10. Tanfin11 5.3.025 Ask Your Teach The Taylors have purchased on the unpaid bal

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10. Tanfin11 5.3.025 Ask Your Teach The Taylors have purchased on the unpaid balance. Taylors be required to make? (Round your answer to the nearest cent.) a $160,000 house. They made an initial down payment of $10,000 and secured a mortgage with interest charged at the Interest computations are made at the end of each month. if the loan is to be amortized over 30 years, what monthly rate of 9%/year payment will the What is their equty (disregarding appredation) after S years? After 10 yearst After 20 years? (Round your answers to the nearest cent) 5 years 10 years 20 years Need Help? eTs to Tuter 11. -1 points TanFin11 53026 Notes Ask Your Jessica wants to accumulate 114,000 by the end of 6 years in a speoal bank account, which she had opened for this purpose. To achieve this goal, monthly, how mach does she hove to deposit each month into her account? (Round your answer to the nearest cent a fixed sum or money nto the account at the end of the month over the-year period If the bank pays interest ar the rate or 6% per year compounded

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Current Motrgage Payment Purchase cost            1,60,000 Down Payment                10,000 Principal            1,50,000 Rate of Interest 9.00% 0.750% Per Month Years 30 360 months Monthly Mortgage Payment= =(150000*.75%*(1+.75%)^360)/((1+.75%)^360-1) Loan Balance After 5th year Instalment 61 th interest and principal payment total Instalment                360.00 Less: Already paid (61-1)                  60.00 Remaining Instalment (t)                300.00 Monthly Payment (PMT)            1,206.93 Monthly Rate of Interest ( r ) 0.7500% PV=PMT*(1-(1+r)/t)/r =1206.93*(1-(1+.75%)^-300)/.75%      1,43,819.74 Cost of the House      1,60,000.00 Loan Balance after payment of 60th instalment      1,43,819.74 Equity of The Taylor after five year          16,180.26 Loan Balance After 10thyear Instalment 121 th interest and principal payment total Instalment                360.00 Less: Already paid (121-1)                120.00 Remaining Instalment (t)                240.00 Monthly Payment (PMT)            1,206.93 Monthly Rate of Interest ( r ) 0.7500% PV=PMT*(1-(1+r)/t)/r =1206.93*(1-(1+.75%)^-240)/.75%      1,34,144.18 Cost of the House      1,60,000.00 Loan Balance after payment of 120th instalment      1,34,144.18 Equity of The Taylor after 10 years          25,855.82 Loan Balance After 15th Year Instalment 181 th interest and principal payment total Instalment                360.00 Less: Already paid (181-1)                180.00 Remaining Instalment (t)                180.00 Monthly Payment (PMT)            1,206.93 Monthly Rate of Interest ( r ) 0.75% PV=PMT*(1-(1+r)/t)/r =1206.93*(1-(1+.75%)^-180)/.75%      1,18,995.34 Cost of the House      1,60,000.00 Loan Balance after payment of 120th instalment      1,18,995.34 Equity of The Taylor after 15 years          41,004.66

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