Question: Jack has just borrowed $45000 using 30yr, fixed-rate, interest-only loan at 8.50 percent interest with monthly payments.How large the total payment jack must make in

Jack has just borrowed $45000 using 30yr, fixed-rate, interest-only loan at 8.50 percent interest with monthly payments. How large the total payment jack must make in the 25th month of this loan?

Step by Step Solution

★★★★★

3.45 Rating (165 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

To note In an interest free loan the borrower pays o... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

68-B-A-A-C (2297).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

How long will it take for monthly payments interest rate on the loan is: a. 6% compounded monthly? b. 7% compounded monthly? c. 8% compounded monthly? d. 9% compounded monthly

How long will it take for monthly payments interest rate on the loan is: a. 7.5% compounded annually? b. 7.5% compounded semiannually? c. 7.5% compounded quarterly? d. 7.5% compounded monthly?

The monthly payments on a $30,000 loan at 10.5% compounded monthly were calculated to repay the loan over a 10-year period. After 32 payments were made, the borrower became unemployed and, with the...

I need help with the answers to the questions in the screenshots provided. Page number and question needed are listed on each screenshot. Please help. QUICK 12.1 Exercises A family refinanced the...

I need help with these questions in the screenshots below. The screenshots show the page number and which questions I need answers to. Please type the answers if you can as I have difficulty reading...

Part 1 (40 Points): In his senior year at Mizzou, Shawn Carter had been the second runner-up for the fabled Heisman Trophy. The trophy goes to the outstanding football player in America and is...

I need Chapter 2 & 3 finished. Chapter 4 & 5, Chapter 6 & 7, & Chapter 8. Some of this is completed, but it isn't 100% finished. Let me know if you can get to it. Personal Finance, Fifth Edition by...

How do you calculate total cash receipts per month for a cash receipts schedule statement? (Refer to 4-19). Chapter 04: Financial Forecasting Chapter 4 Financial Forecasting Discussion Questions 4-1....

Please help me with questions 1-18 , has to be in Excel 6.1. Future value with multiple cash flows: Konerko, Inc., expects to earn cash flows of $1 years. If the company uses an 8 percent discount...

table in last picture is for exercise 1 Prepare your responses to Exercises 1 and 2 on pages 314, and 315 You can use the attached Excel worksheet for both Exercises 1 and 2 including your responses...

Explain the relationship among inventory control, just-in-time (JIT) inventory, and materials requirement planning (MRP).

On January 29, 1999, the Wall Street Journal reported: Sears, Roebuck & Co. is moving toward more conservative accounting methods used by competing credit card issuers, which will boost its loan...

What is the first stage of any audit? A . Risk response b . Risk assessment c . Client acceptance of a continuous decision d . Reporting

What are the different forms of countertrade? Is it preferable to multilateral trade?

Assume the bonds in IFRS14-3 were issued for $644,636 and the effectiveinterest rate is 6%. Prepare the companys journal entries for (a) The January 1 issuance, (b) The July 1 interest payment, and...

Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2012, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1. Instructions Prepare the journal entries to...

Assume the same information as in IFRS14-5, except that the bonds were issued at 84.95 to yield 12%. Instructions Prepare the journal entries to record the following. (Round to the nearest dollar.)...

q4 handwritting sol 4) (15 p.) The annual operating costs of Machine A are $2,000. The machine will perform satisfactorily over the next five years and has an estimated market value (MV) of $3,000 at...

Question 14 Calculate the values of Z, where Z ~ N(mean=0, variance=1), for which 2% of the data lies in the lower tail and 2% lies in the upper tail. Not yet answered Marked out of (answer in...

8. A company's current assets include cash = $100,000; accounts receivable = $100,000; and inventories = $200,000. Their gross fixed assets = $1 million and are depreciated by $100,000. While their...