Joseph and three other friends bought a $270,000 house close to the university at the end of August last year. At that time, they put down a deposit of $10,000 and took out a mortgage for the balance. Their mortgage payments are due at the end of each month (September 30, last year, was the date of the first payment) and are based on the assumption that Joseph and his friends will take 20 years to pay off the debt. Annual nominal interest is 6 percent, compounded monthly. It is now February. Joseph and his friends have made all their fall-term payments and have just made the January 31 payment for this year. How much do they still owe? Click the icon to view the table of compound interest factors for discrete compounding periods when i=0.5%. They will owe $ (Round to the nearest dollar as needed.)
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- Carlos opens a dry cleaning store during the year. He invests 30,000 of his own money and borrows 60,000 from a local bank. He uses 40,000 of the loan to buy a building and the remaining 20,000 for equipment. During the first year, the store has a loss of 24,000. How much of the loss can Carlos deduct if the loan from the bank is nonrecourse? How much does Carlos have at risk at the end of the first year?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).5. Joseph and three friends bought a $260,000 house close to the university at the end of August last year. At that time, they put down a deposit of $10,000 and took out a mortgage for the balance. Their mortgage payments are due at the end of each month (September 30, last year was the date of the first payment) and are based on the assumption that Joseph and friends will take 20 years to pay off the debt. Annual nominal interest is 12 percent, compounded monthly. It is now February. Joseph and friends have made all their fall term payments and have just made the January 31 payment for this year. How much do they still owe? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Rob, a friend of yours, has recently purchased a home for $125,000, paying $25,000 down and the remainder financed by a 10.5% twenty-year mortgage , payable at $998.38 a month. At the end of the first month, Rob receives a statement from the bank indicating that only $123.38 of principle was paid during the month. At this rate, he calculates it will take over 67 years to pay off the mortgage. Is he right? Discuss.Three professional siblings decided to save money so they can buy a house and lot for their parents after 5 years. The plan is for each to make semi-annual deposits of P20,000 in their respective bank accounts starting at the end of the first semester after the agreement up to the 5th year. All deposits are to be made at the end of the periods. One of them is not capable of starting at the same time with everyone because of a present obligation but promised to start the deposits by the end of the first semester after the second year up to the 5 th year. How much should she deposit in equal amounts to save as much as each of her siblings if money is worth 13% compounded semi-annuallydraw Cash Flow Diagrams.To help pay for art school, Kareem borrowed money from his credit union. He took out a personal, amortized loan for $55,000 at an interest rate of 5.3% with monthly payments for a term of 20 years a) Find Kareem's monhly payment b) If Kareem pays the monthly payment for each month for the full term, find his total amount to repay the amount. c) If Kareem pays the monthly payement for each month for the full term, find the total amount of interest he will pay. .
- A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 13 years ago for $64,875. The home was financed by paying 15% down and signing a 30-year mortgage at 8.1% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30-year period. The net market value of the house is now $100,000. After making their 156th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive? Amount of loan: $ (Round to the nearest dollar.) View an example Get more help - Clear all Check answer Help me solve this B no in tv N AA 6,283 JAN 19A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 13 years ago for $61,752. The home was financed by paying 10% down and signing a 15-year mortgage at 8.4% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 15-year period. The net market value of the house is now $100,000, After making their 156th payment, they applied to the loan company for the maximum loan. How much (to the nearest dolar) will they receive? Amount of loan: $(Round to the nearest dollar)A couple wishes to borrow money using the equity in their home for collateral. A loan company will loan them up to 70% of their equity. They puchased their home 10 years ago for $61,760. The home was financed by paying 20% down and signing a 30-year mortgage at 8.1% on the unpaid balance. Equal monthly payments were made to amortize the loan over the 30-year period. The net market value of the house is now $100,000. After making their 120th payment, they applied to the loan company for the maximum loan. How much (to the nearest dollar) will they receive?
- . Jan sold her house on December 31 and took a $10,000 mortgage aspart of the payment. The 10-year mortgage has a 10% nominal interest rate, but it calls forsemiannual payments beginning next June 30. Next year Jan must report on Schedule B ofher IRS Form 1040 the amount of interest that was included in the two payments she receivedduring the year.a. What is the dollar amount of each payment Jan receives?b. How much interest was included in the first payment? How much repayment of principalwas included? How do these values change for the second payment?c. How much interest must Jan report on Schedule B for the first year? Will her interestincome be the same next year?d. If the payments are constant, why does the amount of interest income change over time? Please show solution and formula. Show manual computation (not in excel or accounting calculator) Thank youJan sold her house on December 31 and took a $10,000 mortgage aspart of the payment. The 10-year mortgage has a 10% nominal interest rate, but it calls forsemiannual payments beginning next June 30. Next year Jan must report on Schedule B ofher IRS Form 1040 the amount of interest that was included in the two payments she receivedduring the year.a. What is the dollar amount of each payment Jan receives?b. How much interest was included in the first payment? How much repayment of principalwas included? How do these values change for the second payment?c. How much interest must Jan report on Schedule B for the first year? Will her interestincome be the same next year?d. If the payments are constant, why does the amount of interest income change over time?Dick and Jane Buell have purchased a home for $114,500. They will necd to obtain a mortgage for 75% of that amount. The Nearbi State Bank will give them a mortgage for 40 years at 17.3% interest. In the first six months of this mortgage, how much of the $1265.50 monthly payment goes to principal and how much to interest?