I need help on #34 & shown how its done please & thank you!

Management Chapter 6 Time Value of Money 279 An Amortized Loan-Finding the Amount Borrowed, PVA: Concept Connection Example 6-12 (page 257) 34. Harry Clements would like to buy a new car. He can affoed payments of $650 a month.The bunk ll start makes four-year car loans at 1 2% compounded monthly. How much can Harry borrow toward . 35. A S10,000 car loan has payments of $361.52 per month for three years. What is the interest rate Assume monthly compounding and give the answer in terms of an aneual rate. Amortization Schedule: Table 6-4 (page 258) 36. Construct an amortization schedulefrafour-year,$10,000 loan at 6% interest compounded annually. Mortgage Loans: Concept Connection Examples 6-13,6 14, and 615 (pages 259-261) 37. Ryan and Laurle Middleton just purchased their first home with a traditional (monthly make the compounding and payments) N, 30-year mortgage loan of $178,000 sted a be How much is their monthly payment b. How much interest will they pay in the first month? Ihey make all heir paments on time over the 30- year period, how much interest will they hawe paid? d. If Ryan and Laurie decide to move after 7 years, what will the balance of their loan be at that time e If they finance their home over 15 rather than 30 years at the same interest rate, how much less interest will they pay over the life of the loan? The next four problems (38-41) deal with a 30-year mortgage loan for $150,000 at 6%. 38. What are the monthly payments on the loan? Construct an amortization table for the first six 39. Construct an amortization schedule for the last slix months of the loan. (Hint: What is the umpaid months. ind an? balance at the end of 291% years?) How soon would the loan be paid offif the borrower made a single additional payment of $33,000 to reduce principal at the end of the fifth year What are the payments 40. 41. to interest and principal during the 2Sth year of the loan? Wilson just purchased a home and took out a SSO,000 mortgage for 30 years at 8%, compounded monthly. a. How much is Adam's monthly mortgage payment b. How much sooner would Adam pay offhis mortgage if he made an additional $100 payment each month? The financial tables in Appendix A are not sufficiently detailed to do parts (c) and (d). Solve thenm using a financial calculator the balance ofhis loan at 6%. Ifhe continues to make the same mortgage payments, how soon after the first five years will he pay off his mortgage? c. Assume Adam makes his normal mortgage payments and at the end of five years, be refinances d. How much interest will Adam pay in the 10th year of the loan i. he does not refinance ii. Ifhe does refinance