To help with the startup costs of his new dental practice, Tony is taking out a $56,000 amortized loan for 10 years at 8.5% annual interest. His monthlypayment for this loan is $694.32.Fill in all the blanks in the amortization schedule for the loan. Assume that each month isof a year. Round your answers to the nearest cent.12PrincipalpaymentNew loanPaymentnumberInterestpaymentbalance$ ()1$55,402.5960$242.91$451.41$33,841.9661

Loan Amount =$ 56,000 Interest rate =8.5% pa =8.5%12 Monthly payment =$694.32

Answered: To help with the startup costs of his…

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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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
Kumar uses a $1,100 personal loan to start a bike repair business. He will repay the loan in monthly payments of $93.72 for 1 year at an annual interest rate of 4.1% compounded monthly. The table shows the first payment in the amortization schedule. Payment Number Loan Amount Рayment Interest Principal Remaining Balance 1 $1,100.00 $93.72 ? What balance remains after he makes the first payment? $1,193.72 $1,006.28 $1,096.24 $1,010.04
Linda and Casey have a $126 000 mortgage at 5.15% per year on their two-bedroom house. Determine thesemi-monthly payment on a mortgage amortized over 15 years.
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 $ $ $
Calculate both the present value and the future value of the given annuity. Use a compounding period of 1 month. $400 per month for 36 months at 12% per year.
Mr. and Mrs. Smith have just purchased a $1,200,000 home and made 20% down payment. The balance can be amortized at 3% for 30 years. What are the monthly payments and the total interest?

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