A equal principal payment loan of $3000 is amortized by means of 12 quarterly payments, beggining one quarter after the loan is made. The interest rate is 8% APR compounded quarterly.  a. What is the total payment due the second quarter? b. What is the current portion of debt in the 4th quarter?

Q: The monthly payments on a 15-year loan of $20,000 at 6.8% interest are $177.54. (a) What is the…

A: Ordinary annuity is when the PMTs are made at the end of the period.

Q: Question 2: A debt of $24,000 is repaid by quarterly payments of $1,100. If interest is 6.0%…

A: Approach to solving the question: Detailed explanation:        Examples: Key references:

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A: Future worth is computed by multiplying the existing value with a given interest rate.

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A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

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A: Here, Time Period of Loan is 4.5 years Loan Amount (PV) is $4,887 Interest Rate on Loan is 7.4%…

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A: Loan amount = $ 89,000 Interest Rate = 8.3% Monthly Interest Rate = 8.3% /12 = 0.692% Number of…

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A: Using PMT function in excel  PMT (rate,nper,pv,[fv]) Amortization schedule

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A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…

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A: Loan amortization is the process of paying off a loan over time with regular, fixed payments. Each…

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A:

Q: Olfert Inc. is repaying a loan of $52500.00 by making payments of $4700.00 at the end of every six…

A: Interest is the amount charged or received on amount invested or borrowed in the particular period.…

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.