Find the APR on a $165,000 loan which is amortized over 30 years with a monthly...

 

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Find the APR on a $165,000 loan which is amortized over 30 years with a monthly payment of $1,042.91. Round to the nearest 10th of a percent. Note: i/y represents the rate per period (which in this case is monthly). However, since an annual rate is called for, the monthly rate must be converted to the equivalent annual rate. N= |i/y= |PV= PMT= |FV= 6e. Compute the down payment -- Show your work Claire Comeaux wants to buy a house listed at $190,000. The seller has accepted her offer of $182,000. She plans to amortize the loan over 15 years. Current rates are 8%. How much will Claire have to put down on this house in order to keep her monthly P & I payment at approximately $1,350? Hint: Think in reverse. First find the loan amount (PV). How much loan can she afford? |N= i/y= |PV= What did you calculate for i/y? Annual Rate: % (Please show 5 decimal places for i/y result and nearest tenth percent for annualized rate.) Show work here: PMT= |FV= 2nd Part: Show work here: Answer: Find the APR on a $165,000 loan which is amortized over 30 years with a monthly payment of $1,042.91. Round to the nearest 10th of a percent. Note: i/y represents the rate per period (which in this case is monthly). However, since an annual rate is called for, the monthly rate must be converted to the equivalent annual rate. N= |i/y= |PV= PMT= |FV= 6e. Compute the down payment -- Show your work Claire Comeaux wants to buy a house listed at $190,000. The seller has accepted her offer of $182,000. She plans to amortize the loan over 15 years. Current rates are 8%. How much will Claire have to put down on this house in order to keep her monthly P & I payment at approximately $1,350? Hint: Think in reverse. First find the loan amount (PV). How much loan can she afford? |N= i/y= |PV= What did you calculate for i/y? Annual Rate: % (Please show 5 decimal places for i/y result and nearest tenth percent for annualized rate.) Show work here: PMT= |FV= 2nd Part: Show work here: Answer: