For the following exercises, create an amortization table for a $21,500 car loan with 4.5% APR...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
For the following exercises, create an amortization table for a $21,500 car loan with 4.5% APR over 72 months. 1. What is the monthly payment? 2. How much is actually paid over the life of the loan? How much interest? 3. How much is saved if you round up to the next $50 increment? Next $100? For the following exercises, create an amortization table for $135,000 home purchase at 4.6% fixed APR. Remember mortgages are generally paid monthly. 4. 30 years 5. 15 years 6. How do the 15 ycar and 30 year loans compare in total amount paid and interest paid? 7. How much is saved if you round each payment up to the nearest $100? For the following exercises, create an amortization table for a $21,500 car loan with 4.5% APR over 72 months. 1. What is the monthly payment? 2. How much is actually paid over the life of the loan? How much interest? 3. How much is saved if you round up to the next $50 increment? Next $100? For the following exercises, create an amortization table for $135,000 home purchase at 4.6% fixed APR. Remember mortgages are generally paid monthly. 4. 30 years 5. 15 years 6. How do the 15 ycar and 30 year loans compare in total amount paid and interest paid? 7. How much is saved if you round each payment up to the nearest $100?
Expert Answer:
Answer rating: 100% (QA)
Calculate the amount of installment and prepare the amortiza... View the full answer
Related Book For
Concepts of Database Management
ISBN: 978-1285427102
8th edition
Authors: Philip J. Pratt, Mary Z. Last
Posted Date:
Students also viewed these accounting questions
-
What is the monthly payment on a 30-year fixed-rate mortgage if the original balance is $220,000 and the rate is 6.3 percent?
-
What is the monthly payment on a 15 -year mortgage loan of $ 110,000 if the annual interest rate is 4.5%? How much interest was paid on this loan?
-
Write the codes for the following exercises? ? ? ? 5.1.2 Coding Exercise 1 (External resource) (3.0 points possible) Phone.py 1 # Write a class named "Phone". The Phone class should 2 #have an...
-
Which statement about the pass-by-reference is NOT true? a.Every time you pass a reference variable to a method, you also pass the object referred by the refenerece variable to the method. b.In the...
-
Assume that Maria Cottonwood has decided to begin production of her fire extinguisher. Her company is Blaze Be Gone, whose costs for last month follow. Factory rent .............. $ 2,000 Company...
-
The table below shows the number of college faculty members in three departments: biological sciences, education, and social sciences. What is the probability that a randomly chosen faculty member is...
-
The personal training business owned by David Hella made the following cash transactions during the reporting period. Ignore GST. Required (a) Prepare a statement of cash flows using the direct...
-
You are planning to switch your cell phone provider. The Cellular worksheet presents three options for a cell phone plan with the new company. You could choose a pay-as-you-go plan, a traditional...
-
The following items are reported on a company's balance sheet: Cash $296,600 Marketable securities 185,000 Accounts receivable (net) 121,000 Inventory 127,000 Accounts payable 228,000 Determine (a)...
-
Your company is considering investing in its own transport fleet. The present position is that carriage is contracted to an outside organization. The life of the transport fleet would be five years,...
-
6.2 Margin of error and the confidence interval. A study of stress on the campus of your university using the College Undergraduate Stress Scale (CUSS) reported an average stress level of 1123 (a...
-
What guidelines should be followed when planning and incorporating visuals into a presentation?
-
Write an email to your instructor summarizing your progress on your report. In the introductory paragraph, summarize your progress in terms of your schedule and your goals. Under the heading Work...
-
What are three guidelines for delivering in-person presentations and three guidelines for delivering virtual presentations?
-
What are some things a person can do to mitigate fear when preparing and delivering an oral presentation?
-
What is the role of networking and internships when you are looking for a job?
-
On June 15, Paradise Park purchased merchandise for the racetrack. The invoice was for $4,500, terms 2/10, n/30. On June 20,Paradise Park returned $200 of merchandise for credit. On June 25,it paid 2...
-
What types of questions can be answered by analyzing financial statements?
-
Describe the purpose of the product process in relational algebra.
-
How can splitting a table improve performance?
-
Using your knowledge of the college environment, identify three questions to answer using online analytical processing (OLAP) software.
-
The number on the jersey of each New York Giants football player is recorded, then the mean of those numbers is computed. Decide whether the statement makes sense (or is clearly true) or does not...
-
A professor calculates final grades using a weighted mean in which the final exam counts twice as much as the midterm. Decide whether the statement makes sense (or is clearly true) or does not make...
-
The following ages (years) of survey respondents: 22, 19, 21, 27, over 65, over 80. State whether the mean or median would give a better description of the average. Explain your reasoning.
Study smarter with the SolutionInn App