You decide to buy a house costing $6,000,000. You pay $1,000,000 down, and the remainder will be paid in monthly installments over 25 years at 3.9% compounded monthly.  a) What is the monthly payment? b) What is the outstanding balance after making the 100 the payment? c) What is the equity after making the 100 the payment? d) How much of the 100 the payment will go to the principal and how much to interest? e) How much interest will be paid over the entire length of the loan?

Q: If you borrowed $200,000 to buy a house at 6% interest per year, compounded annually, and paid back…

A: Given information: Loan = $200,000 Number of years = 30 Compound interest rate = 6% compounded…

Q: Suzan Long is considering buying a home for$350,000.(a) If she makes a down payment of $50,000…

A: In this problem, a person purchases a home for $350,000 and make down payment of $50,000. The…

Q: The Taylors have purchased a $150,000 house. They made an initial down payment of $30,000 and…

A: House price = $150,000 Down Payment = $30,000 Time Period = 30 Years Interest Rate = 9%

Q: You buy a house for $328,000, make a $33,000 down payment, and take out at 15-year mortgage at an…

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub- parts…

Q: Neal plans to buy a car worth $42,000 today. He is required to pay 15  percent as a down payment and…

A: Using Excel PMT function

Q: You would like to have ​$   59,000 in   15 years.  To accumulate this​ amount, you plan to…

A: The concept of time value of money tells us that worth of money keeps on changing with passage of…

Q: You have $42,180.53 in a brokerage account, and you plan to deposit an additional $5,000 at the end…

A: Given: PV = Present value = $42,180.53 PMT = Annual payment = $5,000 Future value value = $250,000…

Q: 2. You have $42,180.53 in a brokerage account, and you plan to deposit an additional $5,000 at the…

A: We will make use of the excel function NPER to get this answer. This function returns the number of…

Q: Some friends tell you that they paid $26,137 down on a new house and are to pay $757 per month for…

A: Selling price of house will be aggregate of down payment and loan amount(present value of annuity…

Q: You have $35,009.41 in a brokerage account, and you plan to deposit an additional $5,000 at the end…

A: According to the time value rule, dollar money available today is worth more than the same dollar…

Q: Suppose you want to have $300,000 in the bank when you retire in 45 years and the bank pays 3%…

A: given, rate = 3% no of years= 45 FV= 300,000

Q: You are buying a house for $130,000.00 with a downpayment of $26,000.00. The loan will be paid back…

A: Concluding payment is calculated as under-

Q: You want to buy a house, and a local bank will lend you $100,000. The loan will be fully amortized…

A: EAR: EAR stands for Effective Annual Rate, and it is the interest rate. Compounding periods are…

Q: You would Ilike to have $59,000 in 5 years for the down payment on a new house following graduation…

A: Note: No intermediate rounding is done, only the answer is rounded off to nearest whole number.a)…

Q: You bought a home for $150,000 and put down 10% and got a mortagage at an interest rate of 4.35% per…

A: We will make use of the PMT function in Microsoft Excel to determine the monthly payment on the…

Q: You are ready to buy a house. Total price is $160,105. For the remaining part, you plan to borrow…

A:

Q: A company wants to have $50,000 at the beginning of each 6-month period for the next 4 years. If an…

A: Given: Payment = $50,000 Years = 4(1/2) or 4.5 years Interest rate = 6.32%

Q: If you need P350,000 for a down payment on a house in 3 years, how much money must you invest today…

A: Present value: It can be defined as today’s worth of an investment that will be received in the…

Q: You are looking to purchase a house for $196,000. If you put 20% down and finance the rest, what…

A: Monthly payments are fixed periodic payments that are made by borrower to the lender.

Q: A house that sells for P900,000 can be purchased under terms requiring 100 monthly payments. Assume…

A: Given that;Present value is P900,000Number of periods is 100

Q: The Taylors have purchased a $200,000 house. They made an initial down payment of $10,000 and…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Bryce and David plan to purchase a home for $176,000. They will pay 20% down and finance the…

A: Down payment = 20% Loan (L) = 80% of $176000 = $140800 n = 15 years = 180 months r = 8.2% per annum…

Q: Susan Bentley will purchase a home for $257,000. She will use a down payment of 20% and finance the…

A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…

Q: will we owe more or less than $200,000 (half the original loan amount)?

