Homework Answers
| Amount $ | |||
| Payment Number | Interest Payment | Principal payment | New loan balance |
| 1 | 401.17 | 311.76 | 57,688.24 |
| 2 | 399.01 | 313.92 | 57,374.32 |
| : | : | : | : |
| 50 | 275.90 | 437.03 | 39,452.62 |
| 51 | 272.88 | 440.05 | 39,012.57 |
| Working: | |||
| Payment Number | Interest Payment | Principal payment | New loan balance |
| 1 | =58000*8.3%*1/12 | =712.93-401.17 | =58000-311.76 |
| 2 | =57688.24*8.3%*1/12 | =712.93-399.01 | =57688.24-313.92 |
| : | : | : | : |
| 50 | 275.90 | 437.03 | =39452.62 |
| 51 | =39452.62*8.3%*1/12 | =712.93-272.88 | =39452.62-440.05 |
Add Answer to:
To help with the startup costs of his new yoga studio, Bill is taking out a...
6 8 To help with the startup costs of his new yoga studio, Manuel is taking out a $62,000 amortized loan for 10 yea...
6 8 To help with the startup costs of his new yoga studio, Manuel is taking out a $62,000 amortized loan for 10 years at 7.4% annual interest. His monthly payment for this loan is $732.72 Fill in all the blanks in the amortization schedule for the loan. Assume that each month isof a year. Round your 12 answers to the nearest cent. Payment number Principal Interest New loan balance payment payment $488.34 $39,140.67 $244.38 56
6 8 To help...
Wade Ellis buys a new car for $16,135.79. He puts 10% down and obtains a simple...
Wade Ellis buys a new car for $16,135.79. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1/2 (a) Find his monthly payment. interest for four years. (Round your answers to the nearest cent.) (b) Find the total interest. (c) Prepare an amortization schedule for the first two months of the loan. Payment Number Principal Portion Interest Portion Total Payment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $
Critical Thinking Questions Case 4-1 Bill has a bicycle repair shop in his basement. He would...
Critical Thinking Questions Case 4-1 Bill has a bicycle repair shop in his basement. He would like a larger workshop so he investigates taking out a loan to convert his garage to a workshop. He uses Excel to create an amortization schedule. Bill would like to borrow $50,000 and pay it off in 10 years. What components will he need to identify for a loan amortization schedule created on an Excel worksheet? a. beginning and ending loan balance c. beginning...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent....
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 30-year fixed-rate mortgage at 4%. -nt a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $525.16. (Do not round until the final answer. Then round to the nearest cent as needed.) The...
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at a 4% annual rate of...
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at a 4% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual end-of-year payments Calculate the annual end of year loan payment b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time. a. The amount of the...
WUSUI Rei Finance Charges. Bill wants to purchase a new car for $50,000. Bill has no...
WUSUI Rei Finance Charges. Bill wants to purchase a new car for $50,000. Bill has no savings, so he needs to finance the entire purchase amount. With no down payment, the interest rate on the loan is 8% and the maturity of the loan is six years. His monthly payments will be $876.66. Bill's monthly net cash flows are $686. Bill also has a credit card with a $9,365 limit and an interest rate of 12%. If Bill uses all...
1. Suppose that a $15,000 loan for a new car is to be by level payments...
1. Suppose that a $15,000 loan for a new car is to be by level payments at the end of each month for 5 years at a 3% effective annual rate of interest. Fill in the blanks corresponding to the first 6 months of the amortization schedule. Month Payment Interest Paid Principal paid Balance 15,000.00
Givens, Hong, and Partners obtained a $8600 term loan at 10.1% compounded annually for new boardroom...
Givens, Hong, and Partners obtained a $8600 term loan at 10.1% compounded annually for new boardroom furniture. Prepare a complete amortization schedule in which the loan is repaid by equal semiannual payments over three years. (Round your answers to the nearest cent. Do not round the intermediate calculations.) Payment Interest Principal Principal number Payment $ portion $ portion $ balance $ 0 -- -- -- 8600.00 1 2 3 4 5 6
Givens, Hong, and Partners obtained a $7600 term loan at 9.1% compounded annually for new boardroom...
