Exam 5: Repayment of Debts

Exactly five years ago,a $100,000 condominium was purchased by making a $65,000 down payment and taking out a $35,000 mortgage.The mortgage interest rate was j₂ = 8% and monthly mortgage payments of $267.10 have been made at the end of each month for the past five years.What is the purchaser's equity (buyer's equity)position today? (Answer to nearest dollar)

A $145,000 loan is repaid over 10 years using the sinking fund method.The sinking fund earns interest at j₂ = 6%,while the interest rate on the loan is j₂ = 8%.What is the semi-annual expense of debt?

A loan of $10,000 is to be repaid over 6 years with equal monthly payments at j₁₂ = 15%.After 4 years,the outstanding balance on the loan is $4361.00.The loan carries a prepayment penalty equal to 3 times one month's interest on the outstanding balance.The borrower refinances the loan with another bank over the remaining 2 years at j₁₂ = 12%.Taking into account the penalty,what is the new monthly payment?

A loan is being repaid with monthly payments of $1349.59 for 20 years using the sum of digits method.The total interest over the life of the loan is $173,901.60.What is the interest rebate after 140 payments? (Answer to the nearest dollar)

A 10 year $25,430 loan is being paid off with semi-annual payments of $3679.The total interest over the life of the loan is $48,150.What is the outstanding balance of the loan after two years assuming the sum of digits method?