To vacation with his family, Mr. Velasco obtains a loan of $60,000 to be paid in 7 monthly installments with an annual interest rate of 13% compounded by months. Prepare the amortization table.
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To vacation with his family, Mr. Velasco obtains a loan of $60,000 to be paid in 7 monthly installments with an annual interest rate of 13% compounded by months. Prepare the amortization table.
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- Nick received a loan of $5000 from a bank to purchase a bike. He obtained the loan at an interest rate of 5% compounded quarterly for 1 year. Calculate the size of his end-of-quarter payments and construct an amortization schedule for her loan.Zara amortizes a loan of $210,000 for a new home by obtaining a 40-year mortgage at the rate of 7.5% compounded monthly. Find (a) the monthly payment (b) the total interest chargesGregory purchased a house for $350,000. He made a down payment of 30.00% of the value of the house and received a mortgage for the rest of the amount at 4.72% compounded semi-annually amortized over 25 years. The interest rate was fixed for a 4 year period. a. Calculate the monthly payment amount. b. calculate the principal balance at the end of 4 year term c. calculate the montly payment if the mortgage was renewed for anotther 4 years at 4.12% compunded semiannually
- krystof took out a personal loan for $3, 569.74 with monthly payments for 5 years. The interest rate was 11.39% a) costruct an amortization table for the first 6 moths of this loan b) use the present value of the remaning payments method to find the amount he would owe after 6 months of paymentsEva obtained a loan fee of Php50,000 for the tuition of her son. She has to repay the loan by equal payment at the end of every six months for 3 years at 10% interest compounded semi-annually. Find the periodic payment. Write in Amorzation ScheduleMichael Sanchez purchased a condominium for $97,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ (c) If the annual property taxes are $1,640 and the hazard insurance premium is $730 per year, what is the total monthly PITI of Michael's loan (in $)? $
- Michael Sanchez purchased a condominium for $76,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $Michael Sanchez purchased a condominium for $73,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ (c) If the annual property taxes are $1,640 and the hazard insurance premium is $670 per year, what is the total monthly PITI of Michael's loan (in $)? $…Jim and Joan Miller are borrowing $120,000 at 6.5% per annum compounded monthly for 30 years (360 months) to purchase a home. Their monthly payment is determined to be $758.48. A recursive formula for their balance after each monthly payment has been made. A determination of Jim and Joan's balance after the first payment. Don't forget the interest affecting their payment create a table showing their balance after each monthly payment. Determine when the balance will be below $75,000. Determine when the balance will be paid off. Determine the interest expense when the loan is paid.(find the total paid, and subtract 120,000 from it).
- Patti and Jaime bought a house for $187,600. They put 20% down and obtains a simple interest amortized loan for the rest at 6 3/8 % interest for thirty years. a) Find their monthly payment.b) Find the total interest paid. c) Prepare an amortization schedule for the first two months of the loanShirley 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 monthJasper purchased a car for 47,500. He paid a 20% down payment and financed the rest at 2.88 % for 6 years. Find the amount of down payment the monthly payment and the total interest jasper will have paid at the end of his loan.