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Calculate the down payment and monthly mortgage

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Reference no: EM131508161

Question #1 - Simple Interest Roger borrowed money to finance a new boat. The bank offered Jack $28,000 of the $35,000. To make up the difference, Jack secured a small personal, simple interest loan. Jack's loan was structured as an installment loan that required him to pay $297.50/month for 30 months.

Calculate the amount financed, total installment price, the finance charge, and the interest rate.

Question #2 - Annuity Payment James is saving money to open a corner store. He needs $15,000 in two years to make his down payment and is investing in an annuity yielding an annual interest rate of 7% compounded monthly. If the annuity requires that James make monthly investments, what annuity payment must James make to save $15,000?

Question #3 - Mortgage Financing Peter and Rachael purchased a home costing $269,000. A mortgage company financed the home at a 5.5% rate and 30-year term, requiring that they make a 15% down payment.

Calculate the down payment and monthly mortgage payment that Peter and Rachael must pay. Assignment must be 2-3 pages including a reference page

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This work is about to calculate the Simple interest, amount financed, total installment price, the finance charge, the interest rate, the down payment and monthly mortgage payment. In other words, this assignment gives the information about the how to evaluate the different parameters related to the interest.

Reference no: EM131508161

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Reviews

inf1508161

6/20/2017 4:22:14 AM

Truly accommodating, on the off chance that you require help in your assignment, exceptionally worth while and you realize when they are helping you. They once had two or three issues however inside 24 hours they could make the extra enhancements great to manage. Thanks team mates.

inf1508161

6/20/2017 4:21:24 AM

The payment was held up from my bank but I authorized the purchase. Can you check to see now if payment went through? I am running payment again. Just afraid I will be charged twice since my first payment wasn't authorized by my bank. I show my payment went through. Do you? Thanks God, I got my first payment back in my account. How is this assignment coming? Any problems please let me know, thank you.

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