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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