A building is sold for ₱10,000,000 and the bank requires 18% down payment. If the effective rate of interest of the mortgage is 3% and is paid for 10 years, how much is the total interest of the mortgage?
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A building is sold for ₱10,000,000 and the bank requires 18% down payment. If the effective rate of interest of the mortgage is 3% and is paid for 10 years, how much is the total interest of the mortgage?
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- The price of a home is ₺ 195,000. The bank requires a 10% down payment and two points at the time of closing. The cost of the home is financed with 30-year fixed-rate mortgage at 7.5%. a. Find the required down payment. b. Find the amount of the mortgage. c. How much must be paid for the two points at the closing? d. Find the total interest paid over 30 years.National bank is willing to lend a customer P75,000. The note will be secured by a 5-year mortgage and carry an annual interest rate of 12%. Equal payments are to be made at the end of each year over the 5-year period. How much will the yearly payment be?A man borrows Php10,000 from a loan firm. The rate of simple interest is 15%, but the interest is to be deducted from the loan at the time the money is borrowed. At the end of one year he has to pay back Php10,000. What is the actual rate of interest?
- Suppose an engineer purchases a home and secures a loan of ₱2.5M from a commercial bank for 20 years at an annual interest rate of 9%. Find the monthly amortization of the loan. How much is the total amount paid over the life of the loan in Problem 1? How much is the total amount of interest paid over 20 years in Problem 1?A 30-year mortgage for $175,000 is issued at a 6% nominal interest rate. (a) What is the monthly payment? (b) How long does it take to pay off the mortgage, if $1250 per month is paid? (c) How long does it take to pay off the mortgage, if double payments are made?The price of a home is $227,000. The bank requires a 20% down payment and three points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 7.5%. a.Find the required down payment. b.Find the amount of the mortgage.
- National bank is willing to lend a customer P75,000. The note will be secured by a 5-year mortgage and carry an annual interest rate of 12%. Equal payments are to be made at the end of each year over the 5-year period. How much will the yearly payment be? (show the step by step solution)If a car is sold for P1,230,000 and the bank requires 15% downpayment, what is the amount of the mortgage?ABC mortgage is to obtain a facility amounting to $200000 to be repaid over a period of 20 years at an annual rate of 10%.Help the company to; 1. Compute monthly mortgage payment for this loan 2. Amortize the mortgage loan for the first one year 3. Suppose the mortgage is paid off after one year, how much will be paid to clear the mortage
- A loan of $ 1,000 is being paid with annuities of $ 80 at an interest rate of 5. One year after the loan is actually paid, if after 7 payments it is agreed that the rest of the debt will be covered with two One-time equal payments at the end of year 9 and 11. How much are these payments so that the debt is paid off entirely?You buy a house for $1,200,000 using a 30-year mortgage. The annual interest rate is 3%. Payments are made at the beginning of the time period. What is the total principal paid over the 20 year life of the mortgage?The price of a home on a particular island is $1,000,000. The bank requires a 15% down payment and 3 points at the time of closing. The cost 14. Of the home is financed with a 30-year fixed rate at 8%. (a) Find the required down payment. (b) Find the amount of the mortgage. (c) Find the amount that must be paid for the 3 points at closing. (d) Find the monthly payment. (e) Find the total cost of interest over 30 years. (Round to the nearest dollar. For example, $247)