Elana and Wiyot borrowed $41,000 at 8.54% compounded monthly as a second mortgage loan against their current home. Repayment amount is $4,800 at the end of every six months a. How many payments are required to repay the loan!
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Elana and Wiyot borrowed $41,000 at 8.54% compounded monthly as a second mortgage loan against their current home. Repayment amount is $4,800 at the end of every six months a. How many payments are required to repay the loan!
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- 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 0.00Jillian 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 : : 0.00Jason received a 30 year loan of $290,000 to purchase a house. The interest rate on the loan was 2.80% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3?
- 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 ⠀ : 0.00Melynda 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.Abigail received a 15 year loan of $280,000 to purchase a house. The interest rate on the loan was 5.80% compounded semi-annually. a. What is the size of the monthly loan payment? b. What is the balance of the loan at the end of year 2? c. By how much will the amortization period shorten if Abigail makes an extra payment of $30,000 at the end of year 2?
- A family needs to take out a 15-year home mortgage loan of $170,000 through a local bank. Annual interest rates for 15-year mortgages at the bank are 3.5% compounded monthly. (a) Compute the family's monthly mortgage payment under this loan. (b) How much interest will the family pay over the life of the loan?Devin received a 15 year loan of $305,000 to purchase a house. The interest rate on the loan was 4.10% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 4? Round to the nearest centc. By how much will the amortization period shorten if Shawn made an extra payment of $54,000 at the end of the year 3? years E months Express the answer in years and months, rounded to the next month
- Kristina has a mortgage of $575,000 through her bank for property purchased. The loan is repaid by end of month payments of $4,182.71 with an interest rate of 6.96% compounded monthly over 23 years. What is the interest included in the 39th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places. %24Morgan received a $29,050 loan from a bank that was charging interest at 3.25% compounded semi-annually. a. How much does she need to pay at the end of every 6 months to settle the loan in 6 years?Anna has a mortgage of $427,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,598.80 with an interest rate of 4.05% compounded monthly over 20 years. What is the interest included in the 47th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places. $
