How much principal is repaid in the first payment interval on a $100,000 25-year mortgage? The mortgage

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

Question:

How much principal is repaid in the first payment interval on a $100,000 25-year mortgage? The mortgage is amortized over 25 years and the payments are monthly. The interest rate is 6% compounded semi-annually.

Related Book For answer-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

See More Books

Posted Date: Mar 08, 2024 12:02 AM

See More Questions

The Taylors agreed to monthly payments rounded to the nearest $100 on a $136,000.00 mortgage amortized over 15 years.The interest for the first five years was 8.5% compounded semiannually.Determine...
A debt of $60 000 is repaid over 25 years with monthly payments. Interest is 7% compounded semi-annually. (a) What is the size of the periodic payments? (b) What is the outstanding principal after...
It is January 2024. You are married with two small children (6 and 2). You want to save enough money to send your two children to university. Since they are four years apart in age, you need to have...
The following report was prepared for evaluating the performance of the plant manager of Miss-Take Inc. Evaluate and correct thisreport. Miss-Take Inc. Manufacturing Costs For the Quarter Ended March...
Hartford Research issues bonds dated January 1, 2017, that pay interest semiannually on June 30 and December 31. The bonds have a $40,000 par value and an annual contract rate of 10%, and they mature...
In how many ways can Lisa toss 100 (identical) dice so that at least three of each type of face will be showing?
What are the different types of schemes associated with complex frauds?
Jill has decided that the BackPack Company must have very good customer service. She has asked you to develop a level aggregate plan using inventories but not back orders. All demand must be met each...
We read about Language and Authority in grammar and how some groups try to control language. Identify one such group and explain how and why they try to control language. Do you think such efforts to...
A recent study (Ackerman, Griskevicius, and Li, 2011) examined expressions of commitment between two partners in a committed romantic relationship. One aspect of the study involved 47 heterosexual...
Rizzo Corporation has 30,000 shares of $50 par value, 4%, preferred stock (P/S) and 150,000 shares of $5 par value common stock (C/S) outstanding at year end,2017. All events are in chronological...
Consider the following information: Cost of goods sold: $200,000 Income tax expense: $12,000 Research and development expenses: $42,000 Interest expense: $9,000 Net Sales: $702,000 Selling, general,...
Barrymore Industries has monthly fixed costs totaling $30,000 and variable costs of $5 per unit. Each unit of product is sold for $20. What is the break-even point in units? Barrymore Industries has...
What is the benefit of knowing generalizations about a target market? What is the benefit of knowing stereotypes that your culture possesses about the culture of the target market?
What are 2 ways by that president has authority over executive agencies?
Annalise had been asked by her boss to develop a new way to process expense reimbursements in her company. In your own words, list and discuss the steps Annalise should take to accomplish her task....
What is the amount of total interest dollars earned on a $5,000 deposit earning 6% for 20 years?
Bhupinder, who has just had his 55th birthday, invested $3740 on that day for his retirement. The RRIF investment earns 8% compounded monthly. For how long will he be able to withdraw $1100 at the...
A mortgage of $145 000 is amortized over 25 years by monthly payments of $1297. What is the nominal annual rate of interest compounded semi-annually?
Jelinek Sports received a cheque for $1867.25 in partial payment of an invoice owed by The Ski Shop. The invoice was for $5325 with terms 3/20 E.O.M. dated September 15, and the cheque was received...
Which of the following statements is true? a. Money is a commodity as well as a medium of exchange in a conventional mode of financing. b. Money is not a commodity and is a medium of exchange and...
The standards-setting body of the IFRS Foundation is a. International Accounting Standards Board (IASB) b. IFRS Foundation Monitoring Board c. IFRS Interpretations Committee d. IFRS Foundation...
In general, financial accounting can be broken down into the following steps: a. Identifying and recording economic transactions b. Recording and communicating economic transactions c. Identifying,...

How much principal is repaid in the first payment interval on a $100,000 25-year mortgage? The mortgage

Question:

Expert Answer:

In the first payment interval of a mortgage most of the payment goes towards interest with a small p... View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these finance questions