Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Could you help me solve this probelms Use the table to find the monthly payments on the given loan. Click the icon to view a
Could you help me solve this probelms
Use the table to find the monthly payments on the given loan. Click the icon to view a table of monthly payments on a $1,000 loan. The monthly payments for this loan are $ (Type an integer or a decimal.) Given the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Fill out the amortization schedule below. (Kound to the nearest cent as needed.) Find the payment necessary to amortize a 8% loan of $1400 compounded quarterly, with 13 quarterly payments. The payment size is $ (Round to the nearest cent.) Find the monthly house payments necessary to amortize a 9.6% loan of $196,100 over 20 years. The payment size is $ (Round to the nearest cent.) Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. 5-year computer loan for $2672 at 5.7%; remaining balance atter 2 years: The monthly payment is $ (Round to the nearest dollar as needed.) The remaining balance is $ (Round to the nearest doilar as needed, but you will need to round your monthly payment to the nearest cent (not to the nearest dollar as above) in order to get the correct answer.) If Sandy can afford car payments of $380 per month for 4 years, what is the price of a car that she can afford now? Assume an interest rate of 9.3 percent Sandy can afford a car that costs $ or less. (Round to the nearest dollar as needed.) Fritz Benjamin buys a car costing $9400. He agrees to make payments at the end of each monthly period for 4 years. He pays 6.0% interest, compounded monthly. What is the amount of each payment? Find the total amount of interest Fritz will pay. (Round to the nearest cent.) Fritz will pay a total of $ in interest. (Round to the nearest cent.) Albert Tilman wishes to buy a house selling for $130,000. His credit union requires him to make a 10% down payment. The current mortgage rate is 10.0%. Find the required down payment and the total monthly payment for a 25-year loan. (Assume that interest is compounded monthly.) Find the required down payment. Find the monthly mortgage payment. If you are making monthly payments of $150 to pay off a $7000 loan on which interest is accruing at 6% (compounded monthly), how long will it take to pay off the loan? Suggestion: Use your TVM (Finance) Solver to find the value of N. A. about 42 years B. about 53 months C. about 42 months D. about 53 years A couple took out a 25-year mortgage for $161,987 at 12% compounded monthly. Atter they had made 10 years of payments (120 payments), they decided to refinance the remaining loan balance for 20 years at 6% interest, compounded monthly. What will be the balance on their loan 5 years affer they refinance? Suggestion \& Hint: Use your TVM (Finance) Solverl Start by finding the balance (FV) after the 120 payments. Then treat this amount as a now loan under the new terms. The balance on their loan will be 5 (Simplity your answee. Round to the nearest dollar as needed.) 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