Homework Answers
Ans: The correct option for the answer is option A i.e. $0.
As Korey is claimed as dependent on the tax return of his/her parents or anyone else (As a person is not eligible to deduct qualified education loan interest on his/her return) Here, Korey is claimed as dependent by his parents as a result he is not eligible for tax deduction
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NP 631500,00 10 year simple interest 0.1275 requires payment at least 75000.00 per year for over...
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interes...
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interest rate r is rtn.t rt Ben buys his $230,000 home and, after the $40,000 down payment, finances the remainder with a simple interest amortized loan. Ben can pay at most $1,200 per month for the loan, on which the lender has set an annual rate...
The annual payment is $14,700. $150,000 was borrowed at 8% per year. Annual end of year...
The
annual payment is $14,700.
$150,000 was borrowed at 8% per year. Annual end of year payments of $14,700 will be made. When this loan is paid off, what will be the amount off the last payment?
Mortgage Amortization Complete the loan amortization schedule for a Mortgage that will be repaid over 360...
Mortgage Amortization Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below): Correct Answers 1. What is your monthly payment? 2. What is the total $ amount of payments made over the life of the loan Enter Answers Here. 3. How many months will it take to pay off the loan if you pay an extra $465.71 per month? Note: Enter the...
10. What is the payment in month 234 on a 30-year loan for $725,000 at 4.85%...
10. What is the payment in month 234 on a 30-year loan for $725,000 at 4.85% that requires payments of $0 for the first five years and fully amortizing payments for the remaining years of the loan? (On Excel) Loan Amount: Years: Periods Per Year: Interest Rate: Balance at EOM 60: Total Amortization Years: What is the balloon payment due at maturity for a 10-year loan for $225,000 at 5.85% if the negotiated payment amount each month is $100 less...
ii. Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compoundin...
ii. Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Which of the following statements regarding his mortgage is most correct? a. The monthly payments will decline over time. b. The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan. c. The total dollar amount of principal being paid off each month gets larger as the loan...
Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Wh...
Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Which of the following statements regarding his mortgage is most correct? a. The monthly payments will decline over time. b. The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan. c. The total dollar amount of principal being paid off each month gets larger as the loan approaches...
Upon graduation from college, Warren Roberge was able to defer payment on his $33,000 student loan...
Upon graduation from college, Warren Roberge was able to defer payment on his $33,000 student loan for 3 months. Since the interest will no longer be paid on his behalf, it will be added to the principal until payments begin. If the interest is 2.89% compounded monthly, what will the principal amount be when he must begin repaying his loan? What is N in this problem? O A. The number of payments. OB. The number of compounds per year. OC....
A $200,000 loan amortized over 8 years at an interest rate of 10% per year requires...
A $200,000 loan amortized over 8 years at an interest rate of 10% per year requires payments of $21,215.85 to completely remove the loan when interest is charged on the unrecovered balance of the principal. If interest is charged on the original principal instead of the unrecovered balance, what is the loan balance after 8 years provided the same $21,215.85 payments are made each year? The loan balance is $ .
You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest) Loan Interest Rate Life (years) Date of Loan $902,000 12...
You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest) Loan Interest Rate Life (years) Date of Loan $902,000 12.80% 49 January 1, 2019 Use the installment method-not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 29 payments have been made, what percentage...
Loan Amortization Your company is planning to borrow $2.25 million on a 5-year, 8%, annual payment,...
Loan Amortization Your company is planning to borrow $2.25 million on a 5-year, 8%, annual payment, ly amortize term loan. What fraction of the payment made at the end of the second year will represent repayment of principal? Do not round intermediate calculations. Round your answer to two decimal places Loan Amortization Assume that your aunt sold her house on December 31, and to his close the sale she took a second mortgage in the amount of $30,000 as part...
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interest rate r is rtn.t rt Ben buys his $230,000 home and, after the $40,000 down payment, finances the remainder with a simple interest amortized loan. Ben can pay at most $1,200 per month for the loan, on which the lender has set an annual rate...
The
annual payment is $14,700.
$150,000 was borrowed at 8% per year. Annual end of year payments of $14,700 will be made. When this loan is paid off, what will be the amount off the last payment?
Mortgage Amortization Complete the loan amortization schedule for a Mortgage that will be repaid over 360 months and answer the following questions (The details about the loan are shown below): Correct Answers 1. What is your monthly payment? 2. What is the total $ amount of payments made over the life of the loan Enter Answers Here. 3. How many months will it take to pay off the loan if you pay an extra $465.71 per month? Note: Enter the...
ii. Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Which of the following statements regarding his mortgage is most correct? a. The monthly payments will decline over time. b. The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan. c. The total dollar amount of principal being paid off each month gets larger as the loan...
Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Which of the following statements regarding his mortgage is most correct? a. The monthly payments will decline over time. b. The proportion of the monthly payment that represents interest will be lower for the last payment than for the first payment on the loan. c. The total dollar amount of principal being paid off each month gets larger as the loan approaches...
Upon graduation from college, Warren Roberge was able to defer payment on his $33,000 student loan for 3 months. Since the interest will no longer be paid on his behalf, it will be added to the principal until payments begin. If the interest is 2.89% compounded monthly, what will the principal amount be when he must begin repaying his loan? What is N in this problem? O A. The number of payments. OB. The number of compounds per year. OC....
You borrow money on a self liquidating installemnt loan (equal payments at the end of each year, each payment is part principal part interest) Loan Interest Rate Life (years) Date of Loan $902,000 12.80% 49 January 1, 2019 Use the installment method-not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 29 payments have been made, what percentage...
Loan Amortization Your company is planning to borrow $2.25 million on a 5-year, 8%, annual payment, ly amortize term loan. What fraction of the payment made at the end of the second year will represent repayment of principal? Do not round intermediate calculations. Round your answer to two decimal places Loan Amortization Assume that your aunt sold her house on December 31, and to his close the sale she took a second mortgage in the amount of $30,000 as part...
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