8 Answered Questions for the topic Payments

#### You want to buy a $168,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 7% annual interest compounded monthly for the rest.

a) How much is the loan amount going to be?b) What will your monthly payments be?c) How much total interest do you pay?d) Suppose you want to pay off the loan in 15 years rather than 30. What will...
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06/06/18

#### if mike gets $15 per hour plus $75 per week as a bonus. How much hours must he work per week so that his payment will be as if he was earning $30 per hour?

if mike gets $15 per hour plus $75 per week as a bonus. How much hours must he work per week so that his payment will be as if he was earning $30 per hour without his bonus?

11/26/17

#### Mortgages pb help pleaaase

A home selling for $620,000 is to be purchased with a 30% down payment and the remainder financed through mortgage with monthly payments over 25 years. Determine the monthly payment if rates for...
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#### Loan Calculation (Payment)

A loan of $4,700 at 6.60% is to be repaid by three equal payments due four, six, and eight months after the date on which the money was advanced. Calculate the amount of each payment. Use the loan...
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Payments Sinking Fund

12/05/14

#### John plans to retire in 30 years and sets up a sinking fund to accrue $1,000,000. The annual interest rate is 5% and interest is compounded quarterly.

Sinking Fund - have no idea what formula to use and how to determine answers to A and B:
A) If she makes equal payments at the end of each quarter, find the amount of each payment that is...
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#### Calculate the equity in your home after 10 years.

When you purchase a home by securing a mortgage, the total paid toward the principal is your equity in the home. (Technically, the lending agency calculates your equity by subtracting the amount...
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