Below is the loan repayment schedule for the month 35 of a home loan. The borrower...
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Below is the loan repayment schedule for the month 35 of a home loan. The borrower repays the same amount with both the principal and the interest (P&I) at the end of each month. Month Loan outstanding at the beginning of the month 35 $334933.57 $1423.47 The following equation is used to find the original loan amount (X). PMT ((1+i)" - 1) = 334456.72 i= n= Interest paid X(1+i)" Calculate the following variables in the equation above: For percentage, round your answer to the nearest 0.001% (3dp). Do not include the % symbol. Do not use comma separators. For example, if your answer in decimal is 0.123456, 12.346 would be the correct format. PMT=$ Principal paid For n, show your answer as an integer (positive or negative). Do not include units like "years" or "months" (number only). Do not use comma separators. For example, 123456 would be the correct format. % (1 mark) For money amounts, round your answer to the nearest cent. Do not include S. Do not use comma separators. For example, 1234.56 would be the correct format. (1 mark) $476.86 (1 mark) Loan outstanding at the end of the month $334456.72 Below is the loan repayment schedule for the month 35 of a home loan. The borrower repays the same amount with both the principal and the interest (P&I) at the end of each month. Month Loan outstanding at the beginning of the month 35 $334933.57 $1423.47 The following equation is used to find the original loan amount (X). PMT ((1+i)" - 1) = 334456.72 i= n= Interest paid X(1+i)" Calculate the following variables in the equation above: For percentage, round your answer to the nearest 0.001% (3dp). Do not include the % symbol. Do not use comma separators. For example, if your answer in decimal is 0.123456, 12.346 would be the correct format. PMT=$ Principal paid For n, show your answer as an integer (positive or negative). Do not include units like "years" or "months" (number only). Do not use comma separators. For example, 123456 would be the correct format. % (1 mark) For money amounts, round your answer to the nearest cent. Do not include S. Do not use comma separators. For example, 1234.56 would be the correct format. (1 mark) $476.86 (1 mark) Loan outstanding at the end of the month $334456.72
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The image contains a loan repayment schedule showing the state of a home loan in its 35th month as well as an equation to calculate the original loan ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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