Question

Miss Sun Tzu obtained a level principal and interest on the balance loan of $78,000. The...

Miss Sun Tzu obtained a level principal and interest on the balance loan of $78,000. The nominal rate of interest is 6% with a term of 5 years and payments scheduled at the end of each month. Compute The 15th payment?

1559

1579

1599

1619

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Year Principal Interest = carrying value* interest rate Principal paid = balance/total period of laon carrying value of principal = beginning carrying value-prinicpal paid Monthly payment = principal paid +interest
1 78000 390 1300 76700 1690
2 76700 383.5 1300 75400 1683.5
3 75400 377 1300 74100 1677
4 74100 370.5 1300 72800 1670.5
5 72800 364 1300 71500 1664
6 71500 357.5 1300 70200 1657.5
7 70200 351 1300 68900 1651
8 68900 344.5 1300 67600 1644.5
9 67600 338 1300 66300 1638
10 66300 331.5 1300 65000 1631.5
11 65000 325 1300 63700 1625
12 63700 318.5 1300 62400 1618.5
13 62400 312 1300 61100 1612
14 61100 305.5 1300 59800 1605.5
15 59800 299 1300 58500 1599
answer is 3 1599
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Ms. Maili Sirrus obtained a balloon loan of $235,000 at a nominal rate of interest of...
Ms. Maili Sirrus obtained a balloon loan of $235,000 at a nominal rate of interest of 3.35 percent for four years. If repayment is scheduled at the end of every fifth day, obtain the level of the first few payments, assuming he will pay $41,000 at the end of the term. 710.86 716.86 722.86 728.86 Miss Sun Tzi obtained a level principal and interest on the balance loan of $7,541,000. The nominal rate of interest is 0.9% with a term...
Janelle receives a home improvement loan of $14,503.90. The loan has a nominal interest rate convertible...
Janelle receives a home improvement loan of $14,503.90. The loan has a nominal interest rate convertible monthly of 4.9%. The term of the loan is two years and Janelle is expected to make level end-of-month payments, except that she is allowed to miss one payment so long as she then pays higher level payments for the remainder of the two years, so as to have repaid the loan at the end of the two-year period. Suppose Janelle misses the payment...
Ms. Maili Sirrus obtained a balloon loan of $237485 at a nominal rate of interest of...
Ms. Maili Sirrus obtained a balloon loan of $237485 at a nominal rate of interest of 3.33 percent for 3 years. If repayment is scheduled at the end of every fifth day, obtain the level of the first few payments, assuming he will pay $ 36036 at the end of the term. Round your final answer to 2 decimal places.
Ms. Maili Sirrus obtained a balloon loan of $239471 at a nominal rate of interest of...
Ms. Maili Sirrus obtained a balloon loan of $239471 at a nominal rate of interest of 4.65 percent for 4 years. If repayment is scheduled at the end of every fifth day, obtain the level of the first few payments, assuming he will pay $ 36520 at the end of the term. Round your final answer to 2 decimal places.
An amortization table reports the amount of interest and principal contained within each regularly scheduled payment...
An amortization table reports the amount of interest and principal contained within each regularly scheduled payment used to repay an amortized loan. Example Amortization Schedule Year Beginning Amount Payment Interest Repayment of Principal Ending Balance 1 2 3 Consider the amount of the interest payments included in each of the payments of an amortized loan. Which of the following statements regarding the pattern of the interest payments is true? The portion of the payment going toward interest is smaller in...
Givens, Hong, and Partners obtained a $7200 term loan at 8.7% compounded annually for new boardroom...
Givens, Hong, and Partners obtained a $7200 term loan at 8.7% compounded annually for new boardroom furniture. Prepare a complete amortization schedule in which the loan is repaid by equal semiannual payments over three years. (Round your answers to the nearest cent. Do not round the intermediate calculations.) Payment Interest Principal Principal number Payment $ portion $ portion $ balance $ 0    --   -- -- 7200.00 1 2 3 4 5 6
Find the interest rate on a loan charging $1026 simple interest on a principal of $4750...
Find the interest rate on a loan charging $1026 simple interest on a principal of $4750 after 6 years. Find the principal of a loan at 4.2% if the simple interest after 5 years 6 months is $1386. Find the term of a loan of $100 at 4.5% if the simple interest is $36. How much should be invested now at 5.2% simple interest if $9828 is needed in 5 years?
bby and Jason are building a house. They obtained a construction loan of $100,000, which will...
bby and Jason are building a house. They obtained a construction loan of $100,000, which will be rolled over into a conventional 20-year mortgage when the home is completed in 14 months. Simple interest of ½% per month will be charged on the construction loan. The 20-year mortgage will carry a 6% interest rate and monthly payments. What is the monthly payment Abby and Jason will make? If they make each payment as scheduled for the life of the 20-year...
Two loans, both of an amount of 720,000 are repaid at a nominal interest rate of...
Two loans, both of an amount of 720,000 are repaid at a nominal interest rate of 19.2% convertible monthly. Loan 1 is to be repaid with 360 level monthly payments. Loan 2 is to be repaid by 360 monthly payments, each containing equal principal amounts and an interest amount based on the unpaid balance. Payments are made at the end of each month for both loans. The monthly payment for Loan 1 first exceeds the monthly payment for Loan 2...
The interest rate on a $16,000 loan is 10.4% compounded semiannually. Semiannual payments will pay off...
The interest rate on a $16,000 loan is 10.4% compounded semiannually. Semiannual payments will pay off the loan in seven years. (Do not round intermediate calculations. Round the PMT and final answers to 2 decimal places.) a. Calculate the interest component of Payment 10. Interest $ b. Calculate the principal component of Payment 3. Principal $ c. Calculate the interest paid in Year 6. Interest paid $ d. How much do Payments 3 to 6 inclusive reduce the principal balance?...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT