Find the new balance, assuming that the bank charges 112% per month on the unpaid balance.PreviousBalance Payment NewPurchases$300 $50 $80STEP 1:Find the unpaid balance after the payment is made on the previous balance.$ STEP 2:Calculate the amount of charge incurred by the unpaid balance.$ STEP 3:Find the new balance.

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Answered: Previous Balance Payment New…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Payment Number Amount of Payment 0 1 $172.13 2 $172.13 3 $172.13 4 $172.13 5 $172.13 6 $172.13 7 $172.13 8 $172.13 9 $172.13 10 $172.13 11 $172.13 12 $172.17 Amortization Table Interest for Period $10.00 $9.19 $8.37 $7.56 $6.73 $5.91 $5.07 $4.24 $3.40 $2.56 $1.71 $0.86 Portion to Principal $162.13 $162.94 $163.76 $164.57 $165.40 $166.22 $167.06 $167.89 $168.73 $169.57 $170.42 $171.31 Principal at End of Period $2000.00 $1837.87 $1674.93 $1511.17 $1346.60 $1181.20 $1014.98 $847.92 $680.03 $511.30 $341.73 $171.31 $0.00
Compute the monthly payments for the add on interest loan. The amount of the loan is $9,963.00. The annual interest rate is 7.4%. The term of the loan is 3.5 years.
Find the future value of an annuity due with an annual payment of $8,600 for two years at 9.1% annual interest using the simple interest formula. Find the total amount invested. Find the interest.
← Find the present value of an ordinary annuity which has payments of $700 per year for 13 years at 5% compounded annually. The present value is $ (Round to the nearest cent.)
Liv buys a new car. Her auto loan is $18,000 with an annual interest rate of 3.6% compounded monthly for 5 years. Her monthly payment is $328.26. The following table shows the first payment in the amortization schedule. Payment Number Loan Amount Payment Interest Principal Remaining Balance 1 $18,000.00 $328.26 ? ? How much of Liv's first payment is distributed to interest and to principal? Select the correct value for each. principal interest :: $54.00 :: $328.26 :: $274.26 :: $11.81 :: $316.45
A sailboat costs $25,424. You pay 5% down and amortize the rest with equal monthly payments over a 10-year period. If you must pay 8.1% compounded monthly, what is your monthly payment? How much interest will you pay? Monthly payments: $ (Round to two decimal places.) Interest: $ (Round to two decimal places.) C
Compute the monthly payments for the add on interest loan. The amount of the loan is $9,011.28. The annual interest rate is 4.4%. The term of the loan is 0.5 years.
Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution change over time. $1100 per quarter invested at 6.7%, compounded quarterly, for 10 years; then $1800 per quarter invested at 7.3%, compounded quarterly, for 16 years. Find the final amount in the account. (Do not round until the final answer. Then round to the nearest dollar as needed.) SA
Mr. Fix-It purchased a service truck for $32,400. It has an estimated useful life of 3 years and a trade-in value of $3,100. Using the sum-of-the-years’ digits method, prepare a depreciation schedule for the truck.
A loan of $1,544 at 10.75% interest compounded semi-annually is to be repaid in four years in equal semi-annual payments. Complete an amortization schedule for the loan. Adjust the final payment so the balance is zero. Fill out the amortization schedule below. (Round to the nearest cent as needed. Do not include the $ symbol in your answers.) Payment Amount of Interest Applied to Balance Number Payment Payment Principal $1,544 1 2 3 4 5 6 7 8 $ $ JUL S $ $ $ S UL SA $ S $ $ $
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STEP 1:	Find the unpaid balance after the payment is made on the previous balance. $
STEP 2:	Calculate the amount of charge incurred by the unpaid balance. $
STEP 3:	Find the new balance.

Previous Balance		Payment		New Purchases
$300		$50		$80

Previous Balance Payment New Purchases $300 $50 $80 STEP 1: Find the unpaid balance after the payment is made on the previous balance. $ STEP 2: Calculate the amount of charge incurred by the unpaid balance. $ STEP 3: Find the new balance