Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

just qustion d, could you plz use the formula to solve this question step by step, no excel table, ty so much! lest rate is

image text in transcribedjust qustion d, could you plz use the formula to solve this question step by step, no excel table, ty so much!
lest rate is still 12% compounded 1354.11 5. Juan and Marie Sanchez just purchased their first home with a traditional mortgage. Payments are made at the end of each month for 30 years. The interest rate is 6% compounded semi-annually. The mortgage loan is $178,000 and has a 30-year term. a) How much is the monthly payment? pmT = 1058.92 2.00474 b) How much interest will they pay the first month? c) If they make their payments on time over the 30-year period, how much interest 8 79.32 will they have paid? * 203, 229.20 d) Find the interest portion of the tenth payment. Find the principal portion. 871017 ditevest 187.80 Principal e) If Juan and Marie decide to move after 7 years, what will be the outstanding balance on the loan at that time? $ 159, 351.54 f) 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? PMT = 1495.15 112, 102.00 ir 6. A loan of $10,000 will be paid off by the amortization method over ten years. The interest rate is 6% compounded annually. a) The payments are made at the end of each year. Find the size of the annual 13.58.68 mant 1 1 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Bond Markets Analysis And Strategies

Authors: Frank J. Fabozzi

4th Edition

0130402664, 9780130402660

More Books

Students also viewed these Finance questions