On September 1, the home mortgage balance was  $262,000  for the home owned by Kim Thompson. The interest rate for the loan is  8  percent. Assuming that Kim makes the September monthly mortgage payment of  $2620 , calculate the following:   (a) The amount of interest included in the September payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Kim makes this monthly mortgage payment.

Trashia has a mortgage of $474,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,839.48 with an interest rate of 4.8% compounded monthly over 23 years. What is the interest paid in the 7th year of the mortgage? Enter a POSITIVE VALUE for the answer, rounded to two decimal places. P1 = P2 = Interest paid in 7th year = $ (enter a positive value)

On October 5, Tristan Sandino borrowed $3,050 to buy an English bulldog. The loan carried a rate of 4% and Tristan agreed to pay a maximum of $105 in interest. What is the maturity date of this loan? Assume a 365-day year. Express your answer as month and day.

Kylie has a mortgage of $563,000 through her bank for property purchased. The loan is repaid by end of month payments of $4,493.68 with an interest rate of 6.27% compounded monthly over 17 years. What is the interest paid in the 6th year of the mortgage? Interest paid in 6th year = $ (Enter in a positive amount for your answer.) Submit Question

On August 1, Rachael Westlake joined a Christmas Club. Her bank will automatically deduct $105 from her checking account at the end of each month and deposit it into her Christmas Club account, where it will earn  6 7 8 %  interest. The account comes to term on December 1. (Round your answers to the nearest cent.) (a) Find the present value of the given annuity.$  (b) Interpret the present value of the given annuity. You would have to invest a lump sum of $   now instead of $105 per month.

An oil-drilling company must choose between two mutually exclusive extraction projects, and each requires an initial outlay at t = 0 of $12 million. Under Plan A, all the oil would be extracted in 1 year, producing a cash flow at t 1 of $14.4 million. Under Plan B, cash flows would be $2.1323 million per year for 20 years. The firm's WACC is 12.8%. a. Construct NPV profiles for Plans A and B. Enter your answers in millions. For example, an answer of $10,550,000 should be entered as 10.55. If an amount is zero, enter "0". Negative values, if any, should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to two decimal places. Discount Rate NPV Plan A NPV Plan B 0% $ million $ million 5 million million 10 million million 12 million I million 15 million 17 20 million million million million million Identify each project's IRR. Do not round intermediate calculations. Round your answers to two decimal places. Project A: % Project B: % Find the crossover…

On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay the loan on January 27, Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Interest b. What is the total amount Jody must repay at maturity? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Maturity value

Stating an income statement in a common size format allows users to evaluate a firm’s performance in comparison to that of its competitors.   True False

President LaForge recently purchased his first home in Cleveland, MS. The house has a 15-year, 165,000 mortgage.  The mortgage has a nominal annual interest rate of 7.75%.  All mortgage payments are made at the end of the month.   What is the monthy payment on the mortgage? Group of answer choices $1,581.97 $1,322.78 $1,283.61 $1,065.63 $1,553.10

On August 1, Roddick borrowed $30,000 from a local bank on a 15-year mortgage. The annual interest rate is 8%. What would be the adjusted journal entry for this?