Question: Please double-check my work for A and B, and answer C and D, as well as complete the table. I know this is very long

Please double-check my work for A and B, and answer C and D, as well as complete the table. I know this is very long but I cant figure out a good way to split into multiple questions.

You borrow $7,000 and will pay it back in 12 equal annual installments beginning one year from today. You will pay 8% annual interest.

a. In financial terms, what is this called? Loan Amortization ?

b. Calculate the annual payment. Annual Payment = $928.87 ? (How is this found?)

Question: Calculate the part of the PMT that is INT in the first year

C. What part is therefore the portion of the payment that is principal?

d. What is the remaining balance on the loan?

Question: Please complete the Loan Amortization Table associated with the above:

Year	Beg Balance	PMT	INT	Principal repayment	Ending Balance
1	7,000
2
3
4

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

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!

) Why is the mass of the earth important to maintain life as we know it? A) If the earth's mass were significantly different, we would be bombarded by cosmic rays that would strip away our...

Consider; Why is the mass of the earth important to maintain life as we know it? A) If the earth's mass were significantly different, we would be bombarded by cosmic rays that would strip away our...

please answer C and D as well If possible. C) The goal is to have 100% efficiency, is this possible? Yes or No? D) the theoretical minimum number of workstations=____. (round your response up t the...

Research Report Students name Professors name Institution Date Contents Title .. 3 Abstract 3 Acknowledgement .3 Introduction .4 Main body of Report/Methodology 5 Various kinds of isolation.6...

Needing ANSWERS ASAP! Starting at pg 34 - Labeled Graded Project 06155200: Graded Project Instructions & Worksheets 1 Lesson 1: Business, Accounting, and You PROJECT GOAL The goal of this graded...

See page 129- 137 on attachment for more details there are five steps to the project. Step 1: Create the loan amortization schedule for the property. Step 2: Create the depreciation schedule. Step 3:...

The Wilson Brothers Limited Case You have recently been hired as the HR manager responsible for two separate Ontario locations belonging to Wilson Brothers Limited. You have been asked by the HR...

Accredited by: IACBE ECBE EDUQUA Member of: CCIG FEDE FSEP AGEP ACICS FINAL EXAM 2016 TOP 100 Business Communication (PLEASE PRINT YOUR DETAILS IN CAPITAL LETTERS) Course Code: TOP 100 Course Title:...

Welcome! Please read this page (in particular) very carefully. Instructions You need to understand how to send your assignments (deliverables) to your instructor. The tabs (bottom of each sheet) in...

Find Ix in the circuit shown 2 mA 21,

Find these probabilities associated with the standard normal random variable z: a. P(z > 5) b. P(- 3 2.81)

7. Lease or Buy (LO4) Rework Problem 2 assuming the scanner qualifies for a special CCA rate of 45 percent per year and that the asset pool remains open. You work for a nuclear research laboratory...

On 1 March 2007 DB Limited issued R560 000 15% debentures at R98. The debentures were to be redeemed at par in four equal annual payments starting 28 February 2010. Required: Journalise the above...