A mortgage loan of $102,542 at 6% compounded monthly is amortized by equal monthly payments over 25

Fantastic news! We've Found the answer you've been seeking!

Question:

A mortgage loan of $102,542 at 6% compounded monthly is amortized by equal monthly payments over 25 years. What is the total amount of interest that would be paid over the entire amortization period?

a). $198,203

b). $95,662

c). $44,500

d). $103,622

e). $88,297

Related Book For answer-question

Personal Finance Turning Money into Wealth

ISBN: 978-0133856439

7th edition

Authors: Arthur J. Keown

Posted Date: Jan 20, 2021 01:55 AM

See More Questions

What is the total amount Bae will have to repay for his $25,000 student loan if the interest rate is 6 percent over 10 years? What is the total amount he would have to repay if the $25,000 was a...
What is the total amount removed from Joshua's estate in 2014?
What is the total amount of estate removed from Barry and Mary's estate?
Prove that opposite sides of a quadrilateral circumscribing a circle subtend supplementary angles at the centre of the circle.
Define upward, downward, and horizontal communication.
Air is compressed steadily and adiabatically from 17C and 90 kPa to 200C and 400 kPa. Assuming constant specific heats for air at room temperature, the isentropic efficiency of the compressor is (a)...
As part of their review, external auditors must comment on the reliance and effectiveness of internal audit. Discuss how they will go about doing this.
On October 1, 2016, Kristal Corp. issued $700,000, 5%, 10-year bonds at face value. The bonds were dated October 1, 2016, and pay interest annually on October 1. Financial statements are prepared...
Find the future value of $5000, at an annual percentage rate of 3.2%, compounded continuously, for 7 yr. [5.2] Business: present value. Find the present value of $10,000 due in 5 yr, at an interest...
1. Purchased $87,360 in materials on account. 2. Issued $3,730 in supplies from the materials inventory to the production department. 3. Issued $43,760 in direct materials to the production...
Discuss the causes of conflict within your employer organisation or an organisation that you are familiar with. Your answer must discuss relevant theory comprehensively and critically. You must...
What is a single-ISA heterogeneous multi-core architecture? Which advantages do you see for such an architecture?
What is the Internet of Things (IoT)?
Some levels of the memory hierarchy may be hidden from the application programmer. Why should such a programmer nevertheless care about the architecture of such levels?
Explain the terms GPU and MPSoC!
Fill in the missing amounts in the following table: Demand for the Apple Watch Demand for roses on Valentine's Day Demand for electronic cigarettes % Change in Price +50% -10% % Change in Quantity...
Bob is a famous professional athlete in Metropolis. He is hired by RealSports, a regional chain of athletic apparel superstores, to appear at the grand opening of their newest store in Metropolis....
The nitrogen atoms in N2 participate in multiple bonding, whereas those in hydrazine, N2H4, do not. (a) Draw Lewis structures for both molecules. (b) What is the hybridization of the nitrogen atoms...
What steps should you take if your health insurance claim is denied?
1. What type of trust is appropriate for remarried couples such as the Lipmans? How might your answer change if each spouse has sufficient assets to provide for himself or herself independently...
Why is financial knowledge the best protection when faced with daily financial decisions?
Name three samples of traditional analysis patterns developed by using analogy approach.
T/F: SAPs are based on stability model.
T/F: Stability model is a layered approach for developing software systems.

A mortgage loan of $102,542 at 6% compounded monthly is amortized by equal monthly payments over 25

Question:

Expert Answer:

interest rate 6 monthly interest 05 Total months 2512300 months Pre... View the full answer

Personal Finance Turning Money into Wealth

Students also viewed these finance questions