3. A mortgage balance of $18000 is renewed for the remaining amortization period of 3years at %4 compounded semi annually. a. compute the size of the monthly payments b. Determine the size of the last payment if the payments computed have been rounded up to the the next higher $100
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- Find the payment necessary to amortize a 7% loan of $2200 compounded quarterly, with 6 quarterly payments. Find (a) the payment necessary to amortize the loan and (b) the total payments and the total amount of interest paid based on the calculated quarterly payments. Then create an amortization table to find (c) the total payments and total amount of interest paid based upon the amortization table. a. The quarterly payment needed to amortize this loan is $ b. The total amount of the payments is $ The total amount of interest paid is $ c. The total payment for this loan from the amortization table is $ The total interest from the amortization table is $ Keep getting it wrong when I reach point b... need help thxASTH0.000 mortpage was amortized over 15 years by monthly repayments. The interest rate on the mortgage was fixed at 6.00% compounded semi-annually for the entire period a. Calculate the size of the payments rounded up to the next $100. Anunf up the est b. Using the payment from part a. caloulate the size of the final payment. do the rstcenta. Set up an amortization schedule for a $19,000 loan to be repaid in equal installments atthe end of each of the next 3 years. The interest rate is 8% compounded annually.b. What percentage of the payment represents interest and what percentage representsprincipal for each of the 3 years? Why do these percentages change over time?
- Consider a 30-year home mortgage of $100,000 at 6% per year. What is the monthly payment? Use Theorem 1 as attached to make an amortization schedule of the first 6 months: Month (k) Principal P(k) Interest I(k) Balance due B(k) 1 2 3 4 5 6 where P(k) is the amount paid to the principal in the k’th payment, I(k) is the amount paid to interest in the k’th payment, B(k) is the balance due after the k’th payment.a. Complete an amortization schedule for a $19,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 6% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent Beginning Balance Year Payment Repayment of Principal Remaining Balance Interest 1 $ 2 3 b. What percentage of the payment represents interest and what percentage represents principal for each of the 3 years? Do not round intermediate calculations. Round your answers to two decimal places. % Interest % Principal Year 1: % % Year 2: % % Year 3: % % Why do these percentages change over time? 1. These percentages change over time because even though the total payment is constant the amount of interest paid each year is declining as the remaining or outstanding balance declines. II. These percentages change over time because even though the total payment is constant the amount of interest paid each year is…Consider a home mortgage of $17500 at a fixed APR of %6 for 15 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. Please show all work computaion explanation formulas clearly with 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 Interest Paid Paid on Principal Balance 5.4% $289.80 $21.30 $268.50 $4,464.20 Fill out the amortization schedule below. Annual Interest Rate Payment Interest Paid Paid on Principal Balance 5.4% $289.80 $21.30 $268.50 $4,464.20 $______ $_______ $_______ $_____ (Round to nearest cent as needed)11. A mortgage balance of $20,000.00 is renewed for the remaining amortization of 3 years at 8% compounded semi annually. a. Compute the size of the monthly payments. b. Determine the size of the last payment if the payments are rounded up to the next cent. Determine the size of the last payment if the payments are rounded up to the ten dollar. C.Consider a home mortgage of $225,000 at a fixed APR of 3% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
- 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 $Consider a home mortgage of $150 comma 000 at a fixed APR of 4.5 % for 20 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.calculate the payment amounts when the mortgage is below are renewed for a second term. Assume interest rates are fixed and compounded semi annually, and that the amortization period is reduced appropriately upon renewal Original Amortization Principal Period (Years) $336,362 First-Term Information Second-Term Information New Payment 25 8.75% 5% 0.00 Monthly payments Weekly payments 3-year term 4-year term $652,731 30 9% 4.75% 0.00 Biweekly payments Biweekly payments 4-year term 4-year term $705,122 20 4.75% 3.75% 0.00 Weekly payments Biweekly payments 3-year term 5-year term