ou were paying your fully amortising loan at 8.2% per annum for 12 years. Thecurrent monthly payment is $1,492 per month. What is the remaining loanbalance at the end of year 2? Please rounded your answer to two decimal points(e.g. 8000.158 is rounded to 8000.16)

In amortizing loans , loans are divided into smaller payments and these payments carry the payment…

Answered: ou were paying your fully amortising…

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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A loan is to be repaid over 30 years, with month-end repayments of 5,000. If the interest rate is 3.7% p.a. compounded monthly. Calculate the interest paid for year 10. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
The interest rate on a $100,000 loan is 7.2% compounded semiannually. The monthly payments on the loan are $700. Do not round intermediate calculations. Round the PMT and final answers to 2 decimal points. a) Calculate the interest component of Payment 221. b) Calculate the principal component of Payment 156. c) Calculate the final payment.
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ou were paying your fully amortising loan at 8.2% per annum for 12 years. The current monthly payment is $1, 492 per month. What is the remaining loan balance at the end of year 2? Please rounded your answer to two decimal points (e.g. 8000.158 is rounded to 8000.16)