Question

you purchased a car for $120,000 which will paid in equal monthly payments of $1576.1 over...

  1. you purchased a car for $120,000 which will paid in equal monthly payments of $1576.1 over 12 years. The annual interest rate you are charged is 12%.

           

a. How much of your second monthly payment will go the repayment of1) principal. 2) interest (use an amortization schedule or table).

            b. what will the remaining balance be on the loan after he makes the 40th payment (Show me the financial calculator’s inputs).

Homework Answers

Answer #1

SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE

SOLVED WITH BA II PLUS FINANCIAL CALCULATOR

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Assume you’ve recently purchased a home for $129,000 and you will be making monthly payments on...
Assume you’ve recently purchased a home for $129,000 and you will be making monthly payments on the mortgage. If the mortgage is for 30 years at an interest rate of 5%, what will be the monthly payment? For the first monthly payment, how much will go towards interest payment and how much will go towards repayment of the principal? Show your work.
Assume you have recently purchased an investment property for $89,700 and you will be making monthly...
Assume you have recently purchased an investment property for $89,700 and you will be making monthly payments on the mortgage. If the mortgage is for 15 years at an interest rate of 5%, what will be the monthly payment? For the first monthly payment, how much will go towards interest payment and how much will go towards repayment of the loan?
You recently purchased a new home for $120,000 and have obtained a 7% loan for the...
You recently purchased a new home for $120,000 and have obtained a 7% loan for the full $120,000 with equal annual payments due at the end of each year for the next 30 years. Compute the amount of each annual payment and prepare the first year of the amortization schedule.
3. You take a $500,000 mortgage to buy a vacation home. The mortgage entails equal monthly...
3. You take a $500,000 mortgage to buy a vacation home. The mortgage entails equal monthly payments for 10 years, 120 payments in all, with the first payment in one month. The bank charges you an interest rate of 9.6% (APR with monthly compounding). a. How much of your first payment is interest, and how much is repayment of principal? b. What is the loan balance immediately after the 10th payment? (Calculate the loan balance using the annuity formula.) c....
You are borrowing $200,000 on a 30 year, 12% apr, monthly payment, mortgage loan. How much...
You are borrowing $200,000 on a 30 year, 12% apr, monthly payment, mortgage loan. How much will be your principal repayment from your monthly mortgage payment at the end of the second month?(Make a table for the mortgage loan payment schedule) Can you explain how to get interest and principle repaid please
Mahesh takes a five year car loan of Rs.1,00,000 where he has to pay annual payments...
Mahesh takes a five year car loan of Rs.1,00,000 where he has to pay annual payments at 10%p.a. Calculate his annual payment and also prepare a loan amortization schedule for the loan repayment.
Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making...
Angelo Lemay borrowed $8000 from his credit union. He agreed to repay the loan by making equal monthly payments for five years. Interest is 9% compounded monthly. (Please use financial BAII calculator method by showing calculator inputs) (a) What is the size of the monthly payments? (b) How much will the loan cost him? (c) How much will Angelo owe after 18 months? (d) How much interest will he pay in his 36th payment? (e) How much of the principal...
You purchased a car. The car dealership allows you to defer payments for 12 months, and...
You purchased a car. The car dealership allows you to defer payments for 12 months, and you make 48 end-of month payments thereafter. If the original loan is for $28,000 and interest in 8% per year on the unpaid balance * What will your payment be? * What is the effective rate of interest?
Construct an amortization schedule for a $20,000, 3.45% annual rate loan with 3 equal payments.  Please complete...
Construct an amortization schedule for a $20,000, 3.45% annual rate loan with 3 equal payments.  Please complete the schedule below as you see fit. Year          Beg. Balance        Payment           Interest             Principal           End Balance
You have just taken out a $ 15,000 car loan with a 4 %​APR, compounded monthly....
You have just taken out a $ 15,000 car loan with a 4 %​APR, compounded monthly. The loan is for five years. When you make your first payment in one​ month, how much of the payment will go toward the principal of the loan and how much will go toward​ interest? When you make your first​ payment,......will go toward the principal of the loan and ..... will go toward the interest.  ​(Round to the nearest​ cent.)