Final Answer: $342154.53 342,154.53 Part 2 of 3 (b.) The first 7 years of the Jacksons' ARM-loan have gone by and it is time to reset the loan. What will be their outstanding principal after 7 years? Use a TVM solver to solve this problem. Fill in the information that you typed into the TVM solver. Round the final answer to two decimal places, IN- 276✔ 276 FV- 1%- 5.3 5.3 P/Y- 12 12 PV= alpha✔ alpha CY- 1212 PMT-1.900✔ -1,900 PMT: (End/Begin) End✔ End Final Answer: $187518.18x 302,715.25 Part 3 of 3 (c) What will be the new monthly mortgage payments after the first 7 years if the new interest rate is 4.7% per year compounded monthly? (Use the rounded outstanding principal.) Use a TVM solver to solve this problem. Fill in the information that you typed into the TVM solver Round the final answer to two decimal places. IN- MX % 47 FV- P/Y- 0 12 PV-30271525 PMT ph CY- 12 PMT: (End/Begin) End ✔ Final Answer: $ 153971.54x

Final Answer: $342154.53 342,154.53 Part 2 of 3 (b.) The first 7 years of the Jacksons' ARM-loan have gone by and it is time to reset the loan. What will be their outstanding principal after 7 years? Use a TVM solver to solve this problem. Fill in the information that you typed into the TVM solver. Round the final answer to two decimal places, IN- 276✔ 276 FV- 1%- 5.3 5.3 P/Y- 12 12 PV= alpha✔ alpha CY- 1212 PMT-1.900✔ -1,900 PMT: (End/Begin) End✔ End Final Answer: $187518.18x 302,715.25 Part 3 of 3 (c) What will be the new monthly mortgage payments after the first 7 years if the new interest rate is 4.7% per year compounded monthly? (Use the rounded outstanding principal.) Use a TVM solver to solve this problem. Fill in the information that you typed into the TVM solver Round the final answer to two decimal places. IN- MX % 47 FV- P/Y- 0 12 PV-30271525 PMT ph CY- 12 PMT: (End/Begin) End ✔ Final Answer: $ 153971.54x

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 11RE: Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the...

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A6)
Give only typing answer with explanation and conclusion
I have gotten $7083.21 and $7104.42 and both were incorrect
| (a) Find the amount of an original one-time deposit to make into an account that pays 1.2% APR compounded monthly, in order to have a balance in the account after 20 years of $4,000. Show the work and steps being sure to have two sides of any formula or equation from start to finish. End with an equation stating your exact answer. Then, skip two lines. (b) Interpret your answer from (a) to write a short direct sentence equivalent. Then, skip three or four blank lines as space before the next problem.
Note: DONT USE EXCEL! Directions: Compute the interest. Round off your final answer up to 2 decimal places. 1. P27,000 at 6.5% simple interest for 1 year. 2. P31,000 at 7.5% simple interest for 50 days. 3. P63,000 at 12.5% simple interest for 3 years and 6 months. 4. P89,500 at 11.5% simple interest for 220 days. 5. 36,000 at 9.7% simple interest for 2 years.
Please give me a specific solution don't use excel. 1. You took out a loan that must be repaid with level payments at the end of each year. The loan has an annual effective rate of interest of 6%. The outstanding balance at the end of the seventh year was $22,000 and the outstanding balance at the end of the tenth year was $18,000. What is your payment on the loan? Round your answers to two decimal places. 2.You take out a loan that must be repaid with level payments made at the end of each of the next 14 years. The loan has an annual effective rate of interest of 7%. You know that P8 = $854.50. Compute the following. Round your answers to two decimal places. a) Payment ? b) Loan Amount ?
Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.
You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
Give only typing answer with explanation and conclusion
General Instruction: Use Yellow paper for your computation and answer. Task 1. Compute the interest of the following: 1. P25,000 at 6% simple interest for 1 year. 2. P30,000 at 9.5% simple interest for 90 days. 3. P60,000 at 12.5% simple interest for 2 years and 6 months.
enny takes out a new car loan for $41,000 at 5% annual interest rate for 5 years. a. What is Jenny’s monthly payment? Two years later, Jenny has already made 24 monthly payments (of amount calculated in a.) and has 36 remaining payments. What is the remaining principal on the loan? Solve using two methods. b. Solve by calculating the Present Worth of the remaining 36 payments. c. Solve using Excel Spreadsheet function CUMPRINC as discussed on page 165 of text. (note: you should get same answer on b. and c.)