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7.04 Task: Installment Loans
The cost of a new car is $19,000. You can finance the car by paying $1000 down and $425 per month for 48 months.
1. Determine the amount financed.
2. Determine the total installment price.
3. Determine the finance charge.
The cost of a new pick up is $25,500. You can finance the pick up by paying $2000 down and $425 per month for 60 months.
4. Determine the amount financed.
5. Determine the total installment price.
6. Determine the finance charge.
7. Instead of making the 48th payment, you decide to pay the remaining balance and terminate the loan. What will be your pay off amount?
MORTGAGE TABLE (Used for problems 11 and 16)
| |15 Year |30 Year | |15 Year |30 Year |
|Interest |Monthly Payment per |Monthly Payment per |Interest |Monthly Payment per |Monthly Payment per |
|Rate % |$1000 |$1000 |Rate % |$1000 |$1000 |
|5.00% |7.90 |5.36 |6.50% |8.72 |6.33 |
|5.125% |7.97 |5.44 |6.625% |8.78 |6.40 |
|5.25% |8.03 |5.52 |6.75% |8.85 |6.49 |
|5.375% |8.10 |5.59 |6.875% |8.92 |6.57 |
|5.50% |8.18 |5.68 |7.00% |8.99 |6.65 |
|5.625% |8.24 |5.76 |7.125% |9.06 |6.74 |
|5.75% |8.31 |5.84 |7.25% |9.13 |6.82 |
|5.875% |8.37 |5.92 |7.375% |9.20 |6.91 |
|6.00% |8.44 |6.00 |7.50% |9.27 |6.99 |
|6.125% |8.51 |6.08 |7.625% |9.34 |7.08 |
|6.25% |8.58 |6.16 |7.75% |9.41 |7.16 |
|6.375% |8.64 |6.24 |7.875% |9.48 |7.25 |
Source:
The price of a home is $140,000. The bank requires a 10% down payment and two points at the time of closing. The cost of the home is financed with a 30-year fixed-rate mortgage at 7.5%.
8. Find the required down payment.
9. Find the amount of the mortgage.
10. How much must be paid for the two points at closing?
11. Find the monthly payment (excluding taxes and insurance).
12. Find the amount of interest over 30 years.
The price of a home is $130,000. The bank requires a 5% down payment and one point at the time of closing. The cost of the home is financed with a 15-year fixed-rate mortgage at 7.25%.
13. Find the required down payment.
14. Find the amount of the mortgage.
15. How much must be paid for the two points at closing?
16. Find the monthly payment (excluding taxes and insurance).
17. Find the amount of interest over 15 years.
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