What size monthly payments should occur when $10.000 is borrowed at 6% per year compounded monthly and the loan is repaid with 24 equal monthly payments?
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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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- 4. You borrow $720,000 at 4.00% per year compounded monthly and you plan to pay off this loan in equal annual payments starting one year after the loan is made over a period of fifteen (15) years. What are the annual end-of-year payments? Determine the amount of interest and principal that are paid each year. What is the total interest paid for the loan? a. b. Restructure the loan in the previous question to make payments monthly. Determine the savings in interest overall. C. Restructure your payment schedule once more to make payment every two weeks. Determine the savings in interest (if any) in this case (compare to both previous repayment options). 1 OF 1f2. Subject :- Accounting Consider a $25,000, three-year loan at an interest rate of 5%, payments to be made monthly. What is the monthly payment using add-on interest?Suppose that one has a bank loan for P15,584.48, which is to be repaid in equal end-of-month installments for 9 years with a nominal interest rate of 0.114 compounded monthly. What is the amount of each payment?
- 1. Let's assume that a loan of $100,000 with an annual interest rate of 6% over 30 years pays monthly payments of $500. a. Calculate the accumulation rate b. Calculate the payment rate . c. Answer : How will the balance of the principal be at the end of the loan in relation to the original amount of the loan? Less, equal or greater? Provide calculations.3. A loan of $50,000 due in one year is to be repaid by three equal payments due today, six months from now, and one year from now. What is the amount of the equal payments if interest is 6.5% (simple interest) and the focal date is today?Q5. Suppose you borrow $10,000. You are going to repay the loan by making equal annual payments for five years. The interest rate on the loan is 15 percent per year. Prepare an amortization schedule for the loan. How much interest will you pay over the life of the loan? Beginning Total Principal Ending Year Interest balance payment раyment раyment balance 1 $10,000 2 3 2,983.16 4 5 0.00
- 17. a. If you borrow $1,000 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be? (Round your answer to the nearest cent.) b. If you make the first payment on the loan immediately instead of at the end of the first year, what is your payment? (Round your answer to the nearest cent.)1. What is the simple interest due on a 15 days loan of P75,000.00 if the annual rate is 6%.3. a) Calculate the interest rate applied in a loan of P1000 with repayment of P1100 and duration of 10 months. b) What is the monthly interest, daily interest, equivalent to the yearly interest found in a)?
- 5. A man takes out a loan of P150, 000 from a credit cooperative, which charges interest at the rate 9.5% simple interest per annum. If the loan is repaid in 48 equal semi-monthly instalments (that is, twice a month), how much should be the amount of each semi-monthly?What is the payment for a loan of $320000 with an interest rate of 8.13% compounded monthly for 6 years?6.I need help with finance homework questions asap. (rounded to 2 decimal places) What is the effective annual rate on a loan with a quoted rate of 7.45% compounded semi-annually?