest rate = 4% Number of periods = 6
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A: The question is based on the concept of Annuity
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- Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.Jillian and Collin borrowed $62,000 at 7.61% compounded monthly as a second mortgage loan against their current home. Repayment amount is $6,900 at the end of every six months. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 : : N - 1 N Total 6,900.00 6,900.00 : : = 6,900.00 Interest Paid ($) : : : Principal Repaid ($) : : Outstanding Balance ($) 62,000.00 : : 0.00Melynda and Andrés borrowed $60,000 at 7.25% compounded annually as a second mortgage loan against their current home. Repayment amount is $5,900 at the end of every six months. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent.
- Matthew received a loan of $31,000 at 4.75% compounded quarterly. She had to make payments at the end of every quarter for a period of 7 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. 0.00 Payment Number 0 1 2 Payment $0.00 $0.00 Interest Portion $0.00 $0.00 Principal Portion $0.00 $0.00 Principal Balance $31,000.00 $0.00 $0.00Jesse received a loan of $36,000 at 5.75% coumpounded quarterly. She had to make payments at the end of every quarter for a period of 5 years to settle the loan. a. Calculate the size of payments Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places Payment Number Payment Interest Portions Principal Portion Principal BalanceShirley Trembley bought a house for $185,300. She put 20% down and obtains a simple interest amortized loan for the rest at 6 3 8 % for thirty years. (Round your answers to the nearest cent.) (a) Find her monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $ (d) Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Shirley make to qualify for the loan?$ per month
- Vincent received a loan of $28,000 at 4.25% compounded monthly. She had to make payments at the end of every month for a period of 5 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Complete the partial amortization schedule, rounding the answers to the nearest cent. Payment Number Payment K 0 1 2 0 0.00 0 0 Total :: :: $0.00 $0.00 $0.00 $0.00 $0.00 Interest Portion Principal Portion $0.00 $0.00 :: :: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Principal Balance $28,000.00 $0.00 $0.00 :: $0.00 $0.00 0.00Amishi deposited $800, at the end of each six months for 19 years in a savings account. If the account paid 8% interest, compounded semiannually, use the appropriate formula to find the future value of her account. (Round your answer to the nearest cent.) $ _____Jada and Izaak borrowed $40,000 at 5.53% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $750 at the end of every month. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 : N - 1 N Total 750.00 750.00 : 750.00 Interest Paid ($) : : Principal Repaid ($) : : Outstanding Balance ($) 40,000.00 ⠀ : 0.00
- Karen obtained a $26,000 loan at 4.6% compounded semiannually.a-1. What monthly payment will repay the loan in 8 1/2 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)Monthly payment $a-2. How much interest will Karen pay over the life of the loan? (Round intermediate calculations to 2 decimal places and round your final answer to the nearest dollar.)Total interest $Jada and Izaak borrowed $40,000 at 5.53% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $750 at the end of every month. a. How many payments are required to repay the loan? Number of payments 61 b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 N - 1 N Total 750.00 750.00 : : 750.00 2,175.72 X 47,175.72 X Interest Paid ($) 183.49 192.61 10.58 6.96 : : : X 6,432.68 X X X Principal Repaid ($) 566.51 557.39 : 739.42 1,425.72 X 40,000 X X X Outstanding Balance ($) 40,000.00 39,433.49 38,876.10 : X 1,425.72 X 0.00Karen obtained a $25,000 loan at 4.5% compounded semiannually. a-1. What monthly payment will repay the loan in 7 1/2 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Monthly payment $ a-2. How much interest will Karen pay over the life of the loan? (Round intermediate calculations to 2 decimal places and round your final answer to the nearest dollar.) Total interest $