Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The number of letters for the full name is 24 Loan Amortization Problem D) Fill in (type) the missing values in the amortization table below
The number of letters for the full name is 24
Loan Amortization Problem D) Fill in (type) the missing values in the amortization table below based on your payment founed in C. Accuracy should be six decimals. Type your full name in the following order Interest BeginningPaymentpayment First Middle Last Number of letters in full name Principal Payment Ending Balance Month Balance Now assume that your annual salary -number of letters in your full name x $45,000 and that the bank you want to borrow from, has determined that it will lend you, loan amount your annual salary x 2.5 interest rate-number of letters in your full name x 0.9% Assume that you will borrow for 15 years and you will make monthly payments at the end of cach month A) Calculate your monthly payment (Type your calculator inputs, i.e. N-, PV and so on) B) Calculate the total interest amount you will pay over the life of the loarn C) If you had 10% of the amount you could borrow in your savings and you could use it as a down payment (i.e. in this case, you borrowed only 90% of the original amount) how much lower would have been the total interest you would have paid over the life of the loan (compared to what you found in B)? Assume all other terms of the loan remain the sameStep 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