Show Attempt History Current Attempt in Progress A company takes out an eight-year, $610,000 mortgage on September 1. The interest rate on the mortgage is 7% per year, and blended payments of $8,317 (including both interest and principal) are to be made at the end of each month. The following is an extract from the mortgage amortization table: Your answer is partially correct. Determine the missing amounts. (Round answers to 0 decimal places, e.g. 125.) Beginning Mortgage Balance Payment Interest Payment 1 $610,000 8317 (1) $3,558 Payment 2 605,241 8,317 3510 (3) Payment 3 (5) 8,317 3,503 Payment 4 595,641 8,317 3,475 eTextbook and Media List of Accounts

Show Attempt History Current Attempt in Progress A company takes out an eight-year, $610,000 mortgage on September 1. The interest rate on the mortgage is 7% per year, and blended payments of $8,317 (including both interest and principal) are to be made at the end of each month. The following is an extract from the mortgage amortization table: Your answer is partially correct. Determine the missing amounts. (Round answers to 0 decimal places, e.g. 125.) Beginning Mortgage Balance Payment Interest Payment 1 $610,000 8317 (1) $3,558 Payment 2 605,241 8,317 3510 (3) Payment 3 (5) 8,317 3,503 Payment 4 595,641 8,317 3,475 eTextbook and Media List of Accounts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Excel Questions 13-16. Complete the amortization table provided in the Excel document posted in IvyLearn in the homework area by setting the appropriate values for a $100,000, 30-year mortgage at 6% interest and using Excel's autofill (drag) feature to fill in the cells to the end of the mortgage period. Use this to answer the following: How many months will it take to pay at least half of the principal?
A homeowner took out a 25-year fixed-rate mortgage of $205,000. The mortgage was taken out 7 years ago at a rate of 7.05 percent. If the homeowner refinances, the charges will be $3,350. What is the highest interest rate at which it would be beneficial to refinance the mortgage? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. APR %
omplete the first month of the amortization schedule for the following fixed rate mortgage. Round the answer to the nearest cent. Mortgage: $79,000 Interest rate: 8.5% Term of loan: 15 years Amortization Schedule Payment Total Interest Principal Balance of Number Payment Payment Payment Principal 1 $777.94 (a) _____ (b) _____ (c) _____
Excel Questions 13-16. Complete the amortization table provided in the Excel document posted in IvyLearn in the homework area by setting the appropriate values for a $100,000, 30-year mortgage at 6% interest and using Excel's autofill (drag) feature to fill in the cells to the end of the mortgage period. Use this to answer the following: How much of the last payment goes towards the principal? Interest? (round to the hundredths place) Principal: $ Interest: $
Need all three parts
The interest rate for the first four years of a $33,000 mortgage loan was 3.85% compounded semiannually. The monthly payments computed for a 8-year amortization were rounded to the next higher $10. (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. Calculate the principal balance at the end of the first term. Principal balance $ b. Upon renewal at 6.35% compounded semiannually, monthly payments were calculated for a four-year amortization and again rounded up to the next $10. What will be the amount of the last payment? Final payment $
A homeowner took out a 15-year fixed-rate mortgage of $140,000. The mortgage was taken out 7 years ago at a rate of 7.4 percent. If the homeowner refinances, the charges will be $1,000. What is the highest interest rate at which it would be beneficial to refinance the mortgage? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. APR %
✔️✔️✅✅✔️✔️✔️✅✅
A mortgage for a condominium had a principal balance of $40,800 that had to be amortized over the remaining period of 6 years. The interest rate was fixed at 5.42% compounded semi-annually and payments were made monthly. a. Calculate the size of the payments, rounded up to the next whole number. O $664 O $1,295 O $657 O $672
If a mortgage has monthly payments of $1,288, a life of 20 years, and a rate of 4.70 percent per year, what is the mortgage amount? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. Answer is complete but not entirely correct. 2,143.40 Mortgage amount
The following assumptions are made for each Investigation: The original mortgage is $300,000 amortized over 25 years at 3.99% compounded semi- annually Unless otherwise indicated, assume monthly payments are made. Unless otherwise indicated, assume the interest rate remains constant during the amortization period. Your answers can be entered directly on this assignment, but please hand in all rough work as well. Investigation 1: Shortening the Payment Period Most lending institutions allow mortgage payments to be made monthly, bi-monthly (twice a month) or weekly. Most even allow "accelerated" weekly mortgage payments. With this option, the weekly payment is calculated as a monthly payment divided by 4. 1. (a) Complete this table for the mortgage defined above. The equivalent interest rate of interest for each compounding period has been calculated for you (as discussed in section 6.4 in your text). The Interest saved is the difference between the Total interest paid for monthly…
he previous attempt. The interest rate for the first five years of a $28,000 mortgage loan was 3.35% compounded semiannually. The monthly payments computed for a 10-year amortization were rounded to the next higher $10. (Do not round Intermedlate calculations and round your final answers to 2 decimal places.) ts a. Calculate the principal balance at the end of the first term. Principal balance $ 14870.07 b. Upon renewal at 5.85% compounded semiannually, monthly payments were calculated for a five-year amortization and again rounded up to the next $10. What will be the amount of the last payment? eBook Finai payment 83.45 Print Mc Graw Hill of 9 < Prev Net cornect