A: Loan Amount: It represents the credit taken by the borrower from the lender. The borrower makes…

Q: You were buying a House for $190,000 with a down payment of $57,000. The loan will be paid back over…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: Brayden and Noah plan to purchase a home for $140,000. They will pay 20% down and finance the…

A: An annuity is a series of cash flows that involve an equivalent amount occurring at equal time…

Q: How much should you invest each quarter if you can earn a rate of 4.8% compounded quarterly?  How…

A: To find the payment per quarter one can use “ pmt function “ in excel. To find the total money we…

Q: ow $ 150,000 for a house with 10% down payment at 8% compound annual interest rate for 30 years,…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: On December 31, Son-Nan Chen borrowed $100,000, agreeing to repay this sum in 20 equal annual…

A: The PMT function is a type of financial function which helps to determine the total monthly payment…

Q: The Jones want to save $95,000.00 in 5 years for a down payment on a house. If they make monthly…

A: A down payment is often paid in cash in the early stages of a purchase of an expensive service or…

Q: 2: An engineer wishes to purchase an $80 ayment of $20 000 and borrowing the remaining $60 000,…

A: In this question payment per month needs to be find out. Loan amount is $60,000 and it is to be paid…

Q: Suppose you invest $140 a month for 3 years into an account earning 8% compounded monthly. After 3…

A: The future value is the future worth of the amount that will be paid or received at future.

Q: Suppose you want to have $800,000.00 for retirement in 30 years. You plan to make regular monthly…

A: Monthly deposit It is the minimum value a person will deposit in an account every month. It is the…

Q: You would like to have ​$53,000 in 13 years. To accumulate this​ amount, you plan to deposit an…

A: Present value refers to the current valuation for a future sum. Investors determine the present…

Q: You plan to buy the house of your dreams in 18 years. You have estimated that the price of the house…

A: Monthly payment refers to the periodic payments made towards the acquisition of an asset or security…

Q: A mechanical contractor is trying to calculate the present worth of personnel salaries over the next…

A: given that: interest rate= 12%= 0.12 n (no. of period)= 5 years 1st year salaries=$150000 (S) since…

Q: If you want $3,000,000 saved by the time you retire in 40 years and you earn 8% interest on your…

A: Amount required $3,000,000  Time is 40 years Interest rate is 8%

Q: The annual income from a rented house is $26,400. The annual expenses are $7200. If the house can be…

A: Present Value: It refers to the amount of money received today is having more worth than the same…

Q: You have $33,556.25 in a brokerage account, and you plan to deposit an additional $5,000 at the end…

A: given, FV = $220000 r= 12% time line

Q: You buy a car for $34,000.  You pay $10,000 down and finance the rest at 3% monthly over five years.…

A: Value of Car is $34,000 Down Payment is $10,000 Loan Amount (PV) is: Interest Rate (Rate) is 3%…

Q: purchase a home for $280,000. She will use a down payment of 18% and finance the remaining portion…

A: Monthly payment of loan carry the interest payment and payment for principal payment and the…

Q: You borrowed $100,000 for a period of 30 years at fixed APR of 5.5% to buy an apartment.  What is…

A: Formula: Monthly payment = ( Present value of loan ) / [  ( 1 - ( 1 + r )-NT ) / r / n ] R =…

Q: You are buying a house for $200,000.00 with a downpayment of $40,000.00. The loan will be paid back…

A: An amortization table is a table that helps to compute the periodic payment, interest paid,…

Q: A man wants to buy a $33,000 car.  He will put 20 % down and finance the rest over 5 years.  How…

A: Given information: Purchase price = $33,000 Loan = $33,000 -20%×$33,000 = $26,400 Term = 5 years…