Ricky took out a $268,000, 30-year mortgage at an APR of 6.34%. a. What is the monthly

Question:

Ricky took out a $268,000, 30-year mortgage at an APR of 6.34%.
a. What is the monthly payment to the nearest cent?
b. What will be his total interest charges after 30 years, to the nearest thousand dollars?

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

United Bank offers a 15 year mortgage at an APR of 6.2%. Capitol Bank offers a 25 year mortgage at an APR of 6.5%. Marcy wants to borrow $120,000. a. What would the monthly payment be from United...
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?
1. Find the monthly payment on a $100,000, 25-year mortgage at 5.4% interest compounded monthly. 2. Mortgage Payment Find the monthly payment on a $250,000, 30-year mortgage at 4.8% interest...
Consider a two-stage compression refrigeration system operating between the pressure limits of 0.8 and 0.14 MPa. The working fluid is refrigerant-134a. The refrigerant leaves the condenser as a...
The Big Event (TBE) recently started a business organizing food and music at weddings and other large events. In order to better understand the profitability of the business, the owner has asked you...
A 100-km-long cable runs at the T1 data rate. The propagation speed in the cable is 2/3 the speed of light in vacuum. How many bits fit in the cable?
Describe corporate ethics, the SarbanesOxley Act of 2002, and corporate compliance.
Stilton Audio is a producer of speakers and amplifiers which are housed in plastic cabinets. Currently production of the plastic cabinets as well as final product assembly is completed in-house. For...
How they calculated the uncertainty? Table 1: x-Component of Momentum x-component of momentum before uncertainty after uncertainty change uncertainty -0.143022774 0.01424324 -0.53370043 0.006077132...
Registration at Southern University has always been a time of emotion, commotion, and lines. Students must move among four stations to complete the trying semiannual process. Last semesters...
Fill in the missing entries in this loan amortization table for a $220,000 20 year mortgage with an APR of 5.95%. Payment Beginning Monthly Towards Towards Ending Number Balance Payment Interst...
Joanne and Matt have been approved for a $350,000, 15-year mort- gage with an APR of 6.25%. Using the mortgage and interest formulas, set up a two-month amortization table with the following headings...
Numerous evaluation criteria and scoring systems are used by organizations in the public and private sectors to evaluate and rank vendor proposals. For instance, California has an optional best value...
An article by Williams-Alvarez (2023) highlights a significant shift in the U.S. tax code that directly impacts businesses' R&D expense accounting. Under prior tax code rules, R&D expenses were...
A financial professional explained the advantages and disadvantages of various retirement products, including an annuity, to Eliza Monroe. Because Ms. Monroe believed that investing in an annuity...
What is the owner's responsibility when bid preparation and submission out of the following? Inspect the site Prepare bond requirements Submit bid Inform all bidders of any changes in dates and...
Brazil Ltd has receivables of $65,000, furniture totaling $205,000 and cash of $52,000. The business has a $109,000 bill payable and owes $81,000 on account. How much is Brazil Ltd's equity?
As an individual taxpayer, assume you will receive the most benefit by taking the itemized deduction for the taxable year. In preparing your Schedule A: Itemized Deductions, consider the facts given...
Renlund Company is transitioning to a lean manufacturing system and has just finalized two order fulfillment value streams. One of the value streams has two products, and the other has four products....
As long as we can't lose any money, we have a risk-free investment." Discuss this comment. Q2: Both investing and gambling can be defined as "undertaking risk in order to earn a profit." Explain how...
Use a graphing calculator to construct a table of values and a graph for the first 10 terms of the sequence. Lu uy 21. ai = 2, an+1 = V1+ Van
Predict the general term, or nth term, an, of the sequence. Answers may vary. a. 2, 4, 6, 8, 10, c b. 3, 9, 27, 81, 243, c c. -2, 6, -18, 54, c
Find the indicated partial sums for the sequence. a. 1, 2, 3, 4, 5, 6, 7, c; S3 and S7 b. 1, -3, 5, - 7, 9, - 11, c; S2 and S5 c. 2, 4, 6, 8, c; S4 and S5
Over a period of four and half years an investment grows to $ 2 0 , 0 0 0 . ( a ) If money in this investment accummlated at a simple interest rate of 8 % , what was the initial amount for the...
It is December 3 1 , 2 0 2 3 . Lincoln has an asset ( Basis $ 1 0 , 0 0 0 ; FMV = $ 4 0 , 0 0 0 ) . The gainon the asset is subject to depreciation recapture and will result in $ 3 0 , 0 0 0 in...
Define and explain the four basic functions that constitute the management process? What is a partnership? List four advantages and disadvantages of operating a business as partnership? Give an...

Ricky took out a $268,000, 30-year mortgage at an APR of 6.34%. a. What is the monthly

Question:

Step by Step Answer:

a 1 66584 b 30 12 360 360 1...View the full answer

Financial Algebra advanced algebra with financial applications

Students also viewed these Linear Algebra questions