Johnny took out a $500,000 30 year mortgage with an APR of 6.95%. The first month he

Question:

Johnny took out a $500,000 30 year mortgage with an APR of 6.95%. The first month he made an extra payment of $1,000. What was his balance at the end of the first month?

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

Step by Step Answer:

Related Book For book-img-for-question

Financial Algebra advanced algebra with financial applications

ISBN: 978-0538449670

1st edition

Authors: Robert K. Gerver

See More Books

Question Posted: Apr 14, 2016 05:04 AM

See More Questions

Examine the loan amortization table for the last 5 months of a $500,000, 15-year mortgage with an APR of 5.75%. Determine the missing table amounts. Payment Beginning Monthly Towards Towards Ending...
Examine the loan amortization table for a $210,000, 15 year mortgage with an APR of 6%. The borrower paid an extra $100 each month towards the principal. Determine the missing amounts. Payment...
Celine and Don have been approved for a $400,000, 20 year mortgage with an APR of 6.55%. Using the mortgage and interest formulas, set up a two amortization table with the headings shown and complete...
Is an isothermal process necessarily internally reversible? Explain your answer with an example.
Consider the following account balances (in thousands) for the Shaler Corporation: Required 1. Prepare a schedule for the cost of goods manufactured for 2014. 2. Revenues (in thousands) for 2014 were...
A block of bits with n rows and k columns uses horizontal and vertical parity bits for error detection. Suppose that exactly 4 bits are inverted due to transmission errors. Derive an expression for...
Describe what is meant by parent holding company model.
Blue Wave Co. predicts the following unit sales for the coming four months: September, 4,000 units; October, 5,000 units; November, 7,000 units; and December, 7,600 units. The companys policy is to...
1. Point our the major impacts of inflation 2. Discuss the different types of unemployment?
Question 17 Not yet saved Marked out of 1.00 1 Flag question Previous page A change in which of the following values does NOT change the position of the IS curve Select one: b a. b. Re c. f d. a e....
The square footage and monthly rental of 15 similar two-bedroom apartments in Martha's Cove yield the following linear regression formula: y = 1.137x + 598.98 where x represents the square footage of...
James rents an apartment with an initial monthly rent of $1,600. He was told that the rent goes up 1.75% each year. Write an exponential function that models this situation to calculate the rent...
The blog topic is based on 'Ethics - Invading Your Privacy'. Pick one of the preceding cases and create an argument against the employer's use of monitoring technologies.
1 . ) What energy neutron has an associated wavelength of order the radius of a nucleus? 2 . ) Describe the position and momentum uncertainties for a harmonic matter - wave.
When driving at night you can just distinguish the brake lights as two distinct lights ahead of you. At night your pupil has a diameter of 4.40 mm, and brake lights emit a light with a wavelength of...
An object starts moving with speed 20 m/s to the top of an inclined plane(inclined angle=30) due to an external for 250N.The mass of it is 25kg,the coefficient of kinetic friction is 0.15 and the...
A box has a mass of 1 0 k g and is sitting on a 2 5 - degree ramp as shown. Use the tilted coordinated system ( where the + x direction is pointing down the ramp and the + y direction is pointing...
How do write given the portfolio to Hon. Timothy Tot Chuol that you serve as in Gawaar Community, as MP the Members of the Parliament of South Sudan. We are reaching out to you to kindly request a...
A property agent is investigating the average renting price per month for the factories in an area. In his study area, totally there are 8 types of factories. He randomly selected 4 different types...
Cobb Manufacturing Company uses a process cost system and average costing. The following production data is for the month of June 2011. Production Costs Work in process, beginning of the month:...
Find the center, the vertices, the foci, and the asymptotes of the hyperbola. Then draw the graph. a. 4x2 - y2 = 4 b. (y - 2)2/4 - (x + 1)2/9 = 1
Find the asymptotes of the hyperbola given by 2y2 - x2 = 18.
A satellite dish has a parabolic cross section that is 18 in. wide at the opening and 6 in. deep at the vertex. How far from the vertex is the focus?
If a tax Bear has a vacation home, that is issues personally by the taxpayer for part of the year, and as a rental for part of the year, how are expenses reported on its tax return?
Christopher and Janai have a new grandson. How much money should they invest now so that he will have $78,000 for his college education in 18 years? The money is invested at 3.8% compounded...
Jonas' current annual salary is $70,000. Ten years from now how much will he need to earn to retain his present purchasing power if the rate of inflation over that period is 2% /year compounded...

Johnny took out a $500,000 30 year mortgage with an APR of 6.95%. The first month he

Question:

Step by Step Answer:

B 1 500000 330974 I 1 500000 69...View the full answer

Financial Algebra advanced algebra with financial applications

Students also viewed these Linear Algebra questions