7. The remainder on a home loan is refinanced by a bank. The refinanced loan is a 15-year loan for $176,200 scheduled to be paid off using monthly payments. The annual percentage rate for the loan is 3.15% a. Identify the APR for this loan in decimal form. Use four decimal place accuracy. b. Identify the number of payments per year used in the loan payment formula. C. Calculate the monthly payment required to pay off this loan.
7. The remainder on a home loan is refinanced by a bank. The refinanced loan is a 15-year loan for $176,200 scheduled to be paid off using monthly payments. The annual percentage rate for the loan is 3.15% a. Identify the APR for this loan in decimal form. Use four decimal place accuracy. b. Identify the number of payments per year used in the loan payment formula. C. Calculate the monthly payment required to pay off this loan.
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
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Question
![7. The remainder on a home loan is refinanced by a bank. The refinanced loan is a 15-year loan for
$176,200 scheduled to be paid off using monthly payments. The annual percentage rate for the
loan is 3.15%
a. Identify the APR for this loan in decimal form. Use four decimal place accuracy.
b. Identify the number of payments per year used in the loan payment formula.
C.
Calculate the monthly payment required to pay off this loan.
d. Calculate the total amount of all the payments required to pay off this loan.
e. Calculate the total amount paid towards interest after the loan is paid off.
f. Calculate the percentage of the total amount that is paid towards interest.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e1ea85c-702b-4278-9649-5b535ffa5734%2Fe9aa57e9-d45d-428b-95fa-a2d39392d5b2%2F9xuz3z_processed.png&w=3840&q=75)
Transcribed Image Text:7. The remainder on a home loan is refinanced by a bank. The refinanced loan is a 15-year loan for
$176,200 scheduled to be paid off using monthly payments. The annual percentage rate for the
loan is 3.15%
a. Identify the APR for this loan in decimal form. Use four decimal place accuracy.
b. Identify the number of payments per year used in the loan payment formula.
C.
Calculate the monthly payment required to pay off this loan.
d. Calculate the total amount of all the payments required to pay off this loan.
e. Calculate the total amount paid towards interest after the loan is paid off.
f. Calculate the percentage of the total amount that is paid towards interest.
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