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Homework answers / question archive / 1)Compute the amount of the first monthly payment that will go towards principal for a $98,118 home loan
1)Compute the amount of the first monthly payment that will go towards principal for a $98,118 home loan. The interest of the loan is 5% with monthly payments. The loan amortization is over 25 years.
2)Compute the monthly payment for a $133,440 home loan. The stated interest of the loan is 5% with monthly payments. The loan amortization is over 25 years.
3) Lori Willis plans to invest for retirement, which she hopes will be in 25 years. She is planning to invest $23,000 today in U.S. Treasury bonds that will earn interest 5.0 percent annually. How much will she have at the end of 25 years? (Round to the nearest dollar.) O $77,886 $68,870 O $81,044 O $61,026 Question 19 1 pts Richard McLean wants to invest $4,100 in an account paying 5 percent compounded quarterly. What is the interest on interest after five years? O $695.98 $923.55 O $131.35 O $112.13
1)please see the attached file.
Please use this google drive link to download the answer file.
answer 2.https://drive.google.com/file/d/11prmJMP_sQgBnlLVTFUfSgWERcGrhTLp/view?usp=sharing
answer 3.https://drive.google.com/file/d/1lWkar_4_tHDCBY72pjhiUgwEn2xP92b9/view?usp=sharing
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3)
Part 1
Componding amount after 25 year = principle amount x (1 + R)^n
principle amount = $23000
rate of interest = 5%
period = 25 Years
= 23000 X (1 + 5%)^25
= 23000 X (1.05)^25
= 23000 X 3.386354941
= $77886.16364 or $77886
Answer Part 2
interest on interest after 5 year = $131.35
Explanation:
Interest rate = 5% annum quartely compounded
Quarterly rate = 5%/4 = 1.25%
principle amount = $4100
period = 5 year
n = 5 x 4 = 20
please see the attached for the link.
