Lionel received a 30 year loan of $335,000 to purchase a house. The interest rate on the

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

Question:

Lionel received a 30 year loan of $335,000 to purchase a house. The interest rate on the loan was 3.70% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 4? Round to the nearest cent c. By how much will the amortization period shorten if Lionel makes an extra payment of $30,000 at the end of year 4? years ____ Month's ____

Posted Date: May 18, 2024 09:12 PM

See More Questions

1. By integrating Planck's codiation law over all wave hengths power radiated per square meter of a is given by: R(T) = (55) T" proof that the cavity's surface note: x= he AKT 2 xdx 3 % ex-1
A hollow cylinder has length L and inner and outer radii Ri and Ro, respectively (Figure). The cylinder carries a uniform charge density ?. Derive an expression for the magnetic moment as a function...
Rob Judson Company had the following transactions involving notes payable. July 1, 2008 Borrows $50,000 from Third National Bank by signing a 9-month, 12% note. Nov. 1, 2008 Borrows $60,000 from...
Distinguish between exceptional items and extraordinary items. Describe the required accounting treatment of each type of item.
Memotec, Inc., manufactures and sells a unique electronic part. Operating results for the first three years of activity were as follows (absorption costing basis): Sales dropped by 20% during Year 2...
Current Attempt in Progress Indigo Company reported net income of $ 5 3 9 0 0 0 for the year ended 1 2 3 1 ? 2 5 . Included in the computation of net income were: depreciation expense, $ 9 1 0 0 0 ;...
LESSON PREPARATION [Before the lesson] Topic : vocation vs job Specific Strategy : Subject : Grade : 3 New Jersey State Standard : National Standard : Primary Objective : Materials/Equipment :...
How to obtain a temporary restraining order?
Why a temporary restraining order or preliminary injunction may be necessary?
When you would use claim and delivery?
Remember, it is important to draft the motion for summary judgment sufficiently in advance of the hearing date in order to allow time to serve and file the motion. Review CCP 437c, which governs...
How to determine what evidence is excluded based on the hearsay rules?
pick the best answer: Describe what the occurrence-based policy liability insurance coverage means. The monies each year roll over to the next year if none are given out. The limits go up each year...
In the series connection below, what are the respective power consumptions of R, R2, and R3? R R www 4 V=6V P1-3 W; P2=3W; and P3= 3 W OP10.5 W; P2-1 W; and P3= 1.5 W P1=1.5 W; P2=1 W; and P3= 0.5 W...
a. The market capitalization of a firm with 100 percent stock equity is $10,000,000. Assume $8,000,000 of .10 debt is substituted for stock (the debt is given to the shareholders). The tax rate is...
a. Assume a one year investment of $10,000 returns $10,900 at time 1. What is the return on $1,000 of equity if $9,000 of .05 debt is used? Assume zero taxes. b. What is the IRR (after tax) on $1,000...
In deciding whether to drop its electronics product line, Amazon.com would consider a. the costs it could save by dropping the product line b. the revenues it would lose from dropping the product...

Lionel received a 30 year loan of $335,000 to purchase a house. The interest rate on the

Question:

Expert Answer:

Students also viewed these finance questions