A contractor's price for a new building was $116,000. You decide to buy the building, making apayment of $23,200 down and financing the balance by making equal payments at the end of every6 months for for 6 years. Interest is 5.4% compounded semi-annually.10What is the size of the semi-annual payment that is required to pay ofthe mortgage in 6 years12_3141516 b Create an amortization tablePrincipal17# Payment amtinterest paidpaidBalance18192021222324252627282930For the first payment period, how much interest is paid, how much ofthe principal is repaid, and what is the loan balance?Interest311.53233Repaid Principle34BalanceFor the second pavment period, how much interest is paid, how muchQ2 Costs & ProfitsQ TaxesQ3 Credit card payment & intQ4 MortgagesReady

Introduction:- A mortgage is a loan being used to purchase or keep the property, lands, or any other…

Answered: A contractor's price for a new building…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 7MC: Using the information provided, what transaction represents the best application of the present...

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Using the information provided, what transaction represents the best application of the present value of an annuity due of $1? A. Falcon Products leases an office building for 8 years with annual lease payments of $100,000 to be made at the beginning of each year. B. Compass, Inc., signs a note of $32,000, which requires the company to pay back the principal plus interest in four years. C. Bahwat Company plans to deposit a lump sum of $100.000 for the construction of a solar farm In 4 years. D. NYC Industries leases a car for 4 yearly annual lease payments of $12,000, where payments are made at the end of each year.
You borrow $300,000 to buy a house; if the annual interest rate is 4% and the term of the loan is 20 years, what is the annual payment required to retire the mortgage loan? Complete the loan amortization schedule for the first payment: Payment Interest Portion Principal Portion Ending Balance #1
To purchase a new equipment it is necessary to borrow $23000. The equipment dealer offers a 8-year loan at an interest rate of 4% compounded annually. If you make only one payment at the end of the loan period repaying the principal and interest what is the total amount that must be paid back? Question 4 options: $27012 $26766 $28920 $31477 $25075
A property is available for sale that could be financed with a fully amortizing $250,000 loan at 8% with a monthly payment over 30 years. The builder is offering buyers a mortgage that reduces the payment by 20% for first and second year. After the second year, regular payment would be made for the remainder of the loan term. What is the first-year monthly payment for buyer? 1467.53 1657.32 1723.56
Find the monthly house payments necessary to amortize a 7.2% loan of $137,500 over 15 years. The payment size is $_________
14. You are considering borrowing OMR150,000 to purchase a new home. a. Calculate the monthly payment needed to amortize an 8 percent, fixed-rate, 30-year mortgage loan. b. Calculate the monthly amortization payment if the loan in (a) was for 15 years.
Emily leased equipment worth $70,000 for 5 years. If the cost of borrowing is 5.69% compounded semi-annually, calculate the size of the lease payment that is required to be made at the beginning of each half-year. $0.00 Round to the nearest cent SUBMIT QUESTION ← Q SAVE PROGRESS V SUBMIT AS ENG US
The original amount that was borrowed for your home mortgage was 175,000 dollars, to be repaid through monthly payments for 25 years at 5.6% APR . a. Find the amount of the monthly payment that would amortize this loan. b. Suppose you have been making your payments for the last 7 years, and would like to apply for a home equity loan to put an in-ground pool in your yard. Calculate what remains to be paid on your mortgage. c. Calculate the equity you have In your home if your home is currently worth $205,000.
You plan to purchase a $240,000 house using a 30-year mortgage obtained from your local credit union. The mortgage rate offered to you is 8 percent. You will make a down payment of 10 percent of the purchase price. a. Calculate your monthly payments on this mortgage. b. Construct the amortization schedule for the first six payments. Complete this question by entering your answers in the tabs below. Required A Required B Construct the amortization schedule for the first six payments. (Do not round intermediate calculations. Round your answers to 2 decimal places. (e.g., 32.16)) Amortization Schedule for first 6 payments (months) Month Beginning Loan Balance Payment Interest Principal Ending Loan Balance 1 2 3 4 5 6
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The amount that is borrowed on your house mortgage was $175,000 dollars to be repayed through monthly payments for 25 years at 5.6% APR. a. Find the amount of the monthly payment that would amortize this loan. b. Suppose you have been making your payments for the last 7 years and would like to apply for a home equity loan to put an in ground pool in your yard. Calculate what remains to be paid on your mortgage. c. Calculate the equity you have in your home if your home is currently worth $205,000.
Find the monthly house payments necessary to amortize the following loan. Then calculate the total payments and the total amount of interest paid. $201,000 at 7.02% for 15 years Question content area bottom Part 1 The monthly payments are (Round to the nearest cent.) Part 2 The total amount paid on the loan is (Round to the nearest cent.) Part 3 The total amount of interest paid is (Round to the nearest cent.)

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