1. Travis Thompson his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school. InInterest rate charged for the loan is 0.05119% per day, Travis repays the money plus the interest after 24 days. A. Determine the interest charged for the cash advance B. When he repaid the loan how muck did he pay the credit company. Interest Charged: 2. Felix is purchasing a brownstone townhouse for 2,000,000. To obtain the mortgage, Felix is required to make an 18% downpayment. Felix receives a 25-year mortgage with an interest rate of 7.5%. A. Determine the amount of the require down payment B. Determine the amount of the mortgage C. Determine the monthly payment for principal and interest. 3. Determine the monthly principal and interest payment for 20 years mortgage (6.32649). When the amount financial is $285,000 and the annual percentage rate(Apr) is 4.5%. The monthly principal and interest payment is 4. Landon Wallin is an auto mechanic who wishes to start his own business. He will need &4000 to purchase tools and equipment. Landon decides to finance the purchase with a 48-month fixed installment loan with an APR of 5.5%. a) Determine Landon's finance charge. b) Determine Landon's monthly payment. LOADING... Click the icon to view the partial APR table. 5. Laura and Martin obtain a 25-year, $120,000 conventional mortgage at 10.0% on a house selling for $160,000. Their monthly mortgage payment, including principal and interest, is 1090.80. a) Determine the total amount they will pay for their house. b) How much of the cost will be interested? c) How much of the first payment on the mortgage is applied to the principal?6. 6. Use the compound interest formula the computer the total amount accumulated 3500 , for 4 years at 2.6 compounded monthly MAT 143: Mortgage Project Name: **All dollar amounts should be rounded to the nearest cent...two decimal places** **Complete your work and enter the answers in the link in Moodle. 1. Suppose you are a manager at a local store where your yearly salary is $68711. Determine your monthly salary. 2. You are ready to purchase your first home. You find a house for sale for $165,000 in a nice neighborhood. If you invested $1,500 twelve years ago at 6.5% interest compounded monthly, how much money do you have available to help with the down payment? 3. If you pay the full asking price for the house you found above and make a 5% down payment: a. How much is the down payment? b. How much will you be financing? 4. After researching different local banks, you find a 20-year fixed interest rate at 4% for your home. Determine the monthly payment of principal and interest on the loan. (see chart in book) 5. If the yearly property taxes are 1% and homeowner's insurance is 0.5% of the purchase price, calculate the total monthly payment with escrow. 6. If you have more than 10 payments remaining on a student loan of $175, and also a car of $200, use your salary information to determine your adjusted monthly income. a. What is your adjustable monthly income? b. What monthly payment does the bank think you can afford? c. Would you qualify for this mortgage you have found? 7. Determine the total amount you will have paid for the house at the end of the 20-year term, including principal, interest and down payment. How much of the total is interest? a. Total amount paid for the house: b. Total amount paid in interest: 8. How much of the first payment goes towards interest and how much goes toward reducing the principal? a. Amount that goes towards interest: b. Amount that goes towards reducing the principal: 9. How much of the second payment goes towards interest and how much goes toward reducing the principal? a. Amount that goes towards interest: b. Amount that goes towards reducing the principal