What is the accumulated equity in exercise 24 after the

Question

1. An individual borrows a 48 month $25,000 car loan at 6.5 % interest compounded monthly. What is the amount of his monthly payment?

2. What is the monthly mortgage payment of a 25-year $200,000 fixed loan if the mortgage rate is 4.25 %?

3. What proportion of the 150th monthly payment in the previous problem is applied to the principal?

4. What is the accumulated equity in Exercise #24 after the 150th monthly payment? What is the amount of the loan outstanding?

Answer 1

For the Microeconomics questions illustrated below, prepare a word document paper illustrating answers in an essay format using the APA guidelines. Question 1: An individual borrows a 48 month $25,000 car loan at an interest rate of 6.5 % compounded monthly. Find out the amount of his monthly payment? Question 2: Determine the monthly mortgage payment of a 25-year $200,000 fixed loan if the mortgage rate is approximately 4.25 %? Question 3: Illustrate what proportion of the 150th monthly payment in the prior problem is applied to the principal? Question 4: Determine the accumulated equity in after the 150th monthly payment? Find out the amount of the loan outstanding?