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4. Show that in general, the loan balance after the nth payment is Bn = 1.005"Bo...
4. Show that in general, the loan balance after the nth payment is Bn= 1.005”Bo –...
4. Show that in general, the loan balance after the nth payment is Bn= 1.005”Bo – 500(1 + 1.005 + 1.0052 + +1.005n-1), where n = 0, 1, 2, ....
3. At this point we have found a recurrence relation for the sequence of loan balances....
3. At this point we have found a recurrence relation for the sequence of loan balances. We now find an explicit formula for B». Beginning with the first month, we know B1 = 1.005 Bo – 500. After the second payment, the loan balance is B2 = 1.005-B0 - 500(1 + 1.005). Show that after the third payment, the loan balance is B3 = 1.0053B0-500(1 + 1.005 + 1.0052).
i need help answering 1-4! thanks The mathematics of loans 99 Guided Project 45: The mathematics...
i need help answering 1-4! thanks
The mathematics of loans 99 Guided Project 45: The mathematics of loans Topics and skills: Sequences and sums Between houses, cars, or education, most people will take out a loan at some time in their lives. In a typical loan situation, a person borrows an amount $B at a fixed interest rate with a fixed payback period. The borrower makes monthly payments until the loan balance (the amount that remains to be paid) is...
1. Let's take a specific example. Assume you borrow Bo = $15,000 with a fixed annual...
1. Let's take a specific example. Assume you borrow Bo = $15,000 with a fixed annual interest rate of 6%, or 0.5% per month. As a first problem, assume that your monthly payment is $500. The goal is to compute the number of months required to pay off the loan. Every month, two things happen: Interest, which is 0.5% of the current balance, is added to the current balance and the loan balance is decreased by the monthly payment of...
5) A loan is being repaid by 2n level payments (with the first payment 1 period after the start of the loan) at an...
5) A loan is being repaid by 2n level payments (with the first payment 1 period after the start of the loan) at an effective interest rate of j per period. Just after the nth payment, the outstanding balance on the loan is 3/4 of the initial outstanding balance on the loan. a) Find vj". b) What is the ratio of interest to principal reduction in the n+1st payment? (i.e In+1/PR.n+1)
Suppose that a loan of amount L is being repaid by n installments of R at...
Suppose that a loan of amount L is being repaid by n installments of R at the end of each period. Denote by B. the outstanding loan balance immediately after the tth payment has been made, t=0,1,2,...,n. Then Bo = L, Bn=0, and for t=1,2,...,n, Bi's satisfy the following recurrence relation: B+1= B.(1+i) - R, where i is the interest rate per period. (a) By using (*) to form the sum SBS 1+i)'-s, t=1,2,...,n, (**) show that B = L(1...
Total Loan amount: The total mortgage loan amount is the amount you borrow after paying your down payment. Here, we assumed that you would pay 20% of the home value (property value) as a down payment. 2. Months: The mortgage payment period is set to 30 ye
Total Loan amount: The total mortgage loan amount is the amount you borrow after paying your down payment. Here, we assumed that you would pay 20% of the home value (property value) as a down payment. 2. Months: The mortgage payment period is set to 30 years. In terms of months, this is equivalent to 30 years multiplied by 12 months. We put our primary basis of payments in terms of months, which is why we need to convert everything...
Question 4 (1 point) Mortgage Payment Formula As payments are made to pay off a mortgage,...
Question 4 (1 point) Mortgage Payment Formula As payments are made to pay off a mortgage, the principal balance remaining to be paid goes down a little after each payment in a non-linear fashion. The principal balance after k months (k payments) is: P = -m ((r + 1)* - 1 - + (r + 1)*P Where: m is the monthly payment (same amount each month). r is the monthly interest rate as a decimal number, e.g., 0.5%/month = P,...
10 Homework Problems A few years back, Dave and Jana bought a new home They bo...
10 Homework Problems A few years back, Dave and Jana bought a new home They bo owed $230,415 at an annual fixed rate of 5 49% (15-year term with mothly payments of $1,881.46. They just made their 25th payment, and the current balance on the lean is $208,555 87 Interest rates are at an al-time Ow, and Dave and Jana are thinking of refinancing to a new 15-year fled loan. Their bank has made the following offer: 15-year term, 30%,...
