You take out a $92,000,000 mortgage for 30 years, compounded monthly at 3% interest. In your second month's payment, how much was just interest?
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You take out a $92,000,000 mortgage for 30 years, compounded monthly at 3% interest. In your second month's payment, how much was just interest?
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- Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $Suppose that you borrowed $300,000 to buy a house. a. You pay 3.37% interest rate for a 30-year loan. Create an amortization table with a spreadsheet, which clearly shows the monthly payment and how much you would pay in total interest over the whole loan. monthly payment = $ 1,325.46 total interest paid = $ 177,165.05Suppose that you borrow$ 12000 at interest rate of 5% per year. If you must be repaid the loan in equal end of year payments over the next 4 years, how much must you repay at the end of each year? O a. $3672 Ob. $3384 Oc. $2672 O d. $2384
- 19. You borrow $1,500,000 to purchase a small apartment building. The lender charges you a 2% up-front fee. If the loan term is 30 years and the interest rate is 5%, what is the mortgage balance at the end of year 5?You take out a 25-year $170,000 mortgage loan with an APR of 9% and monthly payments. In 12 years you decide to sell your house and pay off the mortgage. What is the principal balance on the loan? (Round the monthly loan payment to 2 decimal places when computing the answer. Round your answer to 2 decimal places.) Principal balance on the loan $ |D3) You borrow $22947 to buy a car. You will have to repay this loan by making equal monthly payments for 15 years. The bank quoted an APR of 9%. How much is your monthly payment (in $ dollars)? $________.
- Suppose you are buying your first condo for $240,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30- year, monthly payment, amortized mortgage at a 6.8% nominal interest rate, with the first payment due in one month. What will your monthly payments be? Oa. $1,564.62 O b. $1,900.00 Oc. $1,466.83 Od. $1,555.80 e. $1,458.57You want to take out a $250,000 mortgage (home loan). The interest rate on the loan is 5% and the loan is for 25 years. How much will your semi- monthly payments be? a. $655 $622 c. $730 O d. $680 e. $752 O b.Suppose you are buying your first condo for $300,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 7.2% nominal interest rate, with the first payment due in one month. What will your monthly payments be? a. $1,923.01 b. $2,501.67 c. $2,024.22 d. $2,036.36 e. $1,934.55
- Use excel plz and show working You entered into a mortgage agreement to borrow $100,000 at an interest rate of 3% and to be returned in 30 years. You pay a constant amount at the end of each year, partly to cover the interest and the rest to pay back the principal.a) How much are you paying to the bank each year?b) At the end of 23 years, how much principal do you still owe the bank?The following loan is a simple interest amortized loan with monthly payments. $155,000, 9- 9-%, 30 years 2 (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total.interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest | Enter a number.The following loan is a simple interest amortized loan with monthly payments. $5000, 91%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $