Ricky took out a $268,000, 30-year mortgage at an APR of 6.34%. a. What is the monthly
Question:
a. What is the monthly payment to the nearest cent?
b. What will be his total interest charges after 30 years, to the nearest thousand dollars?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
a 1 66584 b 30 12 360 360 1...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
Question Posted:
Students also viewed these Linear Algebra questions
-
United Bank offers a 15 year mortgage at an APR of 6.2%. Capitol Bank offers a 25 year mortgage at an APR of 6.5%. Marcy wants to borrow $120,000. a. What would the monthly payment be from United...
-
Johnny took out a $500,000 30 year mortgage with an APR of 6.95%. The first month he made an extra payment of $1,000. What was his balance at the end of the first month?
-
1. Find the monthly payment on a $100,000, 25-year mortgage at 5.4% interest compounded monthly. 2. Mortgage Payment Find the monthly payment on a $250,000, 30-year mortgage at 4.8% interest...
-
Consider a two-stage compression refrigeration system operating between the pressure limits of 0.8 and 0.14 MPa. The working fluid is refrigerant-134a. The refrigerant leaves the condenser as a...
-
The Big Event (TBE) recently started a business organizing food and music at weddings and other large events. In order to better understand the profitability of the business, the owner has asked you...
-
Consider two Hermitian operators \(\hat{A}\) and \(\hat{B}\) and consider the unitary operators formed from exponentiating them: \[\begin{equation*}\hat{U}_{A}=e^{i \hat{A}}, \quad \hat{U}_{B}=e^{i...
-
A 2-in.-diameter sphere weighing \(0.14 \mathrm{lb}\) is suspended by the jet of air shown in Fig. P9.88. The drag coefficient for the sphere is 0.5. Determine the reading on the pressure gage if...
-
Your client, Schroeder Manufacturing Co., provided the following schedule of property, plant, and equipment for the year ended June 30, 2019. Balances have been agreed to the general ledger. As part...
-
You are 28 years old. You plan to save for your retirement between now and age 65 (when you retire). You would like your savings to finance a retirement income of $65,000 per year (at the end of the...
-
February 2012 Treasury 6s of 2030 offered a semiannually compounded yield of 2.70%. Recognizing that coupons are paid semiannually, calculate the bond's price.
-
Fill in the missing entries in this loan amortization table for a $220,000 20 year mortgage with an APR of 5.95%. Payment Beginning Monthly Towards Towards Ending Number Balance Payment Interst...
-
Joanne and Matt have been approved for a $350,000, 15-year mort- gage with an APR of 6.25%. Using the mortgage and interest formulas, set up a two-month amortization table with the following headings...
-
Five years ago, the City of Paranoya spent $30,000 to purchase a computerized radar system called W.A.S.T.E. (Watching Aliens Sent To Earth). Recently, a sales rep from W.A.S.T.E. Radar Company told...
-
Alma Cervantes, director of the San Mateo branch, will now supervise all Western Division operations; the Mountain Division will be supervised by our Utah branch director, Diane Macdonald. Your Task....
-
How do smell and taste function?
-
Dr. Lopez is upset because his presence has become a __________ __________for Theresas crying.
-
A surgeon places an electrode on a portion of your brain and stimulates it. Immediately, your right wrist involuntarily twitches. The doctor has most likely stimulated a portion of the __________area...
-
Which of the following statements is true? A. Region subscriptions occur at the AD level. B. Region subscriptions occur at the compartment level. C. Region subscriptions occur at the group level. D....
-
An asset (which has never been revalued) has a carrying amount of 100,000. The asset is being depreciated on the straight-line basis, with a remaining useful life of three years and a residual value...
-
Open Text Corporation provides a suite of business information software products. Exhibit 10-9 contains Note 10 from the companys 2013 annual report detailing long-term debt. Required: a. Open Text...
-
Use a graphing calculator to construct a table of values and a graph for the first 10 terms of the sequence. Lu uy 21. ai = 2, an+1 = V1+ Van
-
Predict the general term, or nth term, an, of the sequence. Answers may vary. a. 2, 4, 6, 8, 10, c b. 3, 9, 27, 81, 243, c c. -2, 6, -18, 54, c
-
Find the indicated partial sums for the sequence. a. 1, 2, 3, 4, 5, 6, 7, c; S3 and S7 b. 1, -3, 5, - 7, 9, - 11, c; S2 and S5 c. 2, 4, 6, 8, c; S4 and S5
-
A project that is expected to generate annual after-tax cash flows of $2,200 for each of the next 20 years. The project's cost of capital is 8.5 percent and it has an IRR of 9.058 percent. What is...
-
Why are unpaid accruals a "temporary" source of cash? Please give some details and examples.
-
Gabbie has to decide between the following two choices: Option 1: Get $320 with probability 35.97%, and $84.15 with the complement probability. Option 2: Get $94.95 with 100% probability. Her utility...
Study smarter with the SolutionInn App