Island News purchased a piece of property for $1.46 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 4.33 percent, compounded monthly. What is the amount of each mortgage payment? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Note: You may use Excel or Google Sheets to solve this problem (highly recommended).
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Island News purchased a piece of property for $1.46 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 4.33 percent, compounded monthly. What is the amount of each mortgage payment?
(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Note: You may use Excel or Google Sheets to solve this problem (highly recommended).
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- Island News purchased a piece of property for $1.17 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 3.27 percent, compounded monthly. What is the amount of each mortgage payment? (Do not round intermediate calculations and round your answer to 2 decimal places)Complete the following amortization chart by using Table 15.1. Note: Round your "Payment per $1,000" answer to 5 decimal places and other answers to the nearest cent. Selling price of home: $198,000 Down payment: $60,000 Principal (loan): 138,000 Rate of interest: 6.5% Years: 25 Payment per $1,000: ??? Monthly mortgage payment:???? TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938 4.01651 3.36714 2.750 0.22917 9.54110 6.78622 5.42166 4.61311 4.08241 3.43728 2.875 0.23958 9.59848 6.84586 5.48361 4.67735 4.14892 3.50818 3.000…Prepare an amortization schedule for a three-year loan of $102,000. The interest rate is 11 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) X Answer is complete but not entirely correct. Year Beginning Balance Total Payment Interest Payment Principal Payment 1 $ 113,220.00 x $ 30,519.73 $ 2 79,343.10 X 33,876.90 3 41,739.73 37.603.36X Total interest $ 102,000.00 71,480.27 37,603.36 11,220.00 7,862.83 4,136.37 $ 23,219.20 Ending Balance 71,480.27 37,603.36 0.00
- You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the first six payments. Complete this question by entering your answers in the tabs below. Required A Required B Construct the amortization schedule for the first six payments. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Amortization Schedule for first 6 payments (months) Month Beginning Loan Balance Payment Interest Principal Ending Loan Balance 1 2 3 4 5 6You have just purchased a new warehouse. To finance the purchase, you've arranged for a 35-year mortgage loan for 85 percent of the $3,350,000 purchase price. The monthly payment on this loan will be $16,800. Requirement 1: What is the APR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) APR % Requirement 2: What is the EAR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) EAR %Stellar Company purchased a machine at a price of $92,700 by signing a note payable, which requires a single payment of $136,207 in 5 years. Click here to view factor tables. Assuming annual compounding of interest, what rate of interest is being paid on the loan? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to O decimal places, e.g. 13%.) Rate of interest %
- Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.24%. (a) In which month does the amount of principal in a monthly payment first exceed the amount of interest? _____ (b) How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.) _____$ (c) If the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change?A property has an NOI of $288,750 and a value of $4,812,500, the bank will issue a loan based on a 5% interest rate, 240 month term subject to a maximum DSCR of 1.35 and maximum LTV of 75%, what is maximum loan they will make? Please enter answer in following format, $10.00, would be 10.00, do not use $ signs.You plan to purchase a $350,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.50 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the mortgage. How much total interest is paid on this mortgage? (Do not round intermediate calculations. Round your answer to 2 decimal places. (e.g., 32.16))
- Prepare an amortization schedule for a three-year loan of $117,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? Note: Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Year 1 2 3 $ Beginning Balance 117,000.00 Total Payment Total interest Interest Payment Principal Payment Ending BalanceYou plan to purchase a $320,000 house using a 15-year mortgage obtained from your bank. The mortgage rate offered to you is 5.20 percent. You will make a down payment of 15 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. (1) Construct the amortization schedule for the mortgage. b. (2) How much total interest is paid on this mortgage? Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B1 Amortization Schedule Month 1 2 3 179 180 Construct the amortization schedule for the mortgage? (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Req 82 Total Interest Amortization Schedule for the 15-Year Mortgage Interest Cumulative Principal Principal 272,000.00 270,999.26 Cumulative Interest Ending BalanceA building sells for $325,000 and a 30% down payment is made. A 20-year mortgage at 4% is obtained. Do not round intermediate calculations. Round your answers in (a)-(d) to two decimal places, if necessary. Use the formula below as needed. Part 1 of 4 (a) Find the down payment. The down payment is $97500 Part: 1 / 4 M = Part 2 of 4 p." n nt 1- ( 1 + ²) ™" n (b) Find the amount of the mortgage. The amount of the mortgage is $ X → K