Exam 14: Amortization of Loans,including Residential Mortgages

What is the size of the final unequal payment of a loan that has 69.47 payments and the equal payment size is $215.64? The interest rate is 3.1% per compounding period.

What is the outstanding balance after 23 payments on a 20-year mortgage that has monthly payments of $1062.32 and an interest rate of 6.6% compounded monthly?

Lisa saved $750 000.00.If she withdraws $12 000.00 at the beginning of every month and interest is 12% compounded monthly,what is the size of the last withdrawal?

John has agreed to purchase his partner's share in real estate by making payments of $5000.00 every three months.The agreed transfer value is $40 000.00 and interest is 10% compounded annually.If the first payment is due at the date of the agreement,what is the size of the final payment?

Tom receives pension payments of $6000.00 at the end of every six months from a retirement fund of $90 000.00.The fund earns 8.00% compounded semi-annually. a)How many payments will Tom receive? b)What is the size of the final pension payment?

How much total interest is paid between the 6^th and 13^th payments on a loan that has monthly payments for 3 years and an original principal of $14 750? The loan rate is 6.6% compounded quarterly.

Duguid and Partners bought a property valued at $87 300.00 for $17 000.00 down and a mortgage amortized over 17 years.The firm makes equal payments due at the end of every three months.Interest on the mortgage is 6.85% compounded annually and the mortgage is renewable after five years. a)What is the size of each quarterly payment? b)What is the outstanding principal at the end of the five-year term? c)What is the cost of the mortgage for the first five years? d)If the mortgage is renewed for a further five years at 7.17% compounded semi-annually,what will be the size of each quarterly payment?

Zara bought a 2013 Kia Forte by taking a $19 500 loan from BMO with interest at 5.99% compounded annually and amortized by payments of $378 at the end of every month.She receives an inheritance after making 36 payments and plans to pay the balance in full.What is the payout figure just after the last regular payment made?

Amanda borrowed $57 800 from BMO to buy a 2014 E-Class Mercedes Sedan at 3.9% compounded monthly.Payments of $2056 are required at the end of every month.Construct a complete amortization schedule in MS Excel showing the details of all payments and the total.

A $151 000.00 mortgage is to be repaid over a 17-year period by monthly payments rounded up to the next higher $50.00.Interest is 8.2% compounded semi-annually. a)Determine the number of rounded payments required to repay the mortgage. b)Determine the size of the last payment. c)Calculate the amount of interest saved by rounding the payments up to the next higher $50.00.

Vicki receives payments of $3000.00 at the beginning of each month from a pension fund of $150 000.00.Interest earned by the fund is 6% compounded monthly.What is the number of payments Vicki will receive?