1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
andrew-mc [135]
2 years ago
15

A homebuyer took out a $350,000 30-year fixed rate loan at 4.5% interest with a monthly payment of $1,773.40. After making two m

onthly payments the principal balance of the loan will have been reduced by a total of: Select one: a. $923.53. b. $460.90. c. $957.38. d. $892.12.
Business
1 answer:
Wittaler [7]2 years ago
6 0

The principal balance of the loan will have been reduced by a total of: a. $923.53.

<h3>Principal balance of loan</h3>

First step

First month's payment:

Annualized interest=$350,000 ×.045

Annualized interest = $15,750

 

First month's interest=$15,750/12

First month's interest= $1,312.50

First month's principal reduction=$1,773.40- $1,312.50

First month's principal reduction= $460.90

Remaining balance=$350,000 -$460.90

Remaining balance= $349,539.10

Second step

Second month's payment:

Annualized interest=$349,539.10 × .045

Annualized interest = $15,729.30

Second month's interest=$15,729.30/ 12

Second month's interest= $1,310.77

Second months principal reduction= $1,773.40 -$1,310.77

Second months principal reduction = $462.63


Third step

Total principal reduction after 2 payments=$460.90 + $462.63

Total principal reduction after 2 payments = $923.63

Therefore the correct option is A.

Learn more about Principal balance of loan here:brainly.com/question/27362459

#SPJ1

You might be interested in
Nominal gdp is a good snapshot of the current value of production in an economy but it cannot be used to make comparisons over t
shepuryov [24]

Nominal GDP is a good snapshot of the current value of production in an economy but it cannot be used to make comparisons over time because prices change.

Nominal GDP is an indicator used to understand a country's economy. It measures the current value of production of a country. But it cannot be considered as a good measure. One important drawback of Nominal GDP is that it cannot be used to make comparisons of production prices over time because it doesn't take inflation into account.

Nominal GDP works only with current prices and the price changes will not be seen when calculated through years.

So Real GDP is considered for comparisons of product prices over time.

Learn more about Nominal GDP at brainly.com/question/8151973

#SPJ4

4 0
1 year ago
This year, Company LI built a light industrial facility in County G. The assessed property tax value of the facility is $20 mill
const2013 [10]

Answer:

Net Revenue=$120,000

Explanation:

Given Data:

Tax abated=4%

Assessed property tax value of the facility=$20,000,000

New assessed property tax value of the facility=$23,000,000

Required:

Net effect on County G’s current year tax revenue from the abatement=?

Solution:

Decrease in revenue=(0.04*$20,000,000)

Decrease in revenue=$800,000

Decrease in Revenue due to economic boom=0.04*$23,000,000

Decrease Revenue due to economic boom=$920,000

Net Revenue= Decrease Revenue due to economic boom-Decrease in revenue

Net Revenue=$920,000-$800,000

Net tax Revenue=$120,000

8 0
3 years ago
As nations learn to specialize in production, they will trade with other nations when what happens?
Goryan [66]
It c beehive :dndisbsbsjakk33 SJSU’s do d e ejeidjdjcnfjdidosodsbsbd d r g h f. D d ddjdidididhdbdjdjdjdndjfjdjdj
7 0
2 years ago
During her psychology test, Kelsey could not remember the meaning of the term MNEMONICS. Surprisingly, however, she accurately r
ehidna [41]

Answer:

A) automatic processing

Explanation:

We process data in two basic ways: controlled processing and automatic processing. Controlled processing is a conscious process where we are aware of what we are doing. On the other hand, automatic processing happens unintentionally and without requiring our attention.

5 0
3 years ago
An individual who believes that an action is ethical because others within his or her company and industry regularly engage in t
GREYUIT [131]

probably a <u>relativist</u>

4 0
3 years ago
Other questions:
  • Method of Least Squares, Developing and Using the Cost Formula The method of least squares was used to develop a cost equation t
    9·1 answer
  • Jamie knows that his spring break travel packages are the best deal on campus. He also knows his competitor is sloppy, often wai
    6·1 answer
  • hiller Corporation has the following sales forecasts for the selected three-month period in 2018: Month Sales July $24,000 Augus
    9·1 answer
  • Kendra is the new finance manager for a swiftly growing software company. She frequently works with other departments to assist
    6·1 answer
  • Which of the following represents supply in labor market.
    9·1 answer
  • Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it
    5·1 answer
  • Assume that the number of hosts connected to the Internet at year 2010 is five hundred million. If the number of hosts increases
    11·1 answer
  • Jane receives a 10-year increasing annuity-immediate paying 100 the first year and increasing by 100 each year thereafter. Mary
    7·1 answer
  • . Pharmacist is an important profession. give reasion​
    15·2 answers
  • In Marigold Company, Treasury Stock increased $20600 from a cash purchase, and Retained Earnings increased $80400 as a result of
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!