A family has a $240, 000, 20-year mortgage at 5.75% compounded monthly. (A) Find the monthly payment and the total interest paid. (B) Find the unpaid balance after 8 years.
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- A couple who borrow $70,000 for 15 years at 8.4%, compounded monthly, must make monthly payments of $685.22. (a) Find their unpaid balance after 1 year. (Round your answers to the nearest cent.) $ (b) During that first year, how much do they pay towards the principle? (Round your answer to the nearest cent.) $ During that first year, what are their total payments? (Round your answer to the nearest cent.) $ During that first year, how much interest do they pay? (Round your answer to the nearest cent.) $A couple who borrow $70,000 for 15 years at 6%, compounded monthly, must make monthly payments of $590.70. (Round your answers to the nearest cent.) (a) Find their unpaid balance after 1 year. (b) During that first year, how much interest do they pay?A family takes a S275,000 20 year mortage at 3.50% annually compounded monthly. a. Compute their monthly payments. b. Immediately after the 121 payment, this family receives a $55,000 from an inheritance. They decide to put this entire amount against the amount they owe. Given that the bank expects them to maintain the same monthly payments as in 4a, compute the length of time (months) it will take to pay the laon off.
- A couple who borrow $100,000 for 15 years at 7.2%, compounded monthly, must make monthly payments of $910.05. (Round your answers to the nearest cent.) (a) Find their unpaid balance after 1 year.$(b) During that first year, how much interest do they pay?$* Mary Joy Dela PAz purchased a house worth 188,686 with a down payment of 36,866 and monthly payments for 15 years. At 21% compounded monthly, (1) determine the monthly payment; (2) How much of the first payment goes for the interest and how much for the principal? (3) How much does she still owe just after making the 86th payment? (4) How much of the 116th payment goes for the interest and how much for the principal?A family takes a $275,000 20 year mortage at 3.50% annually compounded monthly. a. Compute their monthly payments. o. Immediately after the 121st payment, this family receives a $55,000 from an inheritance. They decide to put this entire amount against the amount they owe. Given that the bank expects them to maintain the same monthly payments as in 4a, compute the length of time (months) it will take to pay the laon off. The same family above realizes that the inheritance income will not materialize (so they are back to 4a). Instead, immediately after their 121st payment they decide to re- fianance at the lower rate of 15% per year compounded monthly. They decide to stick with the same number of remaing monthly payments. What will be their new monthly payment? please draw the cash flow diagrams, and show all calculations!!!!
- A woman borrows $3000 at %9 compounded monthly, which is to be amortized over 3 years in equal monthly payments. For tax purposes, she needs to know the amount of interest paid during each year of the loan. Find the interest paid during the first year, the second year, and the third year of the loan. (Hint: Find the unpaid balance after 12 payments and after 24 payments. Also see example in your notes.)Shirley Trembley bought a house for $185,300. She put 20% down and obtains a simple interest amortized loan for the rest at 6 3 8 % for thirty years. (Round your answers to the nearest cent.) (a) Find her monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $ (d) Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Shirley make to qualify for the loan?$ per monthA young executlve is going to purchase a vacation property for investment purposes. She needs to borrow $85,000.00 for 29 years at 6.5% compounded monthly, and will make monthly payments of $543.33. (Round all answers to 2 decimal places.) What is the unpaid balance after 15 months? $ During this time period, how much interest did she pay? $
- A woman makes $200 contributions at the end of each month to a retirement account for a period of 10 years. For the next 20 years, she makes no additional contributions and no withdrawals.(a) If the account earns 5% interest, compounded monthly, find the value of the account after the 30 years.(b) If this account is used to set up an annuity that pays her an amount at the beginning of each 6-month period for the next 30 years, how much will each payment be?A young couple buying their first home borrow $90,000 for 30 years at 7.4%, compounded monthly, and make payments of $623.14. After 2 years, they are able to make a one-time payment of $2,000 along with their 24th payment. (a) Find the unpaid balance immediately after they pay the extra $2,000 and their 24th payment. (Round your answer to the nearest cent.) (b) How many regular payments of $623.14 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…A couple borrows $935,000 for 7 years for the purchase of a vacation home at interest rate of 7 percent. The loan requires that the interest and principle be paid in equal, annual payments. The interest is determined on the declining balance that is owed. What are the required annual payments on the loan? How much is the principal loan balance reduced by during the first year?