Q: The vendor of a residential property accepted a $40,000
The vendor of a residential property accepted a $40,000 take-back mortgage to facilitate the sale. The agreement calls for quarterly payments to amortize the loan over 10 years at an interest rate of...
See AnswerQ: The vendor of a property agrees to take back a $55
The vendor of a property agrees to take back a $55,000 mortgage at a rate of 7.5% compounded semiannually with monthly payments of $500 for a two-year term. Calculate the market value of the mortgage...
See AnswerQ: A mortgagee wishes to sell his interest in a closed mortgage contract
A mortgagee wishes to sell his interest in a closed mortgage contract that was written 21 months ago. The original loan was for $60,000 at 6.8% compounded semiannually for a five-year term. Monthly pa...
See AnswerQ: A capital project would require an immediate investment of $150,
A capital project would require an immediate investment of $150,000 and a further investment of $40,000 on a date four years from now. On the operating side, the project is expected to lose $30,000 in...
See AnswerQ: A $3000 loan at 6% was made on March 1
A $3000 loan at 6% was made on March 1. Two payments of $1000 each were made on May 1 and June 1. What payment on July 1 will pay off the loan?
See AnswerQ: $5000 was borrowed at 9 1 2 % on March 1
$5000 was borrowed at 9 1 2 % on March 1. On April 1 and June 1, the borrower made payments of $2000 each. What payment was required on August 1 to pay off the loan’s balance?
See AnswerQ: The interest rate on a $3000 loan advanced on March 1
The interest rate on a $3000 loan advanced on March 1 was 5.2%. What must the first payment on April 13 be in order that two subsequent payments of $1100 on May 27 and $1100 on July 13 settle the loan...
See AnswerQ: A $3000 loan on March 1 was repaid by payments of
A $3000 loan on March 1 was repaid by payments of $500 on March 31, $1000 on June 15, and a final payment on August 31. What was the third payment if the interest rate on the loan was 8 1 4 % ?
See AnswerQ: A $1000 loan at 5.5% was repaid by
A $1000 loan at 5.5% was repaid by two equal payments made 30 days and 60 days after the date of the loan. Determine the amount of each payment.
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