Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the total amount you will have to repay for your $33,000 student loan if the interest rate is 5% APR with monthly

image text in transcribedimage text in transcribed

What is the total amount you will have to repay for your $33,000 student loan if the interest rate is 5% APR with monthly compounding and you pay equal monthly payments over the 10 year life of the loan? A few years ago, you purchased a home for $87100. Today, the home is worth $102400. Your remaining mortgage balance is $46796. Assuming you can borrow up to 80 percent of the home's current value, what is the maximum amount of cash you could borrow in a cash-out home refinancing after paying off your original mortgage?

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

Behavioral Finance Psychology Decision-Making and Markets

Authors: Lucy Ackert

1st edition

324661177, 978-0538752862, 538752866, 978-1111781675, 1111781672, 978-1133455486, 978-0324661170

More Books

Students also viewed these Finance questions

Question

Identify the major areas that are regulated.

Answered: 1 week ago