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Advanced Math. Using the “PMT” formula or the amount of a regular payment formula, solve this: Brad decides to purchase a $185,000 house. He wants to finance the entire balance. He has received an APR of 2.9% for a 20-year mortgage. What is Brad’s total cost if he takes all 20 years to pay off the house? Round your answer to the nearest ...
Choose the correct answer below, and fill in the answer box to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed.) B. Mortgage A has a larger total cost than mortgage B by $_________. Use PMT formula to determine the regular payment amount, rounded to the nearest dollar. Consider the ...
Match the statements that best fit the formula - P(1 + rt) a. The future value of an annuity with deposits of PMT made at the end of each term. - P(1 + r/m)mt b. The future value of a simple interest investment. - Prt c. The present value of an annuity with withdrawals of PMT made at the end of each term. - PMT(1-(1+r/m)-mt) (r/m) d.
Algebra. Use PMT formula to determine the regular payment amount, rounded to the nearest dollar. The price of a small cabin is $85,000. The bank requires a 5% down payment. The buyer is offered two mortgage options: 20-year fixed at 8.5 % or 30-year fixed at 8.5 %. Calculate the amount of interest paid for each option.
In the formula, shown below, PMT= -nt7 In the formula, shown above, is the regular payment amount required to repay a loan of is the regular payment amount required to repay a loan of P dollars paid dollars paid times per year over times per year over years at an annual interest rate years at an annual interest rate. Problem 1E: An annuity is a ...
Finance. Suppose Rachel and Nadia buy a house and have to take out a loan for $191000. If they qualify for an APR of 4.25% and choose a 30 year mortgage, we can find their monthly payment by using the PMT formula. If Rachel and Nadia decide to pay $1500 per month, we can use goal seek to see how many years it will take to pay off the loan.
se PMT formula on the image uploaded to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $150,000 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.
Solution for Solve the future value formula, FV=PMT- Choose the correct answer below.. OA. n= OB. ok D. n= n= n= FV.i PMT(1+1) In FV PMT In (1+i) In In +1 FV…
What numbers do I put in the PMT formula on excel? Craig has decided to start snow plowing during the winter months. He purchased a heavy-duty dump truck with plow and salter from Power Equipment for $40,000 on October 1st, 2026. He paid $1,000 as a down payment and the remaining balance on a 5% -7 year note to Power Equipment.
The price of a condominium is $187,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the condominium is financed with a 30-year fixed-rate mortgage at 6.5% Use the following formula to determine the regular payment amount Complete parts (a) through (e) below. PMT = a. Find the required down payment. b.