Jimmy paid off a mortgage by paying $750 per month for 14 years. What was the original

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

Question:

Jimmy paid off a mortgage by paying $750 per month for 14 years. What was the original amount of the mortgage if the interest rate charged was 5.30% compounded semi-annually?

Related Book For answer-question

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

See More Books

Posted Date: Apr 08, 2024 07:15 AM

See More Questions

The isotope shown below is used for diagnostic imaging of the thyroid.If 80 mg of this isotope were prepared at 4:00AMon Monday, how many mg remain at 6:00 AMon the following day (Tuesday)?
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
Ivan Petrov was a member of the newly formed entrepreneur class in Bulgaria; partly out of desire, mostly out of necessity. The changes occurring as the country moved from a centrally planned to a...
A communal vegetable garden has been set up by the council for 68 members of a small self- sustaining community. Each of the 68 members can either contribute towards taking care of the garden or...
In Problem 3.3 of Chapter 3, we estimated an equation to test for a tradeoff between minutes per week spent sleeping (sleep) and minutes per week spent working (totwrk) for a random sample of...
Using Zacharisens rules, explain why SiO 2 forms a glass and MgO does not.
Jennifer is a salesperson for a major chemical company doing business in China. To close a multimillion-dollar contract, she has been asked by a Chinese government official for a payment of...
The HR department is trying to fill a vacant position for a job with a small talent pool. Valid applications arrive every week or so, and the applicants all seem to bring different levels of...
10.Carp Co has announced that it will pay an annual dividend equal to 55% of earnings. Its earnings per share is $0.80, and it has ten million shares in issue. The return on equity of Carp Co is 20%...
Write a program to solve the Josephus problem for general values of M and N. Try to make your program as efficient as possible. Make sure you dispose of cells.
If Edward wants to earn $215,000 within the next 20 years and the salaries grow at 4.15% per year, what salary should he start at to reach his goal? (Round your answer to the nearest whole number.)...
In an effort to reduce energy costs, a major university has installed more efficient lights as well as automatic sensors that turn the lights off when no movement is present in a room. Historically,...
A recording company obtains the blank CDs used to produce its labels from three compact disk manufacturers: I, II , and III. The quality control department of the company has determined that 7 % of...
Ivanhoe Inc. has beginning work in process $27,800, direct materials used $259,200, direct labor $237,600, total manufacturing overhead $194,400, and ending work in process $34,000. What is the total...
How does deviance play a role in the ideal society? explain
Write a paper on Legal challenges for private security. It Include following. Background Provisions of the program Operation protocols Why implement the proposed policies
A non-charmed baryon has strangeness S = 2 and electric charge Q = 0. What are the possible values of its isospin I and of its third component I z ? What is it usually called if I = 1/2?
Reconsider the data of Problem 31. Data from Problem 31 The following three investment opportunities are available. The returns for each investment for each year vary, but the first cost of each is...
The following three investment opportunities are available. The returns for each investment for each year vary, but the first cost of each is $20,000. Based on a future worth analysis, which...
Compute parameter estimates for a regression model that is nonlinear in the parameters and explain how nonlinear least squares differs from linear least squares.

Jimmy paid off a mortgage by paying $750 per month for 14 years. What was the original

Question:

Expert Answer:

To calculate the original amount of the mortgage we can use the formula for the present value ... View the full answer

Business Mathematics In Canada

Students also viewed these finance questions