FIN 345 Final NoteCard.docx - Ch 15 What is the present value of a 30-year loan at 6 interest with 360 level payments of $1,000 each N 360 I 6/12 PV

FIN 345 Final NoteCard.docx - Ch 15 What is the present...

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Ch. 15 What is the present value of a 30-year loan at 6% interest with 360 level payments of $1,000 each? N: 360 I: 6/12 PV: Solve PMT: 1000 FV: 0 What would be the fixed level monthly payment on a 15 year 6% loan of $100,000? N: 180 I: 6/12 PV: 100000 PMT: Solve FV: 0 For the loan in problem 3 above what would be the remaining principal balance on the loan after two payments have been made? N: 178 I: 6/12 PV: Solve PMT: 843.86 FV: 0 For a loan of $100,000 at 7% annual interest for 30 years with equal monthly payment, what will be the balance of the loan at the end of four years? N: 360 I: 7/12 PV: -100000 PMT: Solve FV: 0 , N: 312 I: 7/12 PV: Solve PMT: 665.30 FV: 0 What is the lenders yield on the following mortgage: Term 360 months, interest rate 7%, monthly payment $1,000, initial loan balance $150,307.57, discount points 3.53%? 0.0353 * 150307.57=5307.57, Net loan proceeds = 150307.57 – 5307.57 = 145000, N: 360 I: Solve(Then * by 12) PV: -145000 PMT: 1000 FV: 0 Take the loan in 6 above but now look at it from the borrower’s perspective. In addition to the 3.53% discount points to the lender they have 3 rd party loan expenses of $2,692.43 so the net proceeds received by the borrower is $142,307.57.
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