Givens, Hong, and Partners obtained a $7600 term loan at 9.1% compounded annually for new boardroom furniture. Prepare a complete amortization schedule in which the loan is repaid by equal semiannual payments over three years. (Round your answers to the nearest cent. Do not round the intermediate calculations.) Payment number 0 Interest portion $ Principal portion $ Payment $ Principal balance $ 7600.00 1 2. 3 4 5 6
6 8 To help with the startup costs of his new yoga studio, Manuel is taking out a $62,000 amortized loan for 10 years at 7.4% annual interest. His monthly payment for this loan is $732.72 Fill in all the blanks in the amortization schedule for the loan. Assume that each month isof a year. Round your 12 answers to the nearest cent. Payment number Principal Interest New loan balance payment payment $488.34 $39,140.67 $244.38 56
6 8 To help...
Use PMT = to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $190,000 20-year fixed-rate mortgage at 3.5%. a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $ 1101.92. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest...
PH Use PMT = - to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 30-year fixed-rate mortgage at 4%. -nt a. Find the monthly payments and the total interest for the loan. b. Prepare a loan amortization schedule for the first three months of the mortgage. a. The monthly payment is $525.16. (Do not round until the final answer. Then round to the nearest cent as needed.) The...
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at a 4% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual end-of-year payments Calculate the annual end of year loan payment b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time. a. The amount of the...
WUSUI Rei Finance Charges. Bill wants to purchase a new car for $50,000. Bill has no savings, so he needs to finance the entire purchase amount. With no down payment, the interest rate on the loan is 8% and the maturity of the loan is six years. His monthly payments will be $876.66. Bill's monthly net cash flows are $686. Bill also has a credit card with a $9,365 limit and an interest rate of 12%. If Bill uses all...
1. Suppose that a $15,000 loan for a new car is to be by level payments at the end of each month for 5 years at a 3% effective annual rate of interest. Fill in the blanks corresponding to the first 6 months of the amortization schedule. Month Payment Interest Paid Principal paid Balance 15,000.00
Givens, Hong, and Partners obtained a $7600 term loan at 9.1% compounded annually for new boardroom furniture. Prepare a complete amortization schedule in which the loan is repaid by equal semiannual payments over three years. (Round your answers to the nearest cent. Do not round the intermediate calculations.) Payment number 0 Interest portion $ Principal portion $ Payment $ Principal balance $ 7600.00 1 2. 3 4 5 6
Most questions answered within 3 hours.
-
Employee training can
be defined as planned organizational efforts to help employees
learn job-related knowledge, skills,...
asked 7 minutes ago -
Which for loop is implemented correctly in Java?
Group of answer choices
for (i = 0...
asked 53 minutes ago -
Required information
[The following information applies to the questions
displayed below.]
In 2019, Alliant Corporation acquired...
asked 1 hour ago -
How much must I invest today if I want to withdraw 1/3 of my
original investment...
asked 3 hours ago -
What is meant by a “term premium”?
What can explain such a premium? Is it a...
asked 4 hours ago -
23. Which molecule has only covalent bonds? A. CO2 B. Al2O3 C.
Mg3N2
24. The octet...
asked 5 hours ago -
the
total pressure for a mixture of N2O4 and NO2 is 2.20 atm. If Kp=
7.10...
asked 5 hours ago -
Delaware Corp. prepared a master budget that included $22,385
for direct materials, $28,600 for direct labor,...
asked 5 hours ago -
For pesticide HCB (hexachlorobenzene), its logarithmic partition
coefficient log Kow is 5.6. What would be the...
asked 5 hours ago -
A chemist requires 0.422 mil Na2CO3 for a reaction. How many
grams does this correspond to?
asked 5 hours ago -
If the vapor pressure of carvone is approximately 9.4 torr at 99
°C, approximately how much...
asked 5 hours ago -
A juice bottling company is carrying out a test at 10%
significance that the mean population...
asked 5 hours ago