HomeworkLib
Question

Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $514,000 home bought with a 20% down paymen

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Loan Amount = 514,00(0.80) = $411,200

Calculating Monthly payment,

Using TVM Calculation,

PMT = [PV = 411,200, FV = 0, N = 360, I = 0.042/12]

PMT = 2,010.84

Monthly payment = $2,010.84

0 0
Add a comment
Know the answer?
Add Answer to:
Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $514,000...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Find the monthly payment for the loan. (Round your answer to the nearest cent.) $500 loan...

    Find the monthly payment for the loan. (Round your answer to the nearest cent.) $500 loan for 12 months at 14%

  • PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent....

    PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 30-year fixed-rate mortgage at 4%. -nt a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $525.16. (Do not round until the final answer. Then round to the nearest cent as needed.) The...

  • Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost...

    Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...

  • 1.-Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Quarterly payments...

    1.-Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Quarterly payments on $15,500 at 3.7% for 6 years $ 2.- A MasterCard statement shows a balance of $510 at 13.5% compounded monthly. What monthly payment will pay off this debt in 1 year 10 months? (Round your answer to the nearest cent.) $ 3.- Find the unpaid balance on the debt. (Round your answer to the nearest cent.) After 7 years of monthly payments on...

  • PC to determine the regular payment amount, rounded to the nearest cent The cest of a home is financed with a $120...

    PC to determine the regular payment amount, rounded to the nearest cent The cest of a home is financed with a $120 000 40-year fed-tate Use PMT- mortgage at 5% a. Find the monthly payments and the total interest for the loan b. Prepare a loan amortization schedule for the first three months of the mortgage The total interest for the loan is $ 157,747 20 (Use the answer from part a to find this answer. Round to the nearest...

  • Develop an amortization schedule for the loan described. (Round your answers to the nearest cent.) $100,000...

    Develop an amortization schedule for the loan described. (Round your answers to the nearest cent.) $100,000 for 3 years at 8% compounded annually Period Payment Interest Balance Reduction Unpaid Balance $100,000 4 4 $0.00 Need Help? Read It Talk to a Tutor 10. -11 points HarMathAp 126.5.025. A couple who borrow $50,000 for 20 years at 8.4%, compounded monthly, must make monthly payments of $430.75. (Round your answers to the nearest cent (a) Find their unpaid balance after 1 year...

  • How much interest (to the nearest dollar) would be saved on the following loan if the...

    How much interest (to the nearest dollar) would be saved on the following loan if the home were financed for 15 rather than 30 years? A $516,000 home bought with a 20% down payment and the balance financed for 30 years at 4.4%

  • How much interest (to the nearest dollar) would be saved on the following loan if the...

    How much interest (to the nearest dollar) would be saved on the following loan if the home were financed for 15 rather than 30 years? A $504,000 home bought with a 20% down payment and the balance financed for 30 years at 5.9% $

  • What is the monthly payment for a home costing $425,000 with a 30% down payment and...

    What is the monthly payment for a home costing $425,000 with a 30% down payment and the balance financed for 30 years at 6.5%? (a) State the type. O sinking fund o ordinary annuity O present value O future value O amortization (b) Answer the question. (Round your answer to the nearest cent.) $

  • Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.)...

    Calculate the present value of the compound interest loan. (Round your answers to the nearest cent.) $22,000 after 8 years at 3% if the interest is compounded in the following ways. _________annually __________quarterly Find the effective rate of the compound interest rate or investment. (Round your answer to two decimal places.) 25% compounded monthly. [Note: This rate is a typical credit card interest rate, often stated as 2.1% per month.] ________% Since 2007, a particular fund returned 13.9% compounded monthly....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT