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Afamily nas 887,645 30-vear 5 morgage at 7.29 compounded monthly: Find the monthly payment_ Also find tne unpaid balance aiter the following periods of lime:(A) 10 ...

Question

Afamily nas 887,645 30-vear 5 morgage at 7.29 compounded monthly: Find the monthly payment_ Also find tne unpaid balance aiter the following periods of lime:(A) 10 years20 years25 yearsThe monthly payment is $] (Round t0 Ihe nearest cent as needed )

Afamily nas 887,645 30-vear 5 morgage at 7.29 compounded monthly: Find the monthly payment_ Also find tne unpaid balance aiter the following periods of lime: (A) 10 years 20 years 25 years The monthly payment is $] (Round t0 Ihe nearest cent as needed )



Answers

House Payments Find the monthly house payment necessary to amortize each of the loans in Exercises 49-52. Then find the unpaid balance after 5 years for each loan. Assume that interest is compounded monthly.
$\$ 196,511$ at 7.57$\%$ for 25 years

Okay, so we had a loan of one. Seventy. Hey, ninety two. And the interest rate is eight point one one percent founded monthly, and it's a thirty years. So how many months from thirty years? Ah, three. Sixty. You're sixteen months. Okay, so we have that one seventy a nineteen to the present day value. It will be OK. The monthly payment times Inspector of one plus zero point zero eight one Warren over twelve to the huh? One minus. Okay. One plus zero point zero eight one one divided by twelve to the negative. Three sixteen. All divided by zero point zero eight one one from brittle. You know, we just divided by the specter. Get that our our monthly payment is siggy. Looks like twelve. Sixty seven. Serving sentence. Okay. And now next, we want to find the, uh, the balance after five years. So the balance after five years, let's call it. Why is the monthly payment troll sixty seven for the seven, and then we multiply by this factor of wine minus Okay, one point, the interest rate, twelve. Instead of taking this to the negative three. Sixty, we want to subtract the number of months of pain, which is five for the number of years of impending, which is five. That sixty months of three sixty nine sixty. His three hundreds of this is to the negative three hundred divided by your point zero a one wand over twelve over. Okay, and what we get the unpaid balance after five years is going to be hundred and sixty two thousand six hundred twenty AIDS and nineteen consents.

Suppose we make periodic payments of $50,000 with interest a percent compounded quarterly for 10 years. We would like to find the present value aboard, and I immunity for that. We have for now, Petey Hope our times one minus one plus Hyde Too negative and divided by I where n is the number of consecutive interest periods and in this case is the payments are made quarterly. For 10 years. We have 10 times for 40 and a person is represents Ah, eight over 100. Your clients, you know, egg and I am is that interest rate pair period. So we have zero points you don't need divided by four, which came so 0.2 So we have our 50,000 times one minus one plus 0.2 which is one for 0 to 2 negative 40 divided by 0.0. We've like this into a capital. It only, and we get the falling amount. So we have one million 303 167 $773.96

Find the periodic payments. Uh, that will end. Ah, that will get end up. Giving us $10,000 over the interest rate is 5% compounded annually. And since it's compounded annually would have stayed the number of years. And so the number of years is 12. Okay, so we can either use a calculator, use the TVM calculator for this. Um, so which is what I prefers this easier? We've been doing it by hand a lot, Uh, in this chapter so far. So we use the TVM calculator. We just go to the finance section of the T 84. You can also Google TVM calculator and find it there as well. Um, so in our number of periods is gonna be 12. Um, our annual rate is 5%. Our future value is 10,000. Our initial payment, present value zero. And so our payments that we need to calculate we need to make a payment of $628.25. So are using the TVM calculator. We need to pay 600 $28.25 at the end of each year. Okay. In order to get to our $10,000 at 5% interest. Okay. Thank you very much.

Okay, so you want eight thousand dollars and our interest rate is four percent, but it's compounded monthly. So divided by twelve talk. Not the new year. And in the number of payments a payment periods. Well, it's five years, but monthlies twelve times. Five of sixty months in five years. And so the month payments will be eight thousand. Divine about this factor. One point here for over twelve, two, sixty, minus one, divided by one. Well, let's see. Stop it. I mean, so one plus your point zero for over twelve to the sixty months. One over zero point zero four. Over. There we go, and this gives us approximately one, one hundred twenty dollars and sixty seven cents.


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