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Answer :
Sure, let's go through the steps to find the answers to the questions about the Bartolotti family's loan.
a. How many monthly payments do the Bartolotti's have to make?
The loan term is 10 years, and typically, a mortgage or similar loan requires monthly payments. Therefore:
- Number of years = 10
- Number of months per year = 12
So, the total number of monthly payments is:
[tex]\[ 10 \times 12 = 120 \][/tex]
b. What is the sum of all but the last monthly payment?
The monthly payment is [tex]$475. The sum of all monthly payments except the last one means we calculate the total for 119 payments:
\[ \text{Sum of all but the last payment} = \ 119 \times 475 = 56,525 \]
c. If the finance charge is $[/tex]34,415.60, what is the total of all of the monthly payments?
The finance charge is the total amount of interest that will be paid over the life of the loan. To find the total of all monthly payments, we add the finance charge to the original loan amount:
[tex]\[ \text{Total of all monthly payments} = 56,188 + 34,415.60 = 90,603.60 \][/tex]
d. What is the amount of the balloon payment for the final month of this loan?
The balloon payment is the remaining balance that must be paid off at the end after all regular monthly payments have been made. To find this, subtract the sum of all but the last monthly payments from the total of all payments:
[tex]\[ \text{Balloon payment} = 90,603.60 - 56,525 = 34,078.60 \][/tex]
So, the balloon payment amount is $34,078.60 at the end of the loan.
a. How many monthly payments do the Bartolotti's have to make?
The loan term is 10 years, and typically, a mortgage or similar loan requires monthly payments. Therefore:
- Number of years = 10
- Number of months per year = 12
So, the total number of monthly payments is:
[tex]\[ 10 \times 12 = 120 \][/tex]
b. What is the sum of all but the last monthly payment?
The monthly payment is [tex]$475. The sum of all monthly payments except the last one means we calculate the total for 119 payments:
\[ \text{Sum of all but the last payment} = \ 119 \times 475 = 56,525 \]
c. If the finance charge is $[/tex]34,415.60, what is the total of all of the monthly payments?
The finance charge is the total amount of interest that will be paid over the life of the loan. To find the total of all monthly payments, we add the finance charge to the original loan amount:
[tex]\[ \text{Total of all monthly payments} = 56,188 + 34,415.60 = 90,603.60 \][/tex]
d. What is the amount of the balloon payment for the final month of this loan?
The balloon payment is the remaining balance that must be paid off at the end after all regular monthly payments have been made. To find this, subtract the sum of all but the last monthly payments from the total of all payments:
[tex]\[ \text{Balloon payment} = 90,603.60 - 56,525 = 34,078.60 \][/tex]
So, the balloon payment amount is $34,078.60 at the end of the loan.
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