Juni buys a new car. Her auto loan is $12,000 with an annual interest rate of 3% compounded monthly for 5 years. Her monthly payment is $287 The following table shows the first payment in the amortization schedule. Payment number Loan Amount Payment Interest Principal Remaining Balance 1 12,000 287 ? ? ? Interest: $30 Interest: $8.61 Principal: $278.39 Principal: $257 Remaining Balance: $11,743 Remaining Balance: $ 11,721.61

Juni buys a new car. Her auto loan is $12,000 with an annual interest rate of 3% compounded monthly for 5 years. Her monthly payment is $287 The following table shows the first payment in the amortization schedule. Payment number Loan Amount Payment Interest Principal Remaining Balance 1 12,000 287 ? ? ? Interest: $30 Interest: $8.61 Principal: $278.39 Principal: $257 Remaining Balance: $11,743 Remaining Balance: $ 11,721.61

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 59P

See similar textbooks

Similar questions

brian borrows a sum of money from a bank at stipulated interest rate componded annually.The loan is to be repaid in five annual installment and in the third year Brian pays a little extra on the principal (pre-payment).Fill out the amortization table below and answer the question that follow. Term of the loan (years) 5 Interest rate 8% Loan Amount $ 5,504.00 Pre-Payment $ 157.00 Annual Payment $ 16,542.15 Years Beginning of Year Loan Balance Payment Interest Principal Pre-Payment End of Year Loan Balance 1 $ $ $ $ 2 $ $ $ $ 3 4 5 $ -
Cristy borrowed $4,800 from a family friend 2½ years ago at 7% compounded annually for the first year and 8% compounded semi-annually thereafter. She made a payment 1½ years into the loan for $2980. How much should Cristy pay today to clear her loan? Select one: a. $5384.26 b. $2554.13 c. none d. $5777.30
o help purchase her new car, Nicole is taking out a $34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. ill in all the blanks in the amortization schedule for the loan. Assume that each month is of a year. Round your answers to the nearest cent. 12 Payment number Principal payment New loan balance Interest payment 1 2 $104.91 $455.36 $21,250.60 31 30
PLEASE TYPE IT AND NOT HANDWRITTEN A couple purchased a house and lot and signed a mortgage contract with a bank for P8,000,000 to be paid in equal monthly payments over 25 years with interest at 5.25%. Find the monthly payment and make out a partial amortization schedule showing the distribution of the first 6 payments as to interest and repayment of principal.
OLA#9.2: Hannah purchased a house for $475,000. She made a downpayment of 25% of the value of the house and received a mortgage for the rest of the amount at 5.50% compounded semi-annually for 25 years. The interest rate was fixed for a 5-year term. a. Calculate the size of the monthly payments. b. Calculate the principal balance at the end of the 5-year term. c. Calculate the size of the monthly payments if after the first 5-year term the mortgage was renewed for another 5-year term at 5.25% compounded semi-annually?
Kia deposited $1,100, at the BEGINNING of each year for 25 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. A. $73,441.24 B. $80,416.53 C. $86,849.86 D. $87,949.86
o help purchase her new car, Nicole is taking out a S34,000 amortized loan for 6 years at 5.8% annual interest. Her monthly payment for this loan is $560.27. Il in all the blanks in the amortization schedule for the loan. Assume that each month is of a vear. Round your answers to the nearest cent. Payment number Interest Principal payment New loan payment balance 1 2$ 2 30 $104.91 $455.36 $21,250.60 31
Mr. and Mrs. Smith have just purchased a $600,000 house and have made a down payment of$120,000. They can amortize the balance at 4% for 30 years. Using Excel, populate the following amortization table: payment number 1, 60,180,240,300,360 monthly payment principle interest amount paid on loan
Dan buys a property for $280,000. He is offered a 25-year loan by the bank, at an interest rate of 8% per year. What is the annual loan payment Dan must make? OA. $36,722.08 OB. $31,476.07 OC. $26,230.06 O D. $41,968.1
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 $ _______ $ _________ $ _______ $ _______
Kia deposited $1,300, at the BEGINNING of each year for 26 years in a credit union account. If the account paid 8% interest, compounded annually, use the appropriate formula to find the future value of her account. $95,037.72$103,940.74 $112,256.00$113,556.00
Jillian and Collin borrowed $62,000 at 7.61% compounded monthly as a second mortgage loan against their current home. Repayment amount is $6,900 at the end of every six months. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Amount Number Paid ($) 0 1 2 : : N - 1 N Total 6,900.00 6,900.00 : : = 6,900.00 Interest Paid ($) : : : Principal Repaid ($) : : Outstanding Balance ($) 62,000.00 : : 0.00