Please answer all the questions
55. [0/1 Points] DETAILS VIOUS ANSWERS HARMATHAP12 6.4.049.MI. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The semiannual tuition payment at a major university is expected to be $37,000 for the 4 years beginning 18 years from now. What lump sum payment should the university accept now, in lieu of tuition payments beginning 18 years, 6 months from now? Assume that money is worth 5%, compounded semiannually, and that tuition is paid at the end of each half-year for 4 years. (Round your answer to the nearest cent.) $ 109,062.82 X Need Help? Read It Master It62. [5/11 Points] DETAILS PREVIOUS ANSWERS HARMATHAP12 6.5.009. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Develop an amortization schedule for the loan described. (Round your answers to the nearest cent.) $70,000 for 3 years at 7% compounded annually Period Payment Interest Balance Reduction Unpaid Balance $70,000 $ 26,673.62 $ 21,773.62 X $ 4,900.00 X $ 48226.38 N 26,673.62 $ 23,297.77 X $ 3,375.85 X $ 24928.61 2 26,673.62 $ 24,928.61 $ 1,745.00 $0.00 Need Help? Read It 63. [2/3 Points] DETAILS PREVIOUS ANSWERS HARMATHAP12 6.5.017. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A man buys a house for $340,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 7 years. The interest rate on the debt is 11%, compounded semiannually. (a) Find the size of each payment. $ 19,813.03 (b) Find the total amount paid for the purchase. $ 396,058.69 X (c) Find the total interest paid over the life of the loan. $ 87,382.45 Need Help? Read It Watch It65. [-/6 Points] DETAILS HARMATHAP12 6.5.030. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER A young couple buying their first home borrow $85,000 for 30 years at 7.8%, compounded monthly, and make payments of $611.89. After 3 years, they are able to make a one-time payment of $2,000 along with their 36th payment. (a) Find the unpaid balance immediately after they pay the extra $2,000 and their 36th payment. (Round your answer to the nearest cent.) $ (b) How many regular payments of $611.89 will amortize the unpaid balance from part (a)? Give the answer to one decimal point. payments (c) How much will the remaining debt be after the number of full payment periods in part (b) is made? (Round your answer to the nearest cent.) $ How much extra must be included with the last full payment to pay off the debt? (Round your answer to the nearest cent.) $ 'd) How much will the couple pay over the life of the loan by paying the extra $2,000? (Round your answer to the nearest cent. ) $ (e) How much will the couple save over the life of the loan by paying the extra $2,000? (Use your answer from part (b). Round your answer to the nearest cent.) $ Need Help? Read It Watch It
