What is the total amount of a thirty-year mortgage with monthly payments of $850 and an interest rate of 10% (round your answer to the nearest whole dollar)? a. $25,500 b. $30,600 c. $306,000 d. $336,...
What is the total amount of a thirty-year mortgage with monthly payments of $850 and an interest rate of 10% (round your answer to the nearest whole dollar)?
a. $25,500 b. $30,600 c. $306,000 d. $336,600 e. none of the above answers are correct
Homework Answers
| PVOrdinary Annuity = C*[(1-(1+i/100)^(-n))/(i/100)] |
| C = Cash flow per period |
| i = interest rate |
| n = number of payments |
| PV= 850*((1-(1+ 10/1200)^(-30*12))/(10/1200)) |
| PV = 96858.2 = loan amount |
Add Answer to:
What is the total amount of a thirty-year mortgage with monthly payments of $850 and an interest rate of 10% (round your answer to the nearest whole dollar)? a. $25,500 b. $30,600 c. $306,000 d. $336,...
QUESTION 5 What is the principal (to the nearest whole dollar) remaining after 24 monthly payments have been made o...
QUESTION 5 What is the principal (to the nearest whole dollar) remaining after 24 monthly payments have been made on a $55,000 five-year loan? The annual interest rate is 3% nominal compounded monthly. (Do not enter a dollar sign $ with your answer.)
QUESTION 5 What is the principal (to the nearest whole dollar) remaining after 24 monthly payments have been made on a $55,000 five-year loan? The annual interest rate is 3% nominal compounded monthly. (Do not enter a...
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...
What is the principal (to the nearest whole dollar) remaining after 42 monthly payments have been made on a $21,000 five...
What is the principal (to the nearest whole dollar) remaining after 42 monthly payments have been made on a $21,000 five-year loan? The annual interest rate is 24% nominal compounded monthly. (Do not enter a dollar sign $ with your answer.)
Monthly payments on a $160,000 mortgage are based on an interest rate of 6.6% compounded semiannually...
Monthly payments on a $160,000 mortgage are based on an interest rate of 6.6% compounded semiannually and a 30-year amortization. If a $5000 prepayment is made along with the thirty-second payment: (Do not round the intermediate calculations.) a. How much will the amortization period be shortened? (Round Up to the next whole number.) The amortization period will be shortened by years and month(s). b. What will be the principal balance after four years? (Round your answer to two decimal places.)...
What amount did Canliss borrow? (Round your final answers to nearest whole dollar amount.
Canliss Mining Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $15,000 beginning immediately. The interest rate on the note is 9 %. (FV of $1, PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1 ) (Use appropriate factor(s) from the tables provided.)What amount did Canliss borrow? (Round your final answers to nearest whole dollar amount.
Consider a 30-year mortgage with an interest rate of 10% compounded monthly and a monthly payment...
Consider a 30-year mortgage with an interest rate of 10% compounded monthly and a monthly payment of $850. (1) Calculate the principal. (2) How much of the principal is paid the first, 5th, 20th and last year? (3) How much interest is paid the first, 5th, 20th and last year year? (4) What is the total amount of money paid during the 30 years? (5) What is the total amount of interest paid during the 30 years? (6) What is...
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find the a) Monthly payment, b) The total principal and interest that would be paid on the loan over 30 years c) The balance in 5 years and d
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find thea) Monthly payment,b) The total principal and interest that would be paid on the loan over 30 years c) The balance in 5 years andd) The principal and interest paid over the first 5 years.
25-27 -30. Use the following to answer questions 25-27 (round to nearest whole dollar) Each of...
25-27
-30. Use the following to answer questions 25-27 (round to nearest whole dollar) Each of the following people below has invested the following amounts today and will keep the money invested for the next ten years. Determine the amount the investment will accumuláte over the ten (10) year period. Investment Interest Compounding amount you codp p rate today $50,000 Quarterly Semiannually Monthly Annually 6.0% 6.0 % 6.0 % 6.0 % 50,100 50,000 50,500 25. $ to nearest dollar)? Determine...
What is Vic's monthly interest payment? (Round to the nearest dollar as needed.) 2.) Suppose that...
What is Vic's monthly interest payment? (Round to the nearest dollar as needed.) 2.) Suppose that on January 1 you have a balance of$4200 on a credit card whose APR is 13%,which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total...
QUESTION 5 What is the principal (to the nearest whole dollar) remaining after 24 monthly payments have been made on a $55,000 five-year loan? The annual interest rate is 3% nominal compounded monthly. (Do not enter a dollar sign $ with your answer.)
QUESTION 5 What is the principal (to the nearest whole dollar) remaining after 24 monthly payments have been made on a $55,000 five-year loan? The annual interest rate is 3% nominal compounded monthly. (Do not enter a...
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...
Monthly payments on a $160,000 mortgage are based on an interest rate of 6.6% compounded semiannually and a 30-year amortization. If a $5000 prepayment is made along with the thirty-second payment: (Do not round the intermediate calculations.) a. How much will the amortization period be shortened? (Round Up to the next whole number.) The amortization period will be shortened by years and month(s). b. What will be the principal balance after four years? (Round your answer to two decimal places.)...
25-27
-30. Use the following to answer questions 25-27 (round to nearest whole dollar) Each of the following people below has invested the following amounts today and will keep the money invested for the next ten years. Determine the amount the investment will accumuláte over the ten (10) year period. Investment Interest Compounding amount you codp p rate today $50,000 Quarterly Semiannually Monthly Annually 6.0% 6.0 % 6.0 % 6.0 % 50,100 50,000 50,500 25. $ to nearest dollar)? Determine...
Most questions answered within 3 hours.
-
Calculate the number density of argon gas at a temperature of
24C and a pressure of...
asked 3 minutes ago -
Alternative
Classification
How to Estimate
Probabilities from Data? ( For continuous Attributes)
And How to generate...
asked 6 minutes ago -
An explosion breaks a 20.0-kg object into three parts. The
object is initially moving at a...
asked 1 hour ago -
Calculate the approximate number of residues of Rubisco, which
is involved in carbon fixation in plants,...
asked 2 hours ago -
Other decisions about scientific claims can have a much broader
impact.ENERGYarrow-10x10.png, environment, health, security - all...
asked 2 hours ago -
I need to write a research paper and work cited about this
topic: The United States...
asked 3 hours ago -
Hello! I was wondering if I could have some help?
If the vapor pressure of carvone...
asked 3 hours ago -
An economist wants to estimate the mean per capita income (in
thousands of dollars) for a...
asked 3 hours ago -
What would be the input/output characteristic of a circuit
obtained by putting two of your 2's-complementers...
asked 3 hours ago -
In Drosophila, the transition from the syncytial blastoderm
stage to the cellular blastoderm stage is a...
asked 4 hours ago -
Project management question:
Name 3 different types of resources (hint: humans are one
type)
asked 4 hours ago -
Consider the following reaction: C 2H 2( g) + 2H 2( g) C 2H 6(
g)...
asked 4 hours ago