A home is purchased for $229,000 with an amortized loan over 30 years at an interest rate of 4.6%. The payments on the loan will be $1,173.96. Complete the first three lines for an amortized loan schedule. Payment #Payment Interest 1 2 3 Principal Paid Extra Payment Balance After Payment

Q: Find the amount (in $) of interest on the loan. Principal $90,000 Rate (%) m/+ Time 9 months LA…

A: Step 1 The amount a lender charges a borrower is called an interest rate, and it is expressed as a…

Q: a. If starting at t≥ 1, increasing t by one year multiplies the present value by b. Set the initial…

A: The current worth is the worth of the amount that is expected by an investor from its future cash…

Q: A grocery store sells for $189,500 and a 10% down payment is made. A 40-year mortgage at 7% is…

A: Data given:Loan amount=$170,550 Monthly payment =$1059.12Interest rate=7%Monthly interest…

Q: Complete the first month of the amortization schedule for a fixed-rate mortgage. Mortgage: $110,000…

A: Mortgage refers to the covered loan that is borrowed for purchasing a property and the collateral…

Q: What are the monthly payments (principal and interest) on a 18-year home mortgage for an $210,000…

A: To calculate the monthly payments on an 18-year home mortgage for a $210,000 loan with a fixed…

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $66,000 mortgage at 5% for 20…

A: Present Value Annuity Factor=1-1+rate-timerate

Q: Make an amortization table to show the first two payments for the mortgage. Amount of Annual…

A: Interest = Opening End of month principal * rate per period  Principal repayment = monthly payment -…

Q: Find the total monthly payment, including taxes and insurance. Interest Rate Term of Loan Annual…

A: A mortgage is a loan taken out for the purchase of real estate. The real estate being purchased acts…

Q: A friend of yours borrows $19,500 from the bank at 8% annually to be repaid in 10 equal annual…

A: Calculation of installment amount: Installment amount = Amount / Present value annuity factor (PVAF)…

Q: Types of Annuities 1)ldentify the type of annuity and calculate the number of payments during the…

A: Honor code Since you have asked multiple questions, we will solve the first question for you. If you…

Q: You plan to purchase a $140,000 house using a 15-year you is 6.25 percent. You will make a down…

A: A mortgage is a type of loan used to finance the purchase of real estate, typically a home. In a…

Q: Assume a borrower is given the following options for payment of a $100,000 loan: 5-year amortizing…

A: a) Option 1: 5 Year amortizing loan paying annual interest rate of 8% Payments to be made each year…

Q: 9. Jared will repay a mortgage over 25 years. This table shows 2 of the Раyment number payments.…

A: Equated Monthly Payment or EMI is a fixed amount paid every month by the borrower. It includes both…

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $68,000 mortgage at 5% for 30…

A: Amortization refers to the spread of payment over a certain time duration. An amortization schedule…

Q: Use the following amortization chart: Selling price of home $ 99,000 Down payment $ 5,000 Principal…

A: The question is based on the concept of Annuity in Financial Management. Annuity refers to the…

Q: Make an amortization table to show the first two payments for the mortgage.   Amount of mortgage…

A: The amortization table is prepared to show the amount of monthly payments which include the…

Q: Use the following amortization chart: Selling price of home $ 96,000 Down payment $ 5,000 Rate of…

A: The total cost of interest can be referred to as the amount that is paid by the borrower more than…

Q: much of the value of the account can be attributed to the interest earned? 5)You want have $12,000…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: deposit $200 at the end of each month for 10 years. If the account pays 7.5% compounded monthly, how…

A: Future Value of Annuity: It is the future worth of the current cash flow stream and is computed by…

Q: A grocery store sells for  $544,500  and a  5%  down payment is made. A  15 -year mortgage at…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: Given, Monthly payment is $1773.60 Annual tax is $6,513 Annual insurance is $2,186

Q: Find the total monthly payment, including taxes and insurance, for the following loan. Term of…

A: A mortgage is a loan taken out for the purchase of real estate. The real estate being purchased acts…

Q: K Make an amortization table to show the first two payments for the mortgage. Amount of mortgage…

A: The computation is shown in excel table below: The formula used above is shown below:  Working…

Q: Use the amortization table below to answer the following questions. The loan is for 5 years at 5.5%…

A: The term of loan is 5 years The interest rate is 5.5% The loan amount is $3000 To Find: Yearly…

Q: Find the amount (in $) of interest on the loan.

A: Interest: It refers to the monetary charge paid by the borrower to the lender for taking a loan. It…

Q: Use the actuarial method to find the payoff amount for the loan paid in full before its due date.…

A: The method which is derived for calculating the amount of allocation between the principal amount…

Q: Single-payment loan repaymentA person borrows $200 to be repaid in 8 years with 14% annually…

A: Compound interest happens when formerly earned interest is increased to the principle investment…

Q: Prepare an amortization schedule for the first 3 payments (in $) of a $66,000 mortgage at 5% for 20…

A: A mortgage is a loan that is taken out to purchase real estate. The real estate being purchased acts…

Q: Make an amortization table to show the first two payments for the mortgage. Amount of mortgage…

A: Interest = Opening End of month principal * Rate per period Principal repayment = Monthly payment -…

Completing the Accounting cycle

An accounting cycle is a multiple-step process that analyzes, verify, record and summarize the entities financial data. The accounting cycle starts when the transaction occurs between two parties and ends when the transaction is completed. The accounting cycle changes the entity's financial position as it involves identifying, verifying, and recording the financial transaction in chronological order. Financial position is the summary of business transactions that occurred throughout the particular accounting period. The accounting cycle recurs at the beginning of each financial year.