Question
On August 1, you borrow $180,000 to buy a house. The mortgage rate is 7.0 percent....
On August 1, you borrow $180,000 to buy a house. The mortgage rate is 7.0 percent. The loan is to be repaid in equal monthly payments over 15 years. The first payment is due on September 1. How much of the tenth payment applies to the principle balance? (Assume that each month is equal to 1/12 of a year.)
Group of answer choices
$543.22
$566.24
$589.28
$598.41
$615.32
Answers
rate positively ..
We have to compute first monthly payment and than amortizationn table Put in financial calculator - FV 0 PV -180000 I 7%/12 0.5833% N 15*12 180 Compute PMT $1,617.89 Amortization table Period Beginning balance Interest Payment Principal ending balance 0 180000 1 180000 1050 $1,617.89 $567.89 $179,432.11 2 179432.1 1046.687 $1,617.89 $571.20 $178,860.91 3 178860.9 1043.355 $1,617.89 $574.54 $178,286.37 4 178286.4 1040.004 $1,617.89 $577.89 $177,708.48 5 177708.5 1036.633 $1,617.89 $581.26 $177,127.22 6 177127.2 1033.242 $1,617.89 $584.65 $176,542.58 7 176542.6 1029.832 $1,617.89 $588.06 $175,954.52 8 175954.5 1026.401 $1,617.89 $591.49 $175,363.03 9 175363 1022.951 $1,617.89 $594.94 $174,768.09 10 174768.1 1019.481 $1,617.89 $598.41 $174,169.68 therefore, answer = $598.41
Similar Solved Questions
1 answers
Give the major organic product(s) for the following reaction (It is necessary to show stereochemistry ONLY...
Give the major organic product(s) for the following reaction (It is necessary to show stereochemistry ONLY for cyclic alkenes) Give the major organic product(s) for the following reaction NO, Edit Click on the drawing box above to activate the Marvin Sketch drawing tool and then draw your answer to ...
1 answers
Please solve using successive approximations. please show all steps so I may be able to follow...
please solve using successive approximations. please show all steps so I may be able to follow along Cadmium metal is added to 0.350 L of an aqueous solution in which (C13-J=1.00M. 2Cr3+(aq)+Cd(s)=2Cr2+(aq)+Cd2+(aq)KC=0.288 What is the concentration of Cr2+ at equilibrium? What is the concentration ...
1 answers
How do the various Medicare for All proposals differ from each other- and from the Affordable...
How do the various Medicare for All proposals differ from each other- and from the Affordable Care Act in terms of financing? Please provide the reference and do not post paper writing answers, I need typed answer. Thank you...
1 answers
(20 pts) An em wave traveling through air has an electric field described by the equation...
(20 pts) An em wave traveling through air has an electric field described by the equation Eo sin [kz (5 pts) Determine the wavelength, frequency, and direction of travel for this wave (10 pts) Usee the facts E. x Bo is in the direction of travel and Eo is perpendicular to Bo to show that Bx 6. 8π...
1 answers
You have borrowed $50,000 at an interest rate of 12%. Equal payments will be made over...
You have borrowed $50,000 at an interest rate of 12%. Equal payments will be made over a three-year period. (The first payment will be made at the end of the first year.) What will the annual payment be, and what will the interest payment be for the second year?...
1 answers
A.Laura Smith is planning for her and her husband Luke’s retirement. Both Luke and Laura expect...
a.Laura Smith is planning for her and her husband Luke’s retirement. Both Luke and Laura expect to retire in 35 years (when they turn 65). The life expectancy of men is 75 years and the life expectancy of women is 85 years (i.e., assume that they die the day before their 75th or 85th birthday)...
1 answers
What are the past tense and past participle forms of the verb "write"?
What are the past tense and past participle forms of the verb "write"?...
1 answers
Find the perimeter of the rectangle below units 3y+22 18 x- 5
Find the perimeter of the rectangle below units 3y+22 18 x- 5...
1 answers
The organic molecules of living organisms have a measurably lower ratio of carbon-13/carbon-12, two stable isotopes...
The organic molecules of living organisms have a measurably lower ratio of carbon-13/carbon-12, two stable isotopes of carbon. The ratio of carbon 13/carbon-12 is higher in non-organic molecules. What does this tell us about the rise in CO2 in the atmosphere over the last century? O Carbon dioxide m...
1 answers
Test: Exam II Time Remaining: 01:22.10 S This Question: 3 pts This Test: 150 pt 10...
Test: Exam II Time Remaining: 01:22.10 S This Question: 3 pts This Test: 150 pt 10 of 50 (6 complete) are NOT included in a post-closing trial balance? Which of the following O A. Revenues and expenses O B. Retained Eamings and assets O C. Common Stock and liabilities O D. Assets and liabilities...
1 answers
10.2.36 Convert the following equation to Cartesian coordinates. Describe the resulting curve. 8 r= 4 cos...
10.2.36 Convert the following equation to Cartesian coordinates. Describe the resulting curve. 8 r= 4 cos 0 + 7 sin 0 Write the Cartesian equation....
1 answers
A mechanical system with 5 pump assemblies will operate satisfactorily if any three out of five...
A mechanical system with 5 pump assemblies will operate satisfactorily if any three out of five pumps are functioning. Given that 15% of the total pump production is defective, what is the probability of system malfunction?...
1 answers
Ince ft) dt, then Fx) = fx) over Find the derivative using the Fundamental Theorem of...
Ince ft) dt, then Fx) = fx) over Find the derivative using the Fundamental Theorem of Calculus, part 1, which states that if (x) is continuous over an interval [a, b], and the function F(x) is defined by F(x) Tabl d dr dx...
1 answers
Let f(x, y, z)=x2-7xy +32 Find Vf. Vr= (Type your answer in terms of i, j,...
Let f(x, y, z)=x2-7xy +32 Find Vf. Vr= (Type your answer in terms of i, j, and k.) This Question: 2 pts -1/2 Find the gradient of f(x,y,z) = (2+2+2) +In (xyz) at the point (1.-2.-2). -OOO (Type simplified fractions Enter your reach of these Parmak için buraya yazın...
1 answers
Yellow Corp. is evaluating an extra dividend versus a share repurchase. In either case, $5,500 would...
Yellow Corp. is evaluating an extra dividend versus a share repurchase. In either case, $5,500 would be spent. Current earnings are $1.16 per share and the stock currently sells for $45 per share. There are 2,300 shares outstanding. Ignore taxes and other imperfections. NOTE: Fractional shares are p...
1 answers
Multiple Choice: I could use a little help. I need some guidance if possible. Brandon, an...
Multiple Choice: I could use a little help. I need some guidance if possible. Brandon, an individual, began business four years ago and has sold $1231 assets with $5,750 of losses within the last 5 years. Brandon owned each of the assets for several years. In the current year, Brandon sold the foll...