A loan of $127,000.50 is to be amortized over a 5-year term at 5.4% interest compounded monthly,

Question:

A loan of $127,000.50 is to be amortized over a 5-year term at 5.4% interest compounded monthly, with monthly payments and a $10,000 balloon payment at the end of the term. Calculate the monthly payment?

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

Step by Step Answer:

Related Book For book-img-for-question

Finite Mathematics and Its Applications

ISBN: 978-0134768632

12th edition

Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair

See More Books

Question Posted: Feb 12, 2018 09:29 AM

See More Questions

1. A loan of $10,000 is to be amortized with 10 equal quarterly payments. If the interest rate is 6%, compounded quarterly, what is the periodic payment? 2. A recent graduate's student loans total...
Assume that the loan amount is $100,000 and confirm your answer by calculating sums as in Example 9. 1. The effective mortgage rate for a 30-year mortgage at 5.71% interest compounded monthly with...
1. Suppose that a lender gives you a choice between the following two 25-year mortgages of $175,000: Mortgage A: 6.3% interest compounded monthly, with three points, monthly payment of $1159.84...
Yamini and Fatima, two students of Class IX of a school, together contributed Rs. 100 towards the Prime Ministers Relief Fund to help the earthquake victims. Write a linear equation which satisfies...
If X and Y have a bivariate normal distribution with p = 0, show that X and Y are independent.
if the Qd=9-1/5p. Qs =2p. When subsidy 2 dollar give to producers what is the new consumer surplus and producer surplus and Chang of total surplus. Draw a picture and calculations to show that
Calculate the mean for each of the following sets of data: a. 2, 2, 3, 5 b. 3, 5, 5, 7, 7, 8, 8, 11 c. 9, 6, 7, 5, 8, 7, 8, 9, 10, 8, 7 d. 11, 13, 14, 15, 16, 16, 16, 17, 18, 20, 22, 25 e. 2.57,...
Stiever Corp. has collected the following data concerning its maintenance costs for the past 6 months. Compute the variable- and fixed-cost elements using the high-lowmethod. July August September...
what manner does the mentorship continuum facilitate the cross-pollination of diverse perspectives and interdisciplinary insights, fostering the emergence of synergistic solutions to complex societal...
You have been asked to develop a work breakdown structure for a project. How should you go about accomplishing this? Should the WBS be time-phased, department-phased, division-phased, or some...
A loan is to be amortized over an 8-year term at 6.4% interest compounded semiannually, with payments of $905.33 every 6 months and a balloon payment of $5,000 at the end of the term. Calculate the...
1. A car is purchased for $6287.10, with $2000 down and a loan to be repaid at $100 a month for 3 years, followed by a balloon payment. If the interest rate is 6% compounded monthly, how large will...
A project has a first cost of $\$ 16,999$ with a life of 10 years and a salvage value of $\$ 2,500$. If the MARR is $12 \%$ and provides benefits of about $\$ 2,750$ annually, what is the...
Discuss the differences between basic literacy and health literacy.
Define the creative team members. What is their job?
What is health communication, and how is it used?
Describe what mHealth is and how it can be used. What are the benefits of using mHealth?
Define what a creative brief is and how it is developed and used.
Evaluate the integral. ci 1 + 12t dt Jo 1 + 3t
A liquid flows upward through a valve situated in a vertical pipe. Calculate the differential pressure (kPa) between points A and B. The mean velocity of the flow is 4.1 m/s. The specific gravity of...
(a) Find the slope of the tangent line to the curve y = 9 2x2 at the point (2, 1). (b) Find an equation of this tangent line.
Find equations of the tangent lines to the curve y = 2/1 3x at the points with -coordinates and
The displacement (in meters) of an object moving in a straight line is given by s = 1 + 2t + t2/4, where is measured in seconds. (a) Find the average velocity over each time period. (i) [1, 3] (ii)...
Pharoah Enterprises purchased a delivery truck on January 1 , 2 0 2 5 , at a cost of $ 2 6 , 0 0 0 . The truck has a useful life of 7 years with an estimated salvage value of $ 5 , 9 1 0 . The...
Consider the following recurrence relation: A(1)=1, A(n) = 2A(n-1)+2"-1 Use the method of unraveling to find a closed form for A(n).
Given the following formula: Monthly Pay= [rate + rate / ([1+rate] ^(months) -1) X principle Where rate of 6% means 6/1200 and Months means number of years x 12 Possible data to test: Principle 12200...

A loan of $127,000.50 is to be amortized over a 5-year term at 5.4% interest compounded monthly,

Question:

Step by Step Answer:

Bal 12700050 1 1 ...View the full answer

Finite Mathematics and Its Applications

Students also viewed these Statistics questions