Jay Aguire just purchased a summer cabin for $180,000 - putting 20% down and financing the remainder at 6% for 30 years. What is Jay's remaining loan balance after month two's payment? (Round steps/calculations to three decimal places) Month Loan Balance Payment Interest Principal 0 7 2 O $143,982 O $143,712 O $142,561 O $142,273
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- 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.Wade Ellis buys a new car for $16,177.57. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1/2% interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment. (b) Find the total interest.(c) Prepare an amortization schedule for the first two months of the loan. Payment Number PrincipalPortion InterestPortion Total Payment Balance 0 n/A n/A n/A n/A 1 ? ? ? ? 2 ? ? ? ?Wade Ellis buys a new car for $16,127.42. He puts 10% down and obtains a simple interest amortized loan for the rest at 0.115 interest for four years. (Round your answers to the nearest cent.) (a) Find his monthly payment. (b) Find the total interest. (c) Prepare an amortization schedule for the first two months of the loan. Payment Number Principal Portion Interest Portion Total Payment Balance 0 $ _______ 1 $ _______ $ _________ $ _______ $ _______ 2 $ _______ $ _________ $ _______ $ _______
- Leah received a loan of $35,000 at 3,5% compounded quarterly. She had to make payments at the end of every quarter for a period of 7 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number Payment Interest Portion Principal Portion Principal Balance $35.000.00Wade Ellis buys a new car for $16,882.14. He puts 10% down and obtains a simple interest amortized loan for the rest at the nearest cent.) (a) Find his monthly payment. X (b) Find the total interest. (c) Prepare an amortization schedule for the first two months of the loan. Payment Number Principal Portion Total Payment 0 1 2 LA पण Interest Portion पण A X X पण $ LA Balance 111% interest for four years. (Round your answers toBraxton used the Quantitative Reasoning Process to create a plan to pay off his credit card loan of $6,520 The in he will be making montthly payments of $120.5 for 6 years. Complete Month 1 of the amortization table below Month Beginning Balance Payment: To Interest Payment: To Principal Ending Balance ??? 21 What is Braxton's Ending Balance for Month 1? (Round your final answer to the nearest cent) S Number
- Wilfredo bought a new boat for $18,300. He paid $1,000 for the down payment and financed the rest for 4-years at an annual interest rate of 10%. Use the table to find the monthly payment for the amortized loan. Find the total interest paid on the loan. LOADING... Click the icon to view a table of monthly payments on a $1,000 loan. Question content area bottom Part 1 The monthly payments for this loan are $enter your response here. (Round to the nearest cent as needed.) Part 2 The total interest he paid on this loan is $enter your response here. (Round to the nearest cent as needed.)Jessica borrowed $3000 from a lender that charged simple interest at an annual rate of 8%. When Jessica paid off the loan, she paid $960 in interest. How long was the loan for, in years? If necessary, refer to the list of financial formulas. Tab years Continue 50°F Mostly cloudy A 32 2 W S X # 3 D E X D $ C R S DIC F % 5 € T G 6 H C Y V B & 7 H a 7 Submit Assignment © 2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Center | Accessibility 27 N *00 8 UA 8 W X 9 5 M 9 K PDF 2 6 1 2 Pit Sc Pause Br 5:55 PM 11/1/2022 ? GMatthew received a loan of $31,000 at 4.75% compounded quarterly. She had to make payments at the end of every quarter for a period of 7 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. 0.00 Payment Number 0 1 2 Payment $0.00 $0.00 Interest Portion $0.00 $0.00 Principal Portion $0.00 $0.00 Principal Balance $31,000.00 $0.00 $0.00
- To help purchase his new minivan, Ahmad is taking out a s26,000 amortized loan for 6 years at 5.2% annual interest. His monthly payment for this loan is $421.14. 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 New loan Payment number Interest Principal payment payment balance 1 2 $25,381.72 25 $78.93 $342.21 $17,873.52 26Pete Frank bought a computer for $4,000. Pete put down $500 and financed the balance at 10 ½% for 36 months. What is his monthly payment? (Use loan amortization table.)Megan received a loan of $31,000 at 4.5% compounded monthly. She had to make payments at the end of every month for a period of 7 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Fill in the partial amortization schedule for the loan, rounding your answers to two decimal places. Payment Number 0 1 2 :: Total Payment Interest Portion Principal Portion :: ⠀⠀ Principal Balance $31,000.00 0.00