KComplete the first month of the amortization schedule for a fixed-rate mortgageMortgage $104,000Interest rate: 7.5%Term of loan 30 yearsClick the icon to view the Real Estate Amortization TablePaymentNumber1Amortization ScheduleTotal Payment Interest Payment Principal Payment Balance of Principal(*)(b) S(b) s(d) s

Payment Total payment(1) Interest portion(2) principal portion (3)=1-2 Balance of principal (4)=…

Answered: Complete the first month of the…

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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Kumar uses a $1,100 personal loan to start a bike repair business. He will repay the loan in monthly payments of $93.72 for 1 year at an annual interest rate of 4.1% compounded monthly. The table shows the first payment in the amortization schedule. Payment Number Loan Amount Рayment Interest Principal Remaining Balance 1 $1,100.00 $93.72 ? What balance remains after he makes the first payment? $1,193.72 $1,006.28 $1,096.24 $1,010.04
6 year non subsidized student loan of 31000 with an interest rate of 5.1% , calculate monthly payments for this loan after graduating in 4 years
Payment Number Amount of Payment 0 1 $310.97 2 $310.97 3 $310.97 4 $310.97 5 $310.97 6 $310.97 7 $310.97 8 $310.97 9 $310.97 10 $310.97 11 $310.97 12 $310.97 Amortization Table Interest for Period $35.00 $32.24 $29.45 $26.64 $23.79 $20.92 $18.02 $15.09 $12.13 $9.15 $6.13 $3.08 Portion to Principal $275.97 $278.73 $281.52 $284.33 $287.18 $290.05 $292.95 $295.88 $298.84 $301.82 $304.84 $307.89 Principal at End of Period $3500.00 $3224.03 $2945.30 $2663.78 $2379.45 $2092.27 $1802.22 $1509.27 $1213.39 $914.55 $612.73 $307.89 $0.00
Payment Number Amount of Payment 0|- 1 $378.24 2 $378.24 3 $378.24 4 $378.24 5 $378.24 6 $378.24 7 $378.24 8 $378.24 9 $378.24 10 $378.24 11 $378.24 12 $378.24 Amortization Table Interest for Period $80.00 $74.04 $67.95 $61.75 $55.42 $48.96 $42.37 $35.66 $28.80 $21.82 $14.69 $7.42 Portion to Principal Principal at End of Period $4000.00 $3701.76 $298.24 $304.20 $310.29 $316.49 $322.82 $329.28 $335.87 $342.58 $349.44 $356.42 $363.55 $370.82 $3397.56 $3087.27 $2770.78 $2447.96 $2118.68 $1782.81 $1440.23 $1090.79 $734.37 $370.82 $0.00
Calculate the missing information for the loan. Round percents to the nearest tenth and days to the next higher day when necessary. Principal Rate(%) Time(days) InterestMethod Interest Maturity Value(in $) $3,300 % 162 Exact $220 $
A loan of $1,544 at 10.75% interest compounded semi-annually is to be repaid in four years in equal semi-annual payments. Complete an amortization schedule for the loan. Adjust the final payment so the balance is zero. Fill out the amortization schedule below. (Round to the nearest cent as needed. Do not include the $ symbol in your answers.) Payment Amount of Interest Applied to Balance Number Payment Payment Principal $1,544 1 2 3 4 5 6 7 8 $ $ JUL S $ $ $ S UL SA $ S $ $ $

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