1. Jordan needs to repay a 59400 debt. His bank offers personal loans with terms from one to five years at 8.8% per year, compounded monthly a) Determine the monthly payment for a four-year term. Use formula and show your work (3 points) b) Calculate the total interest paid on the loan (1 point) TVM Advanced Calculator c) Determine Jordan's payment if he chooses to make bi-weekly payments. Use TVM Advance Calculator and copy the entries (2 points) PV Present Value Payments PUT F Periods . Per Compounding d) Calculate the total interest paid on the loan. (1 point) 6) Explain why changing the payment frequency reduces the total interest paid on the loan (1 point) A: MAP4C1 ANNUITIES & MORTGAGES Open Book Make-up Assignment PART 2: PROBLEM SOLVING Due: Tuesday Nov. 102 pm Categories KU: 110 18 DIRECTIONS: 1. Read the instruction carefully write your own her on a printed copy of this assignment or on blank sheets of paper Show all your work to get ful points 2. Then, either scan or take a picture of all the pages and submit the assignment here by tomorrow. Tue, Nov 10 2pm Section B: Communication (8 points) 1. Jordan needs to repay a 5400 debt. Ha bank ofers personal loans with terms from one to live Determine the monthly payment for a four-year term Use formula and show your work points) b) Calculate the total interest paid on the toon. Et point) TVM Advanced Calculator c) Desormine Jordan's payment if he chooses to make bi-weekly payments. Use TVM Advance Calator and copy the entries (2 points) PE W F . . Por d) Cakultase the total interest paid on the loan. ( pont .) Explain why changing the payment frequency on the total interest paid on the loan (1 point) 2) A $275 000 mortage is amortized over 25 years at 3.75% per year. By law, Mortage are compounded semi-annually. a) Use TVM Advanced calculator to determine the monthly payment and semi-monthly payment. b) Compare and find diffrence of the total amount paid for each payment frequency. C) Approximately how long would it takes to pay the morgage in full by making weekly payments of $600? Use TVM Calculator. d) What is the effect of increasing the weekly payments by fixed amount ? Use an increase of $1 in payment to help you explain. Tyrell bought a new property for $229 900 with 10% down payment. The mortage is at 5.25% per year, amortized over 20 years. By law, Mortagees are compounded semi-annually. a) Find the down payment and mortage amount. b) Determine Tyrell's monthly payment.Use a TVM Advanced Calculator. C) Assume interest rate remains constant .use FCAC mortage calculator find the total principal payment and the total interest payment Tyrell for a 5-year mortage terms. d) Find the total payment and the total interest payment by Tyrell over the life of mortage if the interest rate remains constant Use the FCAC mortage calculator. E) Calculate the approximate value of Sarah's house after 10 years if it appreciate at rate of 5% per year. 1. Jordan needs to repay a 59400 debt. His bank offers personal loans with terms from one to five years at 8.8% per year, compounded monthly a) Determine the monthly payment for a four-year term. Use formula and show your work (3 points) b) Calculate the total interest paid on the loan (1 point) TVM Advanced Calculator c) Determine Jordan's payment if he chooses to make bi-weekly payments. Use TVM Advance Calculator and copy the entries (2 points) PV Present Value Payments PUT F Periods . Per Compounding d) Calculate the total interest paid on the loan. (1 point) 6) Explain why changing the payment frequency reduces the total interest paid on the loan (1 point) A: MAP4C1 ANNUITIES & MORTGAGES Open Book Make-up Assignment PART 2: PROBLEM SOLVING Due: Tuesday Nov. 102 pm Categories KU: 110 18 DIRECTIONS: 1. Read the instruction carefully write your own her on a printed copy of this assignment or on blank sheets of paper Show all your work to get ful points 2. Then, either scan or take a picture of all the pages and submit the assignment here by tomorrow. Tue, Nov 10 2pm Section B: Communication (8 points) 1. Jordan needs to repay a 5400 debt. Ha bank ofers personal loans with terms from one to live Determine the monthly payment for a four-year term Use formula and show your work points) b) Calculate the total interest paid on the toon. Et point) TVM Advanced Calculator c) Desormine Jordan's payment if he chooses to make bi-weekly payments. Use TVM Advance Calator and copy the entries (2 points) PE W F . . Por d) Cakultase the total interest paid on the loan. ( pont .) Explain why changing the payment frequency on the total interest paid on the loan (1 point) 2) A $275 000 mortage is amortized over 25 years at 3.75% per year. By law, Mortage are compounded semi-annually. a) Use TVM Advanced calculator to determine the monthly payment and semi-monthly payment. b) Compare and find diffrence of the total amount paid for each payment frequency. C) Approximately how long would it takes to pay the morgage in full by making weekly payments of $600? Use TVM Calculator. d) What is the effect of increasing the weekly payments by fixed amount ? Use an increase of $1 in payment to help you explain. Tyrell bought a new property for $229 900 with 10% down payment. The mortage is at 5.25% per year, amortized over 20 years. By law, Mortagees are compounded semi-annually. a) Find the down payment and mortage amount. b) Determine Tyrell's monthly payment.Use a TVM Advanced Calculator. C) Assume interest rate remains constant .use FCAC mortage calculator find the total principal payment and the total interest payment Tyrell for a 5-year mortage terms. d) Find the total payment and the total interest payment by Tyrell over the life of mortage if the interest rate remains constant Use the FCAC mortage calculator. E) Calculate the approximate value of Sarah's house after 10 years if it appreciate at rate of 5% per year