Danlel and Jan agreed to pay $563,000 for a four-bedroom colonlal home In Waltham, Massachusetts, with...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Danlel and Jan agreed to pay $563,000 for a four-bedroom colonlal home In Waltham, Massachusetts, with a $60,000 down pavment They have a 30-year mortgage at a fixed rate of 6.00%. (Use Table 15.1) How much Is their monthly payment? (Do not round Intermediate calculations. Round your answer to the nearest dollar amount.) Monthly payment b. After the first payment, what would be the balance of the principal? (Do not round Intermediate calculations. Round your answers to the nearest dollar amount.) Portion to- Balance of loan Payment number Interest Principal outstanding TABLE 15-1 Amortization table (mortgage principal and Interest por $1,000) INTEREST Term in years 5% 51% 6% 6% 7% 71% 8% 81% 9% 10% 10% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 12 8.52 9.25 0,51 9.76 10,02 10 29 10,56 10,89 11.11 11.30 11.67 1106 12.25 1254 15 7.15 7.91 8.18 844 8.72 8.99 9.28 9.56 985 10.15 10.45 11.06 10.76 10.22 1137 17 6.52 7.29 784 8.12 840 8.69 8.99 929 9.59 9.00 10.54 10 86 20 5.80 G.60 6.88 717 7.46 7.76 8.06 8.37 868 9.00 933 S66 9.99 10.33 22 544 620 6.51 6.82 7.13 744 7.75 8.07 8.39 8.72 9.05 939 973 10,06 25 6.01 5,85 6,15 6.45 6,76 7,07 7.72 8 06 8.40 8.74 9.09 9.45 9,81 30 4.50 5.37 5.68 6.00 6.33 6.66 7.00 7.34 7.69 8.05 B.41 8.78 9.16 9.53 35 3.99 505 5.38 571 6.05 6.39 6.75 7:11 747 7.84 822 8.60 8.99 937 Danlel and Jan agreed to pay $563,000 for a four-bedroom colonlal home In Waltham, Massachusetts, with a $60,000 down pavment They have a 30-year mortgage at a fixed rate of 6.00%. (Use Table 15.1) How much Is their monthly payment? (Do not round Intermediate calculations. Round your answer to the nearest dollar amount.) Monthly payment b. After the first payment, what would be the balance of the principal? (Do not round Intermediate calculations. Round your answers to the nearest dollar amount.) Portion to- Balance of loan Payment number Interest Principal outstanding TABLE 15-1 Amortization table (mortgage principal and Interest por $1,000) INTEREST Term in years 5% 51% 6% 6% 7% 71% 8% 81% 9% 10% 10% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 12 8.52 9.25 0,51 9.76 10,02 10 29 10,56 10,89 11.11 11.30 11.67 1106 12.25 1254 15 7.15 7.91 8.18 844 8.72 8.99 9.28 9.56 985 10.15 10.45 11.06 10.76 10.22 1137 17 6.52 7.29 784 8.12 840 8.69 8.99 929 9.59 9.00 10.54 10 86 20 5.80 G.60 6.88 717 7.46 7.76 8.06 8.37 868 9.00 933 S66 9.99 10.33 22 544 620 6.51 6.82 7.13 744 7.75 8.07 8.39 8.72 9.05 939 973 10,06 25 6.01 5,85 6,15 6.45 6,76 7,07 7.72 8 06 8.40 8.74 9.09 9.45 9,81 30 4.50 5.37 5.68 6.00 6.33 6.66 7.00 7.34 7.69 8.05 B.41 8.78 9.16 9.53 35 3.99 505 5.38 571 6.05 6.39 6.75 7:11 747 7.84 822 8.60 8.99 937
Expert Answer:
Answer rating: 100% (QA)
Total amount 456300 docwn payment 60000 down CO Loon amoun... View the full answer
Related Book For
Essentials of Business Statistics Communicating With Numbers
ISBN: 978-0078020544
1st edition
Authors: Sanjiv Jaggia, Alison Kelly
Posted Date:
Students also viewed these accounting questions
-
Change the number to a percent. Express your answer to the nearest tenth of a percent. 2/5
-
Change the number to a percent. Express your answer to the nearest tenth of a percent. 3/25
-
Change the number to a percent. Express your answer to the nearest tenth of a percent. 13.678
-
In Rev. Rul. 81-301, which of the following is not a factor considered by the IRS in determining whether a partner receives payments in her capacity as a partner, or is instead acting as a third...
-
Marriott International, Inc., provides lodging services around the world. The company is organized into the following five segments: North AmericanFull Service: Marriott and Renaissance Hotels. ...
-
What is the purpose of an income statement for an entity? List examples of three revenue items and ten expense items.
-
Use the information for Leyh Management Co. in Problem P13-53. a. Allocate the support department costs to the revenue-generating departments using the step method. b. Which department is apparently...
-
At the end of the current year, the controller of the Jodi Corporation discovers the following items of information: 1. Salaries are paid every Friday for a five-day work week. The normal weekly...
-
The Fresh Connection, a producer of fresh juices, is experiencing revenues of $2,662,789, an operating profit of $275,594 and has total Investments of $3,803,178. What is their Return on Investment...
-
1. The following table shows the unit shipping cost between cities, the supply, demand and the destination city. Use the Minimum Cost Method to find the initial solution (or BFS) and then find the...
-
2. Refer to the figure below. In addition to the load at point D, if another load Q (Q=10F) along x direction acts at the center of the right end section of bar OABC, solve for the maximum load F...
-
Anna has six identical bottles of apple juice. If the serving glass is 3/4 of a bottle, how many servings can Anna make out of the bottles? Show your solution using a picture. Then provide a formal...
-
Consider the two different project types below. For each project type, consider which areas of the Cost Management Plan would be most important, and explain your rationale for each in the space...
-
Identify some qualitative factors that should be considered when making managerial decisions ( I would like to see 3 - 5 factors ) . Please explain what they are, what they mean, and why they should...
-
Question 2. Manatee Splash is going from stregth to strength. Production is at 22,500/day. Daily demand is currently 15,000 units/day. It is forecast that daily demand will triple next year. 2.1 How...
-
Conducting a Lesson Learned Meeting can be challenging as a team member may fell they are being criticized for mistakes they may have made. How can you run the meeting so that meeting does not focus...
-
2 85 ints eBook Exercise 6-11 Algo The scheduled arrival time for a daily flight from Boston to New York is 9:30 am. Historical data show that the arrival time follows the continuous uniform...
-
Suppose that A is an m n matrix with linearly independent columns and the linear system LS(A, b) is consistent. Show that this system has a unique solution.
-
An electronics store sells additional warranties on its Blu-ray players. Twenty percent of the buyers buy the limited warranty for $25 and 5% buy the extended warranty for $60. What is the expected...
-
In a simple linear regression based on 30 observations, the following information is provided: = -6.92 + 1.35x and se = 2.78. Also, se (0) evaluated at x = 30 is 1.02. a. Construct the 95%...
-
Consider the following matched samples representing observations before and after an experiment. Assume that the sample differences are normally distributed. a. Construct the competing hypotheses to...
-
Certain operating information is shown below for Palmer Department Store: The managers are disappointed with the operating results of department A. They do not believe that competition will permit...
-
Perkins Appliance & Furniture Company has two departments, appliances and furniture. Operating information for 2016 appears below. Common operating expenses of the firm were \($180,000\) . Required...
-
The cutting department of Liberty Manufacturing Company operated during September 2016 with the following manufacturing overhead cost budget based on 6,000 hours of monthly productive capacity: The...
Study smarter with the SolutionInn App