loan is below. Payments of $1,987.26 are made monthly. Payment # Payment Interest Debt Payment Balance 1 1,987.26 1,604.17 x 2 1,987.26 1,602.41 3 1,987.26 1,600.65 383.09 384.85 386.61 Provide your answer below: Y N Calculate the value of z, the balance of the loan at the end of month 3. Give your answer to the nearest dollar. Do not include commas or the dollar sign in your answer.

Q: Using this table as needed, calculate the required information for the mortgage. (Round dollars to…

A: Therefore, the number of $1000's financed is 168.3.

Q: Find the amount (in $) of interest and the maturity value of the loans. Use the formula  MV = P + I…

A: Interest expense is a rate at which interest is calculated on the notes payable (amount borrowed).…

Q: Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was…

A: Interest rate = r = 12% Time = t = 200 days Interest amount = i = $710.14   Number of days in Exact…

Q: Find the annual simple interest rate of a loan, where $500 is borrowed and where $570 is repaid at…

A: Amount repaid (FV) = $570 Amount borrowed (P) = $500 Period (n) = 4 Months   Annual simple interest…

Q: (a) What is the rebate fraction of a 36 month loan paid off after the 12th payment? (b) What is the…

A: Rebate: It is the amount of money that is returned or credited to the customer in regard to a…

Q: Complete the following table by using Table 15.1. (Do not round intermediate calculations. Round…

A: Mortgage amount (L) = Selling price - Down payment = $237000 - $47400 = $189600 r = 6% = 0.5% per…

Q: Find the annual simple interest rate of a loan, where $900 is borrowed and where $1008 is repaid at…

A: Amount Borrowed = $900 AmountRepaid after 18 months = $1008 Months = 18 YEars = 18/12 = 1.5 years…

Q: Scenario 2: You need a $12,000 loan to buy a good used car. Your bank offers a 3-year loan with an…

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Q: calculate the required information for the mortgage

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Q: The following loan is paid in full before the date of maturity. Find the amount of uneaned interest.…

A: There are various method which can be used to compute the interest charged on a loan. Rule 78 is one…

Q: Using this table as needed, calculate the required information for the mortgage. Number Table…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Make an amortization table to show the first two payments for the mortgage.   Amount of mortgage…

A: The amortization table is prepared to show the amount of monthly payments which include the…

Q: S) 5.8

A: formula:Scheduled Principal Repayment = Beginning Principal Outstanding * (Pass Through Rate - SMM)

Q: Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days.…

A: Principal amount The actual amount borrowed by the borrower or lent by the financial institution is…

Q: Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the…

A: Data given: Principal = $7290 Rate=7% Time=17 days     Formula to be used: Interest = Principal *…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: A loan refers to a contract between two parties where money is forwarded by one party to the other…

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A: Here, Amount Financed = $240,000 Interest rate = 7.50% Term of loan = 25 years Annual Property tax =…

Q: 3. Find the amount (in $) of interest and the maturity value of the loans. Use the formula  MV = P…

A: Solution:- When an amount is invested somewhere, it earns interest and the amount receivable at…

Q: Using this table as needed, calculate the required information for the mortgage. (Round dollars to…

A:

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A: Ordinary interest is a method of interest calculation where the principal amount remains the same…

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A: In the exact method this calculation of simple interest is done based on the year as 365 days and…

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Q: annual pay All of them

A: Loan are given to clients to pay the loan back by periodic equal payments.

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A: The Annual Percentage Rate (APR) represents the yearly cost of borrowing money through loans or…

Q: Make an amortization table to show the first two payments for the mortgage.   Amount of mortgage…

A: An amortization schedule is used to show the details of each payment that has been made into…

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A: APR stands for Annual Percentage Rate. It is a measure of the cost of credit, expressed as a yearly…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.