EXAM 2 LOAN PROBLEMS (NO ANSWER)

# EXAM 2 LOAN PROBLEMS (NO ANSWER) - 4 June is buying a new...

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EXAM 2 LOAN CREDIT PROBLEMS 1 Alice is buying a new car. Her bank is offering her an annual interest rate of 5.9% on a new auto loan. She will  take out a loan for 72 months. The car she is buying costs \$27,000. What will Alice’s monthly payment be on her new  car?  2 John is buying his own home. His mortgage company has offered him a mortgage loan at an annual  percentage rate of 6.5%. Josh is putting down 10% of the home's value as a down payment. Josh has made an offer of  \$63,000 for the house and the seller has accepted. Josh is taking out a 20 year fixed-rate mortgage. What will Josh's  monthly mortgage payment be (excluding insurance and taxes)?  3 Todd is buying a 2nd home to use as an income source. The house will cost Todd \$65,000. His mortgage  interest rate is 6.7% annually. His mortgage is for 7 years. What are Todd's monthly mortgage payments?

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Unformatted text preview: 4 June is buying a new Jeep. It will cost her \$23,000 June's credit union is loaning her the money for the truck at an annual percentage rate of 4.9% for 60 months. Calculate June's monthly Jeep payment. 5 Calculate the monthly auto loan payments for the following loan: \$22,000, 48 months, 7.2% Annual Percentage rate. 6 Calculate the monthly mortgage payment for the following loan: \$155,000, 15 years, 6.75% APR. 7 Calculate the monthly payment for a vehicle that costs \$25,000 if you finance 80% of the vehicle over 4 years at an annual percentage interest rate of 6%. 8 Calculate the monthly payments for a \$200,000, 20-year fixed-rate mortgage financed at an annual percentage rate of 5.75%....
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## This note was uploaded on 06/06/2011 for the course HACE 3200 taught by Professor B during the Spring '09 term at University of Georgia Athens.

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EXAM 2 LOAN PROBLEMS (NO ANSWER) - 4 June is buying a new...

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