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A home mortgage of $143,000 with a fixed APR of 6% for 30 years. Fill out the table. End of... Payment Toward Principal Month 1 $ (Round the final answers to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Interest New Principal

A home mortgage of $143,000 with a fixed APR of 6% for 30 years. Fill out the table. End of... Payment Toward Principal Month 1 $ (Round the final answers to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Interest New Principal

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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For the following loan, make a table showing the amount of each monthly payment that goes toward principal and interest for the first three months of the loan. A home mortgage of $143,000 with a fixed APR of 6% for 30 years. --- **Fill out the table.** | End of... | Interest | Payment Toward Principal | New Principal | |-----------|----------|---------------------------|---------------| | Month 1 | $ | $ | $ | *(Round the final answers to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)* --- **Instructions:** - Calculate the interest for the month. - Determine the amount of the monthly payment that goes toward the principal. - Calculate the new principal balance after the payment. **Note:** Use the appropriate formulas for calculating mortgage payments and interest.
Transcribed Image Text:For the following loan, make a table showing the amount of each monthly payment that goes toward principal and interest for the first three months of the loan. A home mortgage of $143,000 with a fixed APR of 6% for 30 years. --- **Fill out the table.** | End of... | Interest | Payment Toward Principal | New Principal | |-----------|----------|---------------------------|---------------| | Month 1 | $ | $ | $ | *(Round the final answers to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)* --- **Instructions:** - Calculate the interest for the month. - Determine the amount of the monthly payment that goes toward the principal. - Calculate the new principal balance after the payment. **Note:** Use the appropriate formulas for calculating mortgage payments and interest.
### Credit Card Payment Calculation Suppose that on January 1 you have a balance of $3,000 on a credit card with an Annual Percentage Rate (APR) of 17%. You plan to pay off this balance in 4 years and will make no additional charges after January 1. **Tasks:** a. Calculate your monthly payments. b. Determine the total amount you will have paid by the time the card is paid off. c. Calculate what percentage of your total payment is interest. **Instructions for Part A:** - Determine the monthly payment amount. - Do not round your calculations until the final result. - Round the final answer to the nearest cent as needed. #### Solution a. The monthly payment is $[Blank]. *(Calculate based on the given information and ensure accuracy before rounding).*
Transcribed Image Text:### Credit Card Payment Calculation Suppose that on January 1 you have a balance of $3,000 on a credit card with an Annual Percentage Rate (APR) of 17%. You plan to pay off this balance in 4 years and will make no additional charges after January 1. **Tasks:** a. Calculate your monthly payments. b. Determine the total amount you will have paid by the time the card is paid off. c. Calculate what percentage of your total payment is interest. **Instructions for Part A:** - Determine the monthly payment amount. - Do not round your calculations until the final result. - Round the final answer to the nearest cent as needed. #### Solution a. The monthly payment is $[Blank]. *(Calculate based on the given information and ensure accuracy before rounding).*
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