15) Duguid and Partners bought a property valued at $87 300.00 for $17 000.00 down and...
15) Duguid and Partners bought a property valued at
$87 300.00 for $17 000.00 down and a mortgage amortized over 17
years. The firm makes equal payments due at the end of every three
months. Interest on the mortgage is 6.85% compounded annually and
the mortgage is renewable after five years.
a) What is the size of each quarterly payment?
b) What is the outstanding principal at the end of the five-year
term?
Homework Answers
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15) Duguid and Partners bought a property valued at
$87 300.00 for $17 000.00 down and...
Name: SID: nment 5 Barbara borrowed $12 000.00 from the bank at 9% compounded monthly. The...
Name: SID: nment 5 Barbara borrowed $12 000.00 from the bank at 9% compounded monthly. The loan is amortized with end-of-month payments over five years. a) Calculate the interest included in the 20th payment. b) Calculate the principal repaid in the 36th payment. c) Construct a partial amortization schedule showing the details of the first two payments, the 20th payment, the 36th payment, and the last two payments. d) Calculate the totals of amount paid, interest paid, and the principal...
A vacation property valued at $65,000 was bought for 120 payments of $ 1555 due at...
A vacation property valued at $65,000 was bought for 120 payments of $ 1555 due at the end of every 3 months. What nominal annual rate of interest compounded semi-annually was charged?
4. A $180 000.00 mortgage is to be amortized by making monthly payments for 22.5 years....
4. A $180 000.00 mortgage is to be amortized by making monthly payments for 22.5 years. Interest is 7.2% compounded semi-annually for a four-year term. a) Compute the size of the monthly payment. b) Determine the balance at the end of the four-year term. c) If the mortgage is renewed for a five-year term at 8.66% compounded semi- annually, what is the size of the monthly payment for the renewal term?
A vacation property valued at $28,000 was bought for 240 payments of $220 due at the...
A vacation property valued at $28,000 was bought for 240 payments of $220 due at the end of every month. What nominal annual rate of interest compounded semi-annually was charged? The nominal annual rate of interest is % compounded semi-annually. (Round to two decimal places as needed.)
Karen Peters bought their neighbor's farm for $400 000.00 down and payments of $57 100.00 at...
Karen Peters bought their neighbor's farm for $400 000.00 down and payments of $57 100.00 at the beginning of every six months for 7 years. What is the purchase price of the farm if the semi-annual payments are deferred for four years and interest is 5.5% compounded semi-annually? Select one: a. $928 128.51 b. $942 652.05 c. $1477 883.33 d. $921 124.22 e. $1255 990.53
MATHEMATICS OF BUSINESS AND FINANCE (a) Lush Gardens Co. bought a new truck for $60,000. It...
MATHEMATICS OF BUSINESS AND FINANCE (a) Lush Gardens Co. bought a new truck for $60,000. It paid $6,000 of this amount as a down payment and financed the balance at 5.19% compounded semi-annually. If the company makes payments of $2,200 at the end of every month, how long will it take to settle the loan?(IN YEARS, MONTHS) (b) Evan deposits $800 at the end of every 3 months in an RRSP that is earning 5.10% compounded semi-annually. For the RRSP...
Explain what every term means in the two formulas below and explain what they are used...
Explain what every term means in the two formulas below and
explain what they are used to calculate.
Then pick the appropriate formula to solve the problems.
| πι Σα 1 - 1 + 1 - 1 We were unable to transcribe this image11) The Chretiens bought a rental property valued at $125 000.00 by paying 25% down and mortgaging the balance over 21.5 years through equal payments at the end of each quarter at 8.6% compounded quarterly. What was...
answer for e and f written show steps please QuestIuI120 pm Enter the complete solution for...
answer for e and f
written show steps please
QuestIuI120 pm Enter the complete solution for each part in the space provided below. Highlight in BOLD your final answer for each part. Note for Part a, b, c, d, and e the solutions only require the financial calculator. For Part f you will need to use some algebra to solve the question. A $200,000 mortgage is to be amortized over 25 years with monthly payments at an interest rate of...
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest...
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. Complete parts (a) though (e) below. (a) What is the size of the monthly payments? The size of a monthly payment is $ (Round to the nearest cent as needed.) (b) How much interest is paid during the first year? The interest paid in the first year is $ (Round to the nearest cent as needed.) (c) ow much of...
3. a) b) You plan to save money for a down payment of $42,000 to purchase...
3.
a)
b)
You plan to save money for a down payment of $42,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter int an account that earns interest at 4.50% compounded annually. How long wil it take you to save the planned amount? months O years Express the answer in years and months, rounded to the next payment period Lush Gardens Co. bought a new truck for $54,000. It paid $4,860...
Name: SID: nment 5 Barbara borrowed $12 000.00 from the bank at 9% compounded monthly. The loan is amortized with end-of-month payments over five years. a) Calculate the interest included in the 20th payment. b) Calculate the principal repaid in the 36th payment. c) Construct a partial amortization schedule showing the details of the first two payments, the 20th payment, the 36th payment, and the last two payments. d) Calculate the totals of amount paid, interest paid, and the principal...
4. A $180 000.00 mortgage is to be amortized by making monthly payments for 22.5 years. Interest is 7.2% compounded semi-annually for a four-year term. a) Compute the size of the monthly payment. b) Determine the balance at the end of the four-year term. c) If the mortgage is renewed for a five-year term at 8.66% compounded semi- annually, what is the size of the monthly payment for the renewal term?
A vacation property valued at $28,000 was bought for 240 payments of $220 due at the end of every month. What nominal annual rate of interest compounded semi-annually was charged? The nominal annual rate of interest is % compounded semi-annually. (Round to two decimal places as needed.)
Explain what every term means in the two formulas below and
explain what they are used to calculate.
Then pick the appropriate formula to solve the problems.
| πι Σα 1 - 1 + 1 - 1 We were unable to transcribe this image11) The Chretiens bought a rental property valued at $125 000.00 by paying 25% down and mortgaging the balance over 21.5 years through equal payments at the end of each quarter at 8.6% compounded quarterly. What was...
answer for e and f
written show steps please
QuestIuI120 pm Enter the complete solution for each part in the space provided below. Highlight in BOLD your final answer for each part. Note for Part a, b, c, d, and e the solutions only require the financial calculator. For Part f you will need to use some algebra to solve the question. A $200,000 mortgage is to be amortized over 25 years with monthly payments at an interest rate of...
A $198,000 mortgage amortized by monthly payments over 20 years is renewable after five years. Interest is 4.65% compounded semi-annually. Complete parts (a) though (e) below. (a) What is the size of the monthly payments? The size of a monthly payment is $ (Round to the nearest cent as needed.) (b) How much interest is paid during the first year? The interest paid in the first year is $ (Round to the nearest cent as needed.) (c) ow much of...
3.
a)
b)
You plan to save money for a down payment of $42,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter int an account that earns interest at 4.50% compounded annually. How long wil it take you to save the planned amount? months O years Express the answer in years and months, rounded to the next payment period Lush Gardens Co. bought a new truck for $54,000. It paid $4,860...
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