To help buy his new townhome, Bill is taking out a s163,000 mortgage loanfor 30 years at 3.4% annual interest. His monthly payment for this loan is$722.87.Fill in all the blanks in the amortization schedule for the loan. Assume1that each month is of a year. Round your answers to the nearest cent.12InterestPaymentnumberPrincipalNew loanpaymentpaymentbalance1$162,477.18130$346.85$376.02$122,041.32131

Here, Loan amount = $163,000 Rate of interest = 3.4% Number of year = 30 years Monthly payment of…

To help buy his new townhome, Bill is taking out a s163,000 mortgage loan for 30 years at 3.4% annual interest. His monthly payment for this loan is $722.87. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Principal payment New loan balance Interest payment 1 $162,477.18 130 $346.85 $376.02 $122,041.32 131

To help buy his new townhome, Bill is taking out a s163,000 mortgage loan for 30 years at 3.4% annual interest. His monthly payment for this loan is $722.87. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Principal payment New loan balance Interest payment 1 $162,477.18 130 $346.85 $376.02 $122,041.32 131

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 15E

See similar textbooks

Related questions

Q: Amy received a 25 year loan of $325,000 to purchase a house. The interest rate on the loan was 2.20%…

A: Given, The loan amount is $325,000 Term of loan is 25 years Interest rate is 2.2% compounded semi…

Q: Suppose Allison purchases a condominium and secures a loan of $134,000 for 30 years at an annual…

A: Loan amount (X) = $134000 Number of payments (n) = 30 * 12 = 360 r = 6.5% per annum = 0.54167% per…

Q: To help purchase his new minivan, Eric is taking out a $17,000 amortized loan for 6 years at 5.9%…

A: The periodic payment on the loan is made to repay the loan. The periodic payment decreases the…

Q: John takes out a 5 year loan for $10000 at 8% interest compounded monthly. Calculate his monthly…

A: The annuity is an amount that is paid back to the loan amount which consists of interest payments…

Q: Riley takes out a loan L of 3000 dollars to buy a car at an effective annual rate of interest of 6%.…

A: The mortgage is the obligation to pay back the debt amount taken as a loan for satisfying the need…

Q: st taken out a mortgage on a $250,000 home that requires monthly payments over the next 25 years. In…

A: There is need of proper planning for retirement and if done within time much large amount can be…

Q: Curtis buys a piece of commercial property for $230,000. He is offered a 20-year loan by the bank,…

A: Given, Price of property is $230,000. Term of loan is 20 years. Interest rate is 9% per year.

Q: Noor is buying a home with a $200,000 mortgage using a 5.5 percent, 30-year loan. How much of the…

A: Mortgage$200,000Interest rate5.50%Loan period30Payment per 1000$5.6779

Q: Jack and Jill borrow $21,000 at 6.4% amoritzed over 7 years to drill a well and renovate their…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: You have just taken out a mortgage of $50,000 for 30 years, with monthly payments at 6% interest.…

A: Time value tells that money received today has more value than that of receiving the exact value…

Concept explainers

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.

Question

To help buy his new townhome, Bill is taking out a s163,000 mortgage loan
for 30 years at 3.4% annual interest. His monthly payment for this loan is
$722.87.
Fill in all the blanks in the amortization schedule for the loan. Assume
1
that each month is of a year. Round your answers to the nearest cent.
12
Interest
Payment
number
Principal
New loan
payment
payment
balance
1
$162,477.18
130
$346.85
$376.02
$122,041.32
131

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Given Information:

Step 2: Calculation:

Step 3: Calculation:

Step 4: Answers:

Trending now

This is a popular solution!

