Monthly payments on a $155,000 mortgage are based on an interest rate of 6.6% compounded semiannually...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Monthly payments on a $155,000 mortgage are based on an interest rate of 6.6% compounded semiannually and a 30-year amortization. If a $5000 prepayment is made along with the thirty-second payment: (Do not round the intermediate calculations.) How much will the amortization period be shortened? (Round UP to the next whole number.) The amortization period will be shortened by years and month(s). b. What will be the principal balance after four years? (Round your answer to two decimal places.) Balance after 4 years will be $ Monthly payments on a $155,000 mortgage are based on an interest rate of 6.6% compounded semiannually and a 30-year amortization. If a $5000 prepayment is made along with the thirty-second payment: (Do not round the intermediate calculations.) How much will the amortization period be shortened? (Round UP to the next whole number.) The amortization period will be shortened by years and month(s). b. What will be the principal balance after four years? (Round your answer to two decimal places.) Balance after 4 years will be $
Expert Answer:
Related Book For
Posted Date:
Students also viewed these finance questions
-
Monthly payments on a $150,000 mortgage are based on an interest rate of 6.6% compounded semiannually and a 30-year amortization. If a $5000 prepayment is made along with the thirty-second payment:...
-
Monthly payments on a student loan were set at $151.72, with the first payment to be deferred for 6 months. How much was due to be paid immediately after the deferral period if interest was 6.6%...
-
if you invest $10,525 today at an interest rate of 7.35% compounded daily, how much money will you have on your saving account in 15 years?
-
An investor has $60,000 to invest in a $280,000 property. He can obtain either a $220,000 loan at 9.5 percent for 20 years or a $180,000 loan at 9 percent for 20 years and a second mortgage for...
-
If f: R S is a ring homomorphism and J is an ideal of 5, prove that f-l(J) = [a R|f(a) J} is an ideal of R.
-
"Code By Day" (CBD) Software Consulting Company: Billing & Payroll System Functional Description: (highlighted words may or may not be objects) The CBD software consulting Company has the following...
-
Johanna Marra and Eric Nazzaro began a romantic relationship in October 2013. That previous July, Nazzarro had purchased a duplex that he intended to renovate. Nazzarro rented out the top floor while...
-
At December 31, 2017, the trial balance of Darby Company contained the following amounts before adjustment. Instructions (a) Based on the information given, which method of accounting for bad debts...
-
A system consists of a large number of identical molecules at equilibrium. Each molecule can be in one of a ladder of energy levels. As shown in the diagram below, the energy levels are uniformly...
-
Consider the deterministic world below (part (a)). Allowable moves are shown by arrows, and the numbers indicate the reward for performing each action. If there is no number, the reward is zero....
-
2. Consider a financial market consisting of three risky assets and a risk-free asset. For the risky assets, the vector of expected returns, the variance-covariance matrix, and the inverse...
-
A cyclotron is used to produce 1 6 MeV protons which are directed at a transparent capsule containing 1 0 g of nitrogen. If the target is irradiated uniformly with a flux of 1 0 ^ 1 0 protons / cm 2...
-
I need help with ideas for a research study. What research instrument/protocol would you use for a Qualitative study on this question? How does the perception of visionary leadership influence...
-
Discuss the extent to which you believe the academic literature has been successful in designing early warning systems that signal impending crisis situations and outline the difficulties involved in...
-
2. The following tree A and tree B are built by different visit methods (preorder, inorder, or postorder). Which traversal method are used to make the order of the two trees look the same? (5%) A B E...
-
Jarris Inc. just paid $38,000 in corporate taxes, with its average tax rate at 25%. It spent $24,000 in interest expenses. Jarris Inc.'s cost of goods sold was $190,000; its selling and...
-
Unix Operating Systems and User Interface ----------------------------------------------------------------------------------------------------------------- Q. Mobile Operating System Research and...
-
Define relevant costs and discuss: (1) whether all future costs are relevant for decision making and (2) whether variable costs are always relevant and fixed costs are always irrelevant
-
An engineering design firm needs to borrow $300,000 from a local bank at an interest rate of 9% over five years. What is the required annual equal payment to retire the loan in five years?
-
Compute the value of P for the accompanying cash flow diagram. Assume i = 8% per year. $350 $300 $250 $200 $150 $100 1 2 3 4 5 6 7 8 9 9 10 11 Years
-
Auburn Crane, Inc., a hydraulic crane service company, had sales revenues of $4,250,000 during tax year 2013. The following table provides other financial information relating to the tax year: Labor...
-
Explain why the business objectives of owners and managers are likely to diverge. How might owners attempt to ensure that managers act in their interests and not in the managers own interests?
-
1. In what ways did the defence industries respond to the ending of the Cold War? 2. Using an Internet search, find out how the defence and security industries have responded to the threat of...
-
What is the Standard Industrial Classification (SIC)? In what ways might such a classification system be useful? Can you think of any limitations or problems such a system might have over time?
Study smarter with the SolutionInn App