Hannah and Andres borrowed $50,000 at 6.26% compounded quarterly as a second mortgage loan against their...

 

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Hannah and Andres borrowed $50,000 at 6.26% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $750 at the end of every month. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 : ⠀ N - 1 N Total 750.00 750.00 ⠀ ⠀ : - 750.00 Interest Paid ($) : : ⠀ Principal Repaid ($) : ⠀ Outstanding Balance ($) 50,000.00 ⠀ ⠀ 0.00 ===== Hannah and Andres borrowed $50,000 at 6.26% compounded quarterly as a second mortgage loan against their current home. Repayment amount is $750 at the end of every month. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 : ⠀ N - 1 N Total 750.00 750.00 ⠀ ⠀ : - 750.00 Interest Paid ($) : : ⠀ Principal Repaid ($) : ⠀ Outstanding Balance ($) 50,000.00 ⠀ ⠀ 0.00 =====

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Discussing interest starts with the principal or amount your account starts with This could be a starting investment or the starting amount of a loan ... View the full answer