Please show in excel like above, thanks! Balance Sheet & Income Statement Coast Ltd., which has...
Please show in excel like above,
thanks!
Balance Sheet & Income Statement Coast Ltd., which has just started trading on 1 January 2019. has the following account balances prior to the recording of the final month of the year: Account Balances as at 30 November 2019 Account $ Cash $5 300 Accounts receivable $6 400 Stock of Supplies $11 600 Property, Plant & Equipment -cost $36 000 Accounts payable $3 000 Interest payable S 100 Bank Loan $12 000 Contributed...
4. Show that in general, the loan balance after the nth payment is Bn= 1.005”Bo – 500(1 + 1.005 + 1.0052 + +1.005n-1), where n = 0, 1, 2, ....
3. At this point we have found a recurrence relation for the sequence of loan balances. We now find an explicit formula for B». Beginning with the first month, we know B1 = 1.005 Bo – 500. After the second payment, the loan balance is B2 = 1.005-B0 - 500(1 + 1.005). Show that after the third payment, the loan balance is B3 = 1.0053B0-500(1 + 1.005 + 1.0052).
i need help answering 1-4! thanks
The mathematics of loans 99 Guided Project 45: The mathematics of loans Topics and skills: Sequences and sums Between houses, cars, or education, most people will take out a loan at some time in their lives. In a typical loan situation, a person borrows an amount $B at a fixed interest rate with a fixed payback period. The borrower makes monthly payments until the loan balance (the amount that remains to be paid) is...
1. Let's take a specific example. Assume you borrow Bo = $15,000 with a fixed annual interest rate of 6%, or 0.5% per month. As a first problem, assume that your monthly payment is $500. The goal is to compute the number of months required to pay off the loan. Every month, two things happen: Interest, which is 0.5% of the current balance, is added to the current balance and the loan balance is decreased by the monthly payment of...
5) A loan is being repaid by 2n level payments (with the first payment 1 period after the start of the loan) at an effective interest rate of j per period. Just after the nth payment, the outstanding balance on the loan is 3/4 of the initial outstanding balance on the loan. a) Find vj". b) What is the ratio of interest to principal reduction in the n+1st payment? (i.e In+1/PR.n+1)
Suppose that a loan of amount L is being repaid by n installments of R at the end of each period. Denote by B. the outstanding loan balance immediately after the tth payment has been made, t=0,1,2,...,n. Then Bo = L, Bn=0, and for t=1,2,...,n, Bi's satisfy the following recurrence relation: B+1= B.(1+i) - R, where i is the interest rate per period. (a) By using (*) to form the sum SBS 1+i)'-s, t=1,2,...,n, (**) show that B = L(1...
Question 4 (1 point) Mortgage Payment Formula As payments are made to pay off a mortgage, the principal balance remaining to be paid goes down a little after each payment in a non-linear fashion. The principal balance after k months (k payments) is: P = -m ((r + 1)* - 1 - + (r + 1)*P Where: m is the monthly payment (same amount each month). r is the monthly interest rate as a decimal number, e.g., 0.5%/month = P,...
10 Homework Problems A few years back, Dave and Jana bought a new home They bo owed $230,415 at an annual fixed rate of 5 49% (15-year term with mothly payments of $1,881.46. They just made their 25th payment, and the current balance on the lean is $208,555 87 Interest rates are at an al-time Ow, and Dave and Jana are thinking of refinancing to a new 15-year fled loan. Their bank has made the following offer: 15-year term, 30%,...
Please show in excel like above,
thanks!
Balance Sheet & Income Statement Coast Ltd., which has just started trading on 1 January 2019. has the following account balances prior to the recording of the final month of the year: Account Balances as at 30 November 2019 Account $ Cash $5 300 Accounts receivable $6 400 Stock of Supplies $11 600 Property, Plant & Equipment -cost $36 000 Accounts payable $3 000 Interest payable S 100 Bank Loan $12 000 Contributed...
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