13)
Hence, unpaid balance after 6th payment is $8,852.08
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13-19 odd please 13. A $10,000 loan is to be amortized for 10 years with quarterly...
A $12,000 loan is to be amortized for 10 years with quarterly payments of $383.06. If the interest rate is 5%, compounded quarterly, what is the unpaid balance immediately after the sixth payment? (Round your answer to the nearest cent.)
The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A man buys a house for $350,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 9 years. The interest rate on the debt is 12%, compounded semiannually. (a) Find the size of each payment. (b) Find the total amount paid for the purchase. (c) Find the total interest paid over the life of...
The problem describes a debt to be amortized. (Round your answers to the nearest cont.) A man buys a house for $310,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 12 years. The interest rate on the debt is 8%, compounded semiannually. (a Find the size of each payment. $ (b) Find the total amount paid for the purchase. $ (c) Find the total interest paid over the...
The problem describes a debt to be amortized. (Round your answers to the nearest cent.) Sean Lee purchases $40,000 worth of supplies for his restaurant by making a $3,000 down payment and amortizing the remaining cost with quarterly payments over the next 4 years. The interest rate on the debt is 16% compounded quarterly. (a) Find the size of each payment. (b) Find the total amount paid for the purchase (c) Find the total interest paid over the life of...
The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A man buys a boat for $310,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 15 years. The interest rate on the debt is 13%, compounded semiannually. (a) Find the size of each payment. (b) Find the total amount paid for the purchase. (c) Find the total interest paid over the life of...
(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...
7. -/3 points HarMath Ap 12 6.5.017. My Notes Ask Your Teacher The problem describes a debt to be amortized. (Round your answers to the nearest cent.) A man buys a house for $320,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 13 years. The interest rate on the debt is 13%, compounded semiannually. (a) Find the size of each payment. (b) Find the total amount paid for...
Develop an amortization schedule for the loan described. (Round your answers to the nearest cent.) $100,000 for 3 years at 8% compounded annually Period Payment Interest Balance Reduction Unpaid Balance $100,000 4 4 $0.00 Need Help? Read It Talk to a Tutor 10. -11 points HarMathAp 126.5.025. A couple who borrow $50,000 for 20 years at 8.4%, compounded monthly, must make monthly payments of $430.75. (Round your answers to the nearest cent (a) Find their unpaid balance after 1 year...
Find the amortization table for a $13,000 loan amortized over 3 years with semiannual payments if the interest rate is 5.7% per year compounded semiannually. (Round your answers to the nearest cent.) End of Period Payment Made Payment Toward Interest Payment Toward Principal Outstanding Principle 13000
Find the amortization table for a $23,000 loan amortized over 3 years with semiannual payments if the interest rate is 5.3% per year compounded semiannually. (Round your answers to the nearest cent.) End of Payment Period Made Payment Toward Interest Payment Toward Principal Outstanding Principle 23000