Question: Which statement correctly applies to this monthly loan payment calculation? PMT 360 = $145,000 {0.005/[1 - 1/(1 + 0.005) 360 ]} = $869.35 (1)This is

Which statement correctly applies to this monthly loan payment calculation?

PMT360 = $145,000 {0.005/[1 - 1/(1 + 0.005)360]} = $869.35

(1)This is a 36-year loan.

(2)The amount borrowed equals 360 $869.35.

(3)The APR is 6 percent.

(4)The annual interest rate is 0.5 percent.

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!

Q:

Which one of these is the definition of an amortized loan? Multiple choice question. An amortized loan is a loan in which the borrower pays interest and principal over time. An amortized loan is a...

Q:

Which statement correctly applies to this monthly loan payment calculation? PMT 360 = $145,000 {0.005/[1 - 1/(1 + 0.005) 360 ]} = $869.35 Multiple choice question. This is a 36-year loan. The annual...

Q:

Which statement correctly applies to this monthly loan payment calculation? PMT360 = $145,000 * [0.005/[1- 1/(1 + 0.005)3597) = $869.35 The amount borrowed equals 360 x $869.35. O This is a 36-year...

Q:

Please Help, my team and I have different answers. Problem 6.34 Present Value Tirade Owens, a professional athlete, currently has a contract that will pay him a large amount in the first year of his...

Q:

I am short on time and need assignment 6.34 done, before 6 if possible. If someone can help. Problem 6.34 Present Value Tirade Owens, a professional athlete, currently has a contract that will pay...

Q:

Hi, I have an Assignment for my Finance Subject. I have attached the necessary documentation here for you to view including the Lecture slides of all the Topics covered for this assignment. Please...

Q:

please help me :) A new client of yours, Olivia Johnson, wants to open an ice cream shop near the downtown. shopping center. She will sell ice cream cones, cups, shakes, sundaes, and soda. Her grand...

Q:

1a. What is Your IRR for this investment? 1b. What is your cash on cash return for Year 1? Recall that the cash on cash return is equal to your annual Net Cash Flow divided by your total cash...

Q:

1a. What is Your IRR for this investment? 1b. What is your cash on cash return for Year 1? Recall that the cash on cash return is equal to your annual Net Cash Flow divided by your total cash...

Q:

Fill in the sheet titled NPV-IRR. You will buy the property now (Year 0), collect NOI for 5 years Year 1-Year 5, and sell it at the end of Year 5. Your loan has a 5/4/3/2/1 prepayment penalty...

Q:

What is external fragmentation in a system with contiguous files?

Q:

Fill in the blank: 1 cL = ______________ ML.

Q:

47. LO.6 In 2007, Peggy, a widow, places $3 million in trust, life estate to her children, remainder to her grandchildren, but retains the right to revoke the trust. In 2011, when the trust is worth...

Q:

The process where technology spreads from its initial source to individuals and organizations that put it to use is known as Question 4 3 options: diffusion of technology utility of technology...

Q:

Identify and discuss different schemes that the HR department manages in order to improve employee communications.

Q:

What qualities do the Russian workers exhibit that could have influenced the survey results? Why? What are the links between HR strategies and EI and communication practices?

Q:

Explain why managers might want to increase employee involvement and participation (EIP) and describe the different dimensions of EIP