The interest rate on a $100,000 mortgage loan is 7% compounded semiannually. a. What are the monthly
Question:
a. What are the monthly payments for a 25year amortization?
b. Suppose that the borrower instead makes weekly payments equal to onefourth of the monthly payment calculated in Part (a). (In mortgage terminology, these are referred to as accelerated weekly payments.) When will the loan be paid off if the interest rate does not change? Assume there are exactly 52 weeks in a year.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
a Given PV 100000 i 7 2 35 n 1225 300 c 212 i 2 1 i C 1 1035 1 000575003950 Substitute into for...View the full answer
Answered By
RITESH KUMAR
hello students
this is ritesh kumar from chhapra, Bihar.
i got 82.8% marks in 10th stander in bihar board.
i got 70% marks in 12th science stream in bihar board.
i got 77% marks in graduation with mechanical stream .
currently i am perusing master in technology with Thermal engineering.
I have more than two year experience of teaching math and science subject in ofline coaching.
i can make you understand any how any topic related to my area.
so ask me any problem related to academic as well as your life problems.
Thank you.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions

The interest rate on a $100,000 loan is 7.5% compounded quarterly. a. What quarterly payments will reduce the balance to $75,000 after five years? b. If the same payments continue, what will be the...

The interest rate on a $100,000 loan is 9% compounded monthly. How much longer will it take to pay off the loan with monthly payments of $1000 than with monthly payments of $1050?

The interest rate on a $100,000 loan is 7.5% compounded monthly. What must be the monthly payment for the loan to be repaid in: a. 5 years? b. 10 years? c. 15 years? d. 20 years? In each case, also...

Classify each of the following random variables as either continuous or discrete: a. The survival time of a cancer patient after receiving a new treatment for cancer b. The number of ticks found on a...

Ash Company manufactures telephone handsets under various brand names. The company has built a strong reputation based on quality telephones and has been profitable for a number of years. Harriman...

Perform these operations with the appropriate number of significant figures. (a) 3.783 106 kg + 1.25 108 kg (b) (3.783 106 m) (3.0 102 s)

109. De qu manera la etapa de desarrollo del proceso de nuevos productos abarca pruebas del producto dentro y fuera de la empresa?

From the following transactions as well as additional data, please complete the entire accounting cycle for Mikes Plumbing of Prince Albert. (Use a chart of accounts similar to the one in Problem...

56 please do journal entries for each of the dates Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, No. 5888...

Nationwide Auto Parts uses a periodic review inventory control system for one of its stock items. The review interval is six weeks, and the lead time for receiving the materials ordered from its...

Marge and Homer Sampson have saved $95,000 toward the purchase of their first home. Allowing $7000 for legal costs and moving expenses, they have $88,000 available for a down payment. a. Based only...

A $200,000 mortgage at 6.6% compounded semiannually with a 25year amortization requires monthly payments. The mortgage allows the borrower to prepay up to 10% of the original principal once each...

The time required to cook a pizza at a neighborhood pizza joint is normally distributed with a mean of 12 minutes and a standard deviation of 2 minutes. Find the time for each event. Show your work....

1. Identify an industry that competes internationally (i.e., fast food, clothing, sportswear, automotive, etc). All your companies must be from ONE Industry (you cannot discuss Taco Bell and Nike)....

A research article on " Leadership in Project Management: Cultivating Strong EmployeeEmployer Bonds" shows major findings on why big companies fail in leadership skill practice. How they can...

Discuss and Identify the current types of stock, such as common or preferred stock, currently issued, and outstanding. Include a narrative description along with the values and number of shares found...

The organization we intend to study is Local Point, a student cafeteria run by UW Housing & Food Services. Our team would like to figure out how to utilize modern technology and rational...

Briefly summarize the Coase Theorem (include the 3 key conditions). List the major types of approaches government typically takes to deal with negative externalities. Suppose the demand for...

P Co acquired an interest in Y Co and Z Co. Details of the acquisitions are as follows: Inventory of Y Co at acquisition date was sold to third parties within six months of acquisition. Intangible...

Horse serum containing specific antibody to snake venom has been a successful approach to treating snakebite in humans. How do you think this antivenom could be generated? What are some advantages...

The following securities are in Morales Company's portfolio of longterm availablefor sale securities at December 31, 2006. On December 31, 2006. the total cost of the portfolio equaled total fair...

Briefly discuss the convergence efforts that are underway in the area of intangible assets .

An article in the financial press stated, More than half of software maker Comserves net worth is in a pile of tapes and ringbound books. That raises some accountants eyebrows. What is the...

Garfunkel, Inc. has incurred $6 million in developing a computer software product for sale to third parties. Of the $6 million costs incurred, $4.5 million is capitalized. The product produced from...

*Prepare the plant assets section of Amphonie's balance sheet at December 31, 2021 using the information below. At December 31, 2020, Amphonie Company reported the following as plant assets. Land $...

Question 1 of 1  / 100 View Policies Current Attempt in Progress Pargo Company is preparing its budgeted income statement for 2020. Relevant data pertaining to its sales, production, and direct...

Schopp Corporation makes a mechanical stuffed alligator that sings the Martian national anthem. The following information is available for Schopp Corporation's anticipated annual volume of 500,000...
Study smarter with the SolutionInn App