Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ANSWER ALL QUESTIONS PLEASE: Assume you have taken out a 25-year loan of $177,890 with an annual interest rate of 6.79%, compounded monthly. (a) Determine
ANSWER ALL QUESTIONS PLEASE:
Assume you have taken out a 25-year loan of $177,890 with an annual interest rate of 6.79%, compounded monthly. (a) Determine the payment amount (in dollars), to the nearest cent, on the given loan amount. $ (b) Determine the outstanding balance (in dollars), to the nearest dollar, after 18 years. $ $1,498.75 each. What is the cash price (in dollars) of your RV7 (Round your answer to the nearest dollar.) $ value of the land is still $52,000. Round each answer to the nearest dollar.) (a) Assuming that you put some money down, what was your original loan amount (in dollars)? 5 (b) What is the outstanding balance (in dollars) on your loan after making 4 years of payments? $ (c) How much equity (in dollars) do you have in the garden after 4 years? $ 2.3% APR, compounded monthly, and you wish to refinance what you still owe with a new loan at this new rate. (a) How much (in dollars) will you be refinancing? Round your answer to the nearest dollar. $ (b) How much (in dollars) will your new monthly payment be after refinancing? Round your answer to the nearest cent. $ when you retire at age 68 ? (Round your answer to the nearest dollar.) $ monthly, and requires monthly payments. How much total interest (in dollars) will you pay on this loan after 15 years? (Round your answer to the nearest dollar.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started