5. Tonya finances $27,000 at 7% (per yr.) for 7 years. The monthly payment is $407.50.(a) The first payment includes $157.50 interest. How much principal is in the 1" payment?407.50-157.50-250(b) Find the new loan balance after the 1" payment if the payment was on time.27,000250 = 26,750(c) Use /- Prr to find the interest in the 2nd payment if the 1" payment was on time.26.750 x 0.07T2 = 156.04(d) How many monthly payments are scheduled? If all payments are made as scheduled,what is the total interest paid?7x12=8484 x 467.50 -27,000 = 7,230(e) Slightly increasing the payment to $460.32 per month will pay off the loan in 72payments. How much interest is saved to the nearest dollar?

Loans are paid by equal monthly payments and these payments carry the payment for interest and…

Answered: (a) The first payment includes $157.50…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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E10.7 (LO 2) (Analyze instalment payment schedule.) The following instalment payment schedule is for a long-term bank loan payable: Interest Period Issue date 1 2 3 4 5 Instructions Cash Payment $23,097.48 23,097.48 23,097.48 23,097.48 23,097.48 Interest Expense $5,000.00 4,095.13 3,145.01 2,147.38 1,099.88 Reduction of Principal $18,097.48 19,002.35 19,952.47 20,950.10 21,997.60 Principal Balance $100,000.00 81,902.52 62,900.17 42,947.70 21,997.60 0 ☐ a. Assuming payments are made annually, what is the interest rate on the bank loan? b. Prepare the journal entry to record the first instalment payment. c. What are the current and non-current portions of the bank loan after the payment at the end of period 2? Σ
Use the number 4 formula in the second image labeled principal contained in kth payment (NO EXCEL). Please write out all steps and explain.
Question7. Down payment Interest rate Terms Loan Amount 0 48 4% 4.12% 4.25% 4.75% Find the mortgage payment for the terms and interest rates given 100000 60 72 84
1. Based on the information, determine the value of each "? " in the following table Loan principal = &10,000 Interest rate 6% / yr Duration of loan = 3 yrs 66 66 %3D EOY Interest Paid Principal Payment 1 $600 ? 2 $411.54 $3,329.46 3 ? ?
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If beginning and ending interest receivable were P16,000 and P5,000, respectively. Total interest income for the period amounted to P52,000, how much would be the amount of interest collections for the period?a. P31,000 c. P52,000b. P41,000 d. P63,000
find the interest, interest rate,monthly payment, and the new principal.
A loan carries a simple interest rate of 5.25 % . The loan was fully repaid by two $5000 payments made 8 and 11 months after the original date of the loan. How much was borrowed at the start? Multiple Choice $10,000 $9601.34 $9661.84 $9540.85 $9329.44
E10.7 (LO 2) (Analyze instalment payment schedule.) The following instalment payment schedule is for a long-term bank loan payable: Interest Period Issue date 1 2 3 4 5 Instructions Cash Payment $23,097.48 23,097.48 23,097.48 23,097.48 23,097.48 Interest Expense $5,000.00 4,095.13 3,145.01 2,147.38 1,099.88 Reduction of Principal $18,097.48 19,002.35 19,952.47 20,950.10 21,997.60 Principal Balance $100,000.00 81,902.52 62,900.17 42,947.70 21,997.60 0 a. Assuming payments are made annually, what is the interest rate on the bank loan? b. Prepare the journal entry to record the first instalment payment. c. What are the current and non-current portions of the bank loan after the payment at the end of period 2?
Use the amortization table to determine how much of the 8th payment is interest E Click the icon to view the amortization table. Amortization Table - X The interest amount af the Bth pnyment is S (Type an integer or a decimal.) Amortization Table Рауment Number Amount of Payment Interest Portion to Principal Principal at End of Period for Perlod $1000.00 $918.93 $86.07 $5.00 $81.07 $86.07 $4.59 $81.48 $837.46 $755.57 $86.07 S4.19 $81.88 $86.07 $3.78 $82.29 5673.28 $86.07 $3.37 $82.70 $590 58 S86.07 $86.07 $2.96 $83.12 $507 46 $423.93 $2.54 $83.53 $83.95 $86.07 $2.12 $339.08 $86.07 $1.70 $1.28 S84.37 $84.79 $255.61 10 $86.07 $170 82 $85.60 11 $86.07 S0.85 $85.22 12 S86.03 $0.43 S05.00 $0.00 Print Done
Ma3. A loan is amortized by level payments made at the end of each quarter, for 25 years: The monthly rate is 1%. The principal in the 29th payment is 8370. Find OLB69 OA. 1,115,185.53 OB. 1,101,108.22 OC. The correct answer is not shown here. OD. 1,430,370.34 OF. 1,301,108.22
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)

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