Paris Company buys a building on a plot of land for $100,000, paying $20,000 cash and signing a 20-year mortgage note for $80,000 at 6%. Monthly payments are $570. What portion of the first monthly payment is interest expense? A. $4,800 B. $570 C. $550 D. $400
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- Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600What portion of the first monthly payment is interest expense for this financial accounting question?
- What portion of the first monthly payment is interest expense of this financial accounting question?How much of the first monthly payment is interest expense?An investor buys a property for $683,000 with a 25-year mortgage and monthly payments at 7.3% APR. After 18 months the investor resells the property for $747,888. How much cash will the investor have made from the sale, once the mortgage is paid off? O A. $160,262 B. $80,131 C. $112,183 D. $64,105
- JG Asset Services is recommending that you invest $1,050 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures? a. $1,247.07 b. $1,274.67 c. $1,283.87 d. $1,265.47 e. $1,256.27An investor buys a property for $670,000 with a 25-year mortgage and monthly payments at 8.8% APR. After 18 months the investor resells the property for $737,137. How much cash will the investor have made from the sale, once the mortgage is paid off? OA. $110,571 OB. $157,958 OC. $78,979 OD. $63,183A man buys a house for $330,000. He makes a $150,000 down payment and amortizes the rest of the purchase price with semiannual payments over the next 10 years. The interest rate on the debt is 8%, compounded semiannually.(a) Find the size of each payment.$ (b) Find the total amount paid for the purchase.$ (c) Find the total interest paid over the life of the loan.$
- Curtis buys a piece of commercial property for $230,000 He is offered a 20-year loan by the bank, at an interest rate of 6% per year The loan requires annual payments to be made What is the annual loan payment Curtis must make assuming the first payment will be due one year from the date of purchase? OA. $20,052 45 OB. $24,062 94 OC. $32,083 92 OD. $28,073 43JG Asset Services is recommending that you invest $1,400 in a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures? Select the correct answer. a. $1,645.16 b. $1,649.56 c. $1,662.76 d. $1,658.36 e. $1,653.965. Tonya finances $27,000 at 7% (per yr.) for 7 years. The monthly payment is $407.50. (a) The first payment includes $157.50 interest. How much principal is in the 1" payment? 407.50-157.50-250 (b) Find the new loan balance after the 1" payment if the payment was on time. 27,000 250 = 26,750 (c) Use /- Prr to find the interest in the 2nd payment if the 1" payment was on time. 26.750 x 0.07 T2 = 156.04 (d) How many monthly payments are scheduled? If all payments are made as scheduled, what is the total interest paid? 7x12=84 84 x 467.50 -27,000 = 7,230 (e) Slightly increasing the payment to $460.32 per month will pay off the loan in 72 payments. How much interest is saved to the nearest dollar?