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Please help me with the areas in bold below but if you can assist on the entire

May 27, 2020 | Business

May 27, 2020 | Business

Please help me with the areas in bold below but if you can assist on the entire

Please help me with the areas in bold below but if you can assist on the entire problem and explain it in detail that would be great :)On January 2013, Professor Xin buys a house. Here is the informationPrice = 250,000LTV (loan to value) = 80%Interest Rate = 8%Other cost = 4%1. What is the effective interest rate?The monthly payment is : 1,467.53If PV = 192000, PMT = -1467.53, n = 360Solve for i = 8.442. If from January 2013, Professor Xin plans to sell his house after 15 years. What is the effective interest rate for Professor Xin in Jan2013?PV = 192,000FV = -153,563.12PMT = -1,467.53N = 180Solve for i = 8.5093. From January 2013, after 8 years, the market interest rate is 7.5%, do you suggest Professor Xin to refinance his house (if the bank agrees to refinance for 22 years, and charge 4% of cost for refinance)?Here is the calculation:After 8 years (Dec 2020), the balance is 182,035.40 <= (how do you calculate this number?)I = 7.5, n = 22*12 = 264. We get monthly payment1,409.88 (How does 182,035.40 affect this calculation? Is it FV or PV?)The real money Professor Xin gets from the bank:182,035.40 * 96% = 174,754We can get the effective interest ratePV = 174,754PMT = -1,409.88N = 22 * 12 = 264Solve for i = 8.004 which is greater than 8 %No need to refinancePlease help me with the areas in bold below but if you can assist on the entire problem and explain it in detail that would be great :)On January 2013, Professor Xin buys a house. Here is the informationPrice = 250,000LTV (loan to value) = 80%Interest Rate = 8%Other cost = 4%1. What is the effective interest rate?The monthly payment is : 1,467.53If PV = 192000, PMT = -1467.53, n = 360Solve for i = 8.442. If from January 2013, Professor Xin plans to sell his house after 15 years. What is the effective interest rate for Professor Xin in Jan2013?PV = 192,000FV = -153,563.12PMT = -1,467.53N = 180Solve for i = 8.5093. From January 2013, after 8 years, the market interest rate is 7.5%, do you suggest Professor Xin to refinance his house (if the bank agrees to refinance for 22 years, and charge 4% of cost for refinance)?Here is the calculation:After 8 years (Dec 2020), the balance is 182,035.40 <= (how do you calculate this number?)I = 7.5, n = 22*12 = 264. We get monthly payment1,409.88 (How does 182,035.40 affect this calculation? Is it FV or PV?)The real money Professor Xin gets from the bank:182,035.40 * 96% = 174,754We can get the effective interest ratePV = 174,754PMT = -1,409.88N = 22 * 12 = 264Solve for i = 8.004 which is greater than 8 %No need to refinance

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