find the monthly payment r necessary to pay off a loan of $90,000 at 5% compounded monthly for 30...
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Find the monthly payment R necessary to pay off a loan of $90,000 at 5% compounded monthly for 30 years. (Round final answer up to the nearest cent.)
MATH 110 Sec 8-5 Practice Exercises: Amortization
Given the annual interest rate and a line of the amortization schedule for the loan, complete the next line of the schedule assuming monthly payments. (Round answers to the nearest cent.)
MATH 110 Sec 8-5 Practice Exercises: Amortization
AnnualInterest Rate
Payment
Interest Paid
Paid on Principal
Balance
8.9% $357.31 $42.20 $315.11 $5372.10
Amy has a 10 year mortgage for $92,000 at an annual rate of 5%. Find her monthly payment (using table).
Table: Monthly payment on a $1000 loan
MATH 110 Sec 8-5 Practice Exercises: Amortization
AnnualRate
Number of years for the loan3 4 10 20 30
4% $29.53 $22.58 $10.12 $6.06 $4.775% $29.97 $23.04 $10.61 $6.60 $5.376% $30.42 $23.49 $11.10 $7.16 $6.00
MATH 110 Sec 8-5 Practice Exercises: Amortization
Complete the amortization schedule below.(Round answers to the nearest cent.)
Amy has a 10 year mortgage for $92,000 at an annual rate of 5%. Find her monthly payment (using table).
Remember that Amy has a monthly payment of $976.12.
Pmt # Monthly Payment
Interest Paid
Paid on Principal
Balance
$92,000Month 1 1 Month 2 2 Month 3 3
MATH 110 Sec 8-5 Practice Exercises: Amortization
Complete her new amortization schedule below.(Round answers to the nearest cent.)
What if Amy decided to pay an extra $150 a month to pay off her loan [10 year, $92,000 mortgage, 5%].
(Remember that her original monthly was $976.12.)
Pmt # Monthly Payment
Interest Paid
Paid on Principal
Balance
$92,000Month 1 1Month 2 2Month 3 3
MATH 110 Sec 8-5 Practice Exercises: AmortizationFranklin’s used car cost $13000. After his down
payment of $2000, he financed the rest at 6% for 4 years. If the monthly payment on this loan is $258.39, how much interest will Franklin pay over the term of
the loan? (Round final answer to nearest cent.)
MATH 110 Sec 8-5 Practice Exercises: AmortizationUse the table below for a 20 year adjustable-rate mortgage of $173,000 with a beginning interest rate of 5%, increasing 1% in year two and 2% in year three.What is the initial monthly payment?
AnnualRate
Number of years for the loan3 4 10 20 30
4% $29.53 $22.58 $10.12 $6.06 $4.775% $29.97 $23.04 $10.61 $6.60 $5.376% $30.42 $23.49 $11.10 $7.16 $6.008% $31.34 $24.41 $12.13 $8.36 $7.34
MONTHLY PAYMENT ON A $1000 LOAN
MATH 110 Sec 8-5 Practice Exercises: AmortizationUse the table below for a 20 year adjustable-rate mortgage of $173,000 with a beginning interest rate of 5%, increasing 1% in year two and 2% in year three.What is the initial monthly payment?
AnnualRate
Number of years for the loan3 4 10 20 30
4% $29.53 $22.58 $10.12 $6.06 $4.775% $29.97 $23.04 $10.61 $6.60 $5.376% $30.42 $23.49 $11.10 $7.16 $6.008% $31.34 $24.41 $12.13 $8.36 $7.34
MONTHLY PAYMENT ON A $1000 LOAN
Make a rough estimate of the monthly payment for
year 3 by recalculating payments on the original
amount for 20 years using the
new interest rate.
MATH 110 Sec 8-5 Practice Exercises: AmortizationNeal and Lilly took out a 30 year, $130000 mortgage at a 12% annual rate. After 20 years they refinanced the unpaid balance of $92,705 at a 10% annual rate. Find the monthly payments on the original loan and on the new loan and then find the total amount saved on interest by refinancing.
AnnualRate
Number of years for the loan3 4 10 20 30
6% $30.42 $23.49 $11.10 $7.16 $6.008% $31.34 $24.41 $12.13 $8.36 $7.34
10% $32.27 $25.36 $13.22 $9.65 $8.7812% $33.21 $26.33 $14.35 $11.01 $10.29
MONTHLY PAYMENT ON A $1000 LOAN