Question: For the mortgage in Question 9, develop a mortgage statement for the 6-month term if semi-monthly payments equal to one-half of the monthly payment are

For the mortgage in Question 9, develop a mortgage statement for the 6-month term if semi-monthly payments equal to one-half of the monthly payment are made on the 1st day and the 16th day of each month. The first payment is due June 16. Compare the balance to the balances in Question 9 and Question 10. Explain why there are differences.
In Question 9
A $40 000 mortgage taken out on June 1 is to be repaid by monthly payments rounded up to the nearest $10. The payments are due on the first day of each month starting July 1. The amortization period is 12 years and interest is 5.5% com- pounded semi-annually for a 6-month term. Construct an amortization schedule for the 6-month term.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Mortgagestatement PMT 19000annual rate of interest 1204531... 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

Students Have Also Explored These Related Finance Questions!

For the mortgage in Question 9, develop a mortgage statement for the 6-month term if semi-monthly payments equal to one-half of the monthly payment are made on the 1st day and the 16th day of each...

For the mortgage in Question 9, develop a mortgage statement for the 6-month term if biweekly payments equal to one-half of the rounded monthly payments are made starting June 16. Compare the balance...

For Question 9, produce the mortgage statement for the 6-month term. Assume all payments have been made on time. Compare the balance to the balance in Question 9 and explain why there may be a...

Dandee Candies is a brand new, publicly traded company which produces gourmet chocolate gifts for anniverseries, Valentine's Day, etc... The company just begain operations in the first quarter of the...

B D F G H E Dandee Candies is a brand new publicly traded company which produces gourmet chocolate gifts for anniverseries, Valentine's Day, etc... The company just begain operations in the first...

I need help with this 2 assignments attached please. Discuss why general insurances such as home and contents, car insurances etc are not handled by financial planners Financial Plan Preparation &...

Business and Finance Basics II 1. A new piece of equipment costs $18,000 with a residual value of $600 and an estimated useful life of five years. Assuming twice the straight-line rate, the book...

PowerPoint Assignment for BUS 401: Principles of Finance You have been asked by a manager in your organization to put together a training program explaining Net Present Value (NPV) and Future Value...

Exam 1 Business Math Q1. The number 49,842 rounded to the nearest thousand is: a. 50,000 b. 49,000 c. 49,900 d. 49,800 Q2. The number 70624020 should be written: a. 70,624,020.0 b. 7,062,402,0 c....

PLEASE ANSWER 6-10 and QUESTION 12 . READ ALL PHOTOS POSTED AND TYPE ANSWER TO THE QUESTION PLEASE . NEED HELP ASAP PERSONAL INFORMATION Antonne and LaKeisha met when they were both students at Clark...

Calculate the return on common shareholders equity for 2014 and evaluate the result against the industry average in Exhibit, explaining why it compares favorably or unfavourably (round to two decimal...

Z Space, Incorporated, is a new company and currently has negative earnings. The company's sales are $2.45 million and there are 200,000 shares outstanding. a. If the benchmark price-sales ratio for...

P5.13 (LO 4, 5) (Expected Cash Flows and Present Value) Dannys Lawn Equipment sells high-quality lawn mowers and offers a 3-year warranty on all new lawn mowers sold. In 2025, Danny sold $300,000 of...

Hill's operations manager (see Problems 13.3 through 13.5) is also considering two mixed strategies for January- August: Produce in overtime or subcontracting only when there is no inventory. Plan...

When the equity method is applied, what disclosures should be made in the investors financial statements?

Hatch Co. uses the equity method to account for investments in common stock. What accounting should be made for dividends received in excess of Hatchs share of investees earnings subsequent to the...

Elizabeth Corp. has an investment with a carrying value (equity method) on its books of $170,000 representing a 30% interest in Borg Company, which suffered a $620,000 loss this year. How should...

1-Please construct a profit and loss statement for " Comfortable Shoes Store" for the year 2020 with the following info: Sales of shoes Sales of shoe-polish $120,000 8,500 Income from shoe repair...

Twixt Corp. issued $5,020,000 of convertible bonds on 1 January for $4,810,000 cash. The bond had the following terms: Bonds mature in five years' time. Annual interest, 6%, is paid each 31 December...

5 (5 points) You are analyzing a stock that has the following returns given the various states of economy. State of ProbabilityReturn Economy Recession 0.12 -7.80 Normal 0.68 6.00 Boom 0.2 15.40 What...