Step by step

Solved in 4 steps with 11 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.
To help buy her new condominium, Mai is taking out a $163,000 mortgage loan for 30 years at 3.4% annual interest. Her monthly payment for this loan is $722.87. of a year. Round your answers to the nearest cent. 12 Fill in all the blanks in the amortization schedule for the loan. Assume that each month is Payment number Principal payment Interest New loan balance payment 1 2 $| $162,477.18 130 $346.85 $376.02 $122,041.32 $ 0 131
To help buy her new condominium, Maria is taking out a $154,000 mortgage loan for 30 years at 3.7% annual interest. Her monthly payment for this loan is $708.84. Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 1 12 Payment number 1 2 1 140 141 Interest payment $ $349.86 $0 Principal payment $358.98 $ New loan balance $0 $153,531.26 $113,108.33 $ ? OO E 4
To help purchase her new truck, Rita is taking out a $19,000 amortized loan for 6 years at 6.5% annual interest. Her monthly payment for this loan is $319.39. 1 Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number 1 2 20 21 Interest payment $1 $ $79.52 $0 Principal payment $0 $0 E $239.87 $0 New loan balance $0 $18,565.88 $14,440.35 $0 X 3
To help purchase his new minivan, Miguel is taking out a $23,000 amortized loan for 6 years at 6.1% annual interest. His monthly payment for this loan is $382.26. 1 Fill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 FULL HD Payment number 1 49°F Sunny 2 Esc ⠀ Explanation 1 35 36 1080 F1 Z² Interest payment 2 $ F2 0 SO $ Check $66.99 $0 ((1)) : F3 #3 Principal payment $0 $0 $315.27 $0 F4 $ 4 F5 New loan balance $1 $22,467.97 : $12,863.69 $0 F6 % 5 € ▬▬ ^ 6 I X F7 a S WL F acer F8 & 27 7 7 3 W 2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Center | Accessibility F9 D * 8 8 F10 X 9 9 PDF/ W& Est F11 F12 NumLk Prt Sc Pause Br + // 181 Aa Insert Delete La E 12:57 PM 11/15/2022 Back
James has a mortgage of $92,500 at 4% for 20 years. The property taxes are $3,700 per year, and the hazard insurance premium is $764.50 per year. Find the monthly PITI payment (in $). (Round your answer to the nearest cent. Use this table as needed.)
Shirley Trembley bought a house for $185,300. She put 20% down and obtains a simple interest amortized loan for the rest at 6 3 8 % for thirty years. (Round your answers to the nearest cent.) (a) Find her monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $ (d) Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Shirley make to qualify for the loan?$ per month
Larry Davis borrows $85,000 at 14 percent interest toward the purchase of a home. His mortgage is for 25 years. (Use a Financial calculator to arrive at the answers. Round intermediate calculations and final answers to the nearest whole dollar.) a. How much will his annual payments be? (Although home payments are usually on a monthly basis, we shall do our analysis on an annual basis for ease of computation. We will get a reasonably accurate answer.) Annual payments $ b. How much interest will he pay over the life of the loan? Interest payments $ c. How much should he be willing to pay to get out of a 14 percent mortgage and into a 10 percent mortgage with 25 years remaining on the mortgage? Assume current interest rates (yields) are 10 percent. Payments refinance $
please help
Corey received a 30 year loan of $345,000 to purchase a house. The interest rate on the loan was 5.00% compounded semi-annually. Question 5 of 6 a. What is the size of the monthly loan payment? $0.00 Round to the nearest cent SUBMIT QUESTION SAVE PROGRESS
Larry Davis borrows $87,000 at 11 percent interest toward the purchase of a home. His mortgage is for 25 years. a. If Larry decides to make annual payments, how much will they be? (Enter your answer as a positive number rounded to 2 decimal places.) Annual payments b. How much interest will he pay over the life of the loan? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Total interest
ABC bank loans $250,000 to Yossarian to purchase a new home. Yossarian will repay the note in equal monthly payments over a period of 30 years. The interest rate is 12 percent. Required: If the monthly payment is $2,571.53, how much of the first payment is interest expense, and how much is principal repayment?\