Ms. Esperanto obtained a $41,000 home equity loan at 8.4% compounded monthly. (Do not round intermediate...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ms. Esperanto obtained a $41,000 home equity loan at 8.4% compounded monthly. (Do not round intermediate calculations. Round the PMT and final answers to 2 decimal places.) a. What will she pay monthly if the amortization period is 13 years? Payment 2$ per month b. How much of the payment made at the end of the fourth year will go towards principal and how much will go towards interest? Principal Interest c. What will be the balance on the loan after four years? Balance $ d. How much interest did she pay during the fourth year? Interest paid Activate Ms. Esperanto obtained a $41,000 home equity loan at 8.4% compounded monthly. (Do not round intermediate calculations. Round the PMT and final answers to 2 decimal places.) a. What will she pay monthly if the amortization period is 13 years? Payment 2$ per month b. How much of the payment made at the end of the fourth year will go towards principal and how much will go towards interest? Principal Interest c. What will be the balance on the loan after four years? Balance $ d. How much interest did she pay during the fourth year? Interest paid Activate
Expert Answer:
Answer rating: 100% (QA)
principal amount41000 yearly interest840084 monthly interest070007 ... View the full answer
Related Book For
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
Posted Date:
Students also viewed these finance questions
-
For the beam and loading shown, design the cross section of the beam, knowing that the grade of timber used has an allowable normal stress of 16 MPa. B 90 kN/m 3.2 m A d= mm X
-
Do not round intermediate calculation; however for display purposes report intermediate steps rounded to four significant figures, Give your final answer(s) so four significant figures. The small...
-
Ms. Esperanto obtained a $40,000 home equity loan at 7.5% compounded monthly. a. What will she pay monthly if the amortization period is 15 years? b. How much of the payment made at the end of the...
-
Suppose that Canada produces two goods: lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish each day. a. What is the maximum amount of lumber Canada...
-
According to AICPA auditing standards, what are the necessary ingredients for audit evidence to be considered "appropriate"?
-
Explain whether you agree or disagree with the following statement: "A portfolio expected return is simply a weighted average of the expected return of all assets in the portfolio."
-
In 2009, two of America's largest auto firms, General Motors and Chrysler, each declared bankruptcy. This caused much attention to be focused on this industry, its competitive advantages and...
-
Paridon Motors purchases an 80% interest in Snap Battery Company on January 1, 2012, for $700,000 cash. At that date, Snap Battery Company has the following stockholders equity: Common stock ($10...
-
2 . On January 1 , Nick Smith's Aunt Betty canceled his outstanding debt of $ 1 0 0 , 0 0 0 . Should Nick include the canceled outstanding debt in their gross income?
-
From the following account balances, prepare in proper form for June (a) An income statement, (b) A statement of owner?s equity, (c) A balance sheet for Freeman Realty. Cash $5,200 S. Freeman,...
-
What is a standardized set of activities that accomplishes a specific task?A . Business strategyB.Business outcomeC.Business processD.Knowledge process
-
Find the minimum and maximum values of z=2x+7y, if possible, for the following set of constraints. x+y6 -x+y2 2x-y8 Select the correct choice below and, if necessary, fill in the answer box to...
-
Briefly explain what is meant by the term public sociology.? Look at the news regarding the economic situation of the country since the pandemic --who has lost and who has gained? What groups and...
-
How do change agents navigate the intricate interplay of cognitive biases, socio-cultural dynamics, and systemic inertia when orchestrating interventions aimed at catalyzing organizational...
-
calculate orbital parameters using Kepler's Third Law (P' 2 = a 3 ). 1) Scientists just discovered a new comet that orbits the Sun once every 540 years. a) What is the semi-major axis of this comet...
-
What is the present value of $ 1 comma 0 0 0 paid at the end of each of the next 1 0 0 years if the interest rate is 7 % peryear? The present value is$ ( Round to the nearestcent. ) A rich aunt has...
-
what is the future value on a principle of $ 4 , 0 0 0 at the rate of 6 . 5 % and for 9 months
-
1. Following are information about Alhadaf Co. Cost incurred Inventory Purchases Sales Adverting expense Salary Expense Depreciation Beginning Inventory Ending Inventory Amount 118,000 350.000 90,000...
-
For what values(s) of k will the following system of linear equations have no solution? Infinitely many solutions? S 2x 3y = 4 -6 + 9 D k %3D
-
An electronics firm determines that the number of defective circuit boards in each batch averages 15 with standard deviation 10. Suppose that 100 batches are produced. Use the Chebychev inequality to...
-
Refer to Exercise 33 of Section 8.1. In the long run, what fraction of female babies will have a High birth weight? An Average birth weight? Refer to Exercise 33, Birth weights can be classified as...
-
The Internet is a good place to get information that is useful to you in your study of accounting. For example, you can find information about current events, professional accounting organizations,...
-
Which of the following does not describe accounting? a. Language of business. b. Is an end rather than a means to an end. c. Useful for decision making. d. Used by business, government, nonprofit...
-
Why does internal accounting information need to be timely?
Study smarter with the SolutionInn App