Question
please answers both the questions, thank you in advance You have purchased a home for $505000 by paying a down payment of 16% and then
please answers both the questions, thank you in advance
You have purchased a home for $505000 by paying a down payment of 16% and then refinancing the remainder. You have chosen a 4 year rate of 5.18% and plan to amortize the mortgage over a 35 year period. You are planning to make monthly payments and the interest is compounded semi-annually.
a) Determine the size of the monthly payments.
monthly payments = $
b) Determine the outstanding balance at the end of the 4 year term
outstanding balance = $
You just bought a car for $20750.62. Interest is calculated at 4.5% compounded monthly. Determine the monthly payment amount if the loan is to be paid over a period of 3 years.
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