Ms. Esperanto obtained a $40,400 home equity loan at 7.9% compounded monthly. (Do not round intermediate...
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Ms. Esperanto obtained a $40,400 home equity loan at 7.9% 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 14 years? Payment $ per month. b. How much of the payment made at the end of the fifth year will go towards principal and how much will go towards interest? Principal $ Interest 5 c. What will be the balance on the loan after five years? Balance $ d. How much interest did she pay during the fifth year? Interest paid $ 7 Ms. Esperanto obtained a $40,400 home equity loan at 7.9% 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 14 years? Payment $ per month. b. How much of the payment made at the end of the fifth year will go towards principal and how much will go towards interest? Principal $ Interest 5 c. What will be the balance on the loan after five years? Balance $ d. How much interest did she pay during the fifth year? Interest paid $ 7
Expert Answer:
Answer rating: 100% (QA)
a Loan amount L 40400 Annual interest i 79 0079 Compound... View the full answer
Related Book For
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
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