Homework Answers
| Payment | Loan beginning balance | Payment | Interest payment | Principal payment | Loan ending balance |
| 1 | 25000 | $1,597.44 | $1,500.00 | $97.44 | $24,902.56 |
| 2 | $24,902.56 | $1,597.44 | $1,494.15 | $103.29 | $24,799.27 |
| 3 | $24,799.27 | $1,597.44 | $1,487.96 | $109.49 | $24,689.79 |
| 4 | $24,689.79 | $1,597.44 | $1,481.39 | $116.05 | $24,573.73 |
| 5 | $24,573.73 | $1,597.44 | $1,474.42 | $123.02 | $24,450.71 |
| 6 | $24,450.71 | $1,597.44 | $1,467.04 | $130.40 | $24,320.32 |
| 7 | $24,320.32 | $1,597.44 | $1,459.22 | $138.22 | $24,182.09 |
| 8 | $24,182.09 | $1,597.44 | $1,450.93 | $146.52 | $24,035.58 |
| 9 | $24,035.58 | $1,597.44 | $1,442.13 | $155.31 | $23,880.27 |
| 10 | $23,880.27 | $1,597.44 | $1,432.82 | $164.63 | $23,715.65 |
| 11 | $23,715.65 | $1,597.44 | $1,422.94 | $174.50 | $23,541.14 |
| 12 | $23,541.14 | $1,597.44 | $1,412.47 | $184.97 | $23,356.17 |
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Problem 2 (6 posts You took a $25.000 loan which is to be repaid in monthly...
Question 3 (1 point) A loan of $32,000 at 6% compounded annually is to be repaid...
Question 3 (1 point) A loan of $32,000 at 6% compounded annually is to be repaid by equal payments at the end of every month for three years. How much interest will be included in the 19th payment? 4 poing A home improvement loan is to be repaid by equal monthly payments for six years. The interest rate is 5.4% compounded monthly and the amount borrowed is $33,500. How much interest will be included in the first payment?
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8. Prepare the loan amortization schedule ($15) You borrow $1,000, and the loan is to be repaid in three equal paym...
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8. Prepare the loan amortization schedule ($15) You borrow $1,000, and the loan is to be repaid in three equal paym...
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A homebuyer borrows 400,000 to be repaid over a 20 year period with level monthly payments...
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Suppose that a loan is being repaid with 60 equal monthly payments, the first coming a month after the loan is made. If the rate of interest is 7.5 percent convertible monthly, and the amount of principal in the 22nd payment is 210, how much interest is in the 44th payment?
Question 3 (1 point) A loan of $32,000 at 6% compounded annually is to be repaid by equal payments at the end of every month for three years. How much interest will be included in the 19th payment? 4 poing A home improvement loan is to be repaid by equal monthly payments for six years. The interest rate is 5.4% compounded monthly and the amount borrowed is $33,500. How much interest will be included in the first payment?
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