Miss Sun Tzi obtained a level principal and interest on the balance loan of $78,000. The...
Miss Sun Tzi obtained a level principal and interest on the balance loan of $78,000. The nominal rate of interest is 6% with a term of 5 years and payments scheduled at the end of each month. Compute the 15th payment.
Answers: 1559, 1579, 1599, 1619
Homework Answers
Type of loan = level principal payment and interest on balance amount.
Loan amount (PV) = $78000
No of installments (N) = 5 x 12 = 60
Therefore, principal repayment per installment = 78000 / 60 = $1300
Therefore principal repaid in 14 installments = $1300 x 14 = $18,200
Therefore principal outsanding at the end of 14th installment = 78000 - 18200 = $ 59800
Rate of interest (I) = 6% p.a. = 0.50% p.m.
Interest amount for 15th installment = $59800 x 0.50% = $299
Therefore amount of 15th installment = principal payment + interest payment = $1300 + $299 = $1599
Therefore amount of 15th installment = $1599
Thumbs up please if satisfied. Thanks :)
Add Answer to:
Miss Sun Tzi obtained a level principal and interest on the
balance loan of $78,000. The...
Miss Sun Tzi obtained a level principal and interest on the balance loan of $7,265,989. The nominal rate of interest i...
Miss Sun Tzi obtained a level principal and interest on the balance loan of $7,265,989. The nominal rate of interest is 0.9% with a term of 5 years and payments scheduled at the end of each day. Compute the interest expense associated with the 16th period.
Cloverdale Nurseries obtained a $78,000 loan at 9.3% compounded monthly to build an additional greenhouse. Monthly...
Cloverdale Nurseries obtained a $78,000 loan at 9.3% compounded monthly to build an additional greenhouse. Monthly payments were calculated to amortize the loan over six years. Construct a partial amortization schedule showing details of the first two payments, Payments 44 and 45, and the last two payments. (Do not round intermediate calculations and round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Payment number Payment Interest portion Principal portion Principal...
Ms. Maili Sirrus obtained a balloon loan of $238,665 at a nominal rate of interest of...
Ms. Maili Sirrus obtained a balloon loan of $238,665 at a nominal rate of interest of 4.15 percent for 4 years. If repayment is scheduled at the end of every fifth day, obtain the level of the first few payments, assuming he will pay $ 36,223 at the end of the term. Round your final answer to 2 decimal places.
You borrow a $324355 add-on interest loan from the credit union and will repay in equal...
You borrow a $324355 add-on interest loan from the credit union and will repay in equal installments over 10 years. The nominal rate of interest is 4.19 %. Assuming quarterly repayment and simple rate of interest, obtain the equal quarterly payments Round your final answer to two decimal places. D Question 2 1.5 pts Mr. Anthony Banderus obtained a bullet loan of $170373 at a nominal rate of interest of 5.78 percent for 4 years. If repayment is scheduled at...
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
QUESTION 6 You have just obtained home financing from a bank. The principal amount is RM750,000...
QUESTION 6 You have just obtained home financing from a bank. The principal amount is RM750,000 and the loan is to be repaid over a period of 20 years via equal end-of-the-month monthly installment payments. The bank charges an annual nominal rate of 6.6%. The calculations are based on the concept of amortization. Required: i. Calculate the monthly installment payment amount. ii. How much of the third monthly installment payment will go towards the repayment of principal? iii. How much...
You took a 5 year, $100,000 loan. The loan has equal principal payments. The loan carries...
You took a 5 year, $100,000 loan. The loan has equal principal payments. The loan carries a 6% annual interest rate and is paid back in annual payments. 1. What is the outstanding balance of the loan after 3 years? 2. Compute an amortization table for the loan. 3. What is the interest payment on the fourth installment?
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
A 65,000 annual payment loan is made for a term of 10 years at 7.3% interest....
A 65,000 annual payment loan is made for a term of 10 years at 7.3% interest. The lender wants only payments of interest until the end of year 10 when the 65,000 must be repaid. The borrower will make level annual year-end payments to a sinking fund earning 4.8%. Find the level sinking fund deposit and the balance in the sinking fund at time 5. find the total payment and the principal in the 6th payment.
Cloverdale Nurseries obtained a $78,000 loan at 9.3% compounded monthly to build an additional greenhouse. Monthly payments were calculated to amortize the loan over six years. Construct a partial amortization schedule showing details of the first two payments, Payments 44 and 45, and the last two payments. (Do not round intermediate calculations and round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Payment number Payment Interest portion Principal portion Principal...
You borrow a $324355 add-on interest loan from the credit union and will repay in equal installments over 10 years. The nominal rate of interest is 4.19 %. Assuming quarterly repayment and simple rate of interest, obtain the equal quarterly payments Round your final answer to two decimal places. D Question 2 1.5 pts Mr. Anthony Banderus obtained a bullet loan of $170373 at a nominal rate of interest of 5.78 percent for 4 years. If repayment is scheduled at...
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
A 65,000 annual payment loan is made for a term of 10 years at 7.3% interest. The lender wants only payments of interest until the end of year 10 when the 65,000 must be repaid. The borrower will make level annual year-end payments to a sinking fund earning 4.8%. Find the level sinking fund deposit and the balance in the sinking fund at time 5. find the total payment and the principal in the 6th payment.
Most questions answered within 3 hours.
-
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 9 minutes ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 1 hour ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 3 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 4 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 5 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 7 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 5 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 7 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 7 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 7 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 7 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 7 hours ago