All categories

2 years ago

A buyer has a 30-year, $400,000 loan with a 7% interest rate. How much of the first month's mortgage payment is interest

Business

2 answers:

Scrat [10]2 years ago

8 0

The interest in the first month's mortgage payment is <u>$2,333.33</u>.

<h3>How is monthly mortgage interest determined?</h3>

The monthly mortgage interest can be determined using an online finance calculator that computes the monthly payment.

The payment schedule produced from the calculation shows the monthly payments classified according to interest and principal.

<h3>Data and Calculations:</h3>

N (# of periods) = 360 (30 x 12)

I/Y (Interest per year) = 7%

PV (Present Value) = $400,000

FV (Future Value) = $0

<u>Results:</u>

PMT = $2,661.21

Sum of all periodic payments $958,035.59

Total Interest $558,035.59

<h3>Schedule</h3>

Period PV PMT Interest FV

1 $400,000.00 $-2,661.21 $2,333.33 $-399,672.12

2 $399,672.12 $-2,661.21 $2,331.42 $-399,342.33

3 $399,342.33 $-2,661.21 $2,329.50 $-399,010.62

Thus, the interest in the first month's mortgage payment is <u>$2,333.33</u>.

Learn more about mortgage payments at brainly.com/question/22846480

#SPJ12

Juli2301 [7.4K]2 years ago

4 0

The portion of the first month's mortgage payment meant for interest is $2,333.33

What is a mortgage?

Mortgage is a loan taken to acquire property which requires periodic interest payment such as monthly , semiannually or even annually.

First month interest=loan amount*annual interest rate/12

First month interest=$400,000*7%/12

First month interest=$2,333.33

Find further explanation on mortgage interest below:

brainly.com/question/1115815

#SPJ1

You might be interested in

_____ are labor markets in which workers are hired into entry level jobs and higher level jobs are filled from within. select on

bixtya [17]

The answer will be C . Internal Labor Markets

7 0

3 years ago

"the application of quantitative techniques to purchasing data in an effort to better understand spending patterns and identify

Andrews [41]

Spending analysis would use data to analyze purchasing data.

4 0

3 years ago

The future value of $100 received today and deposited in an account for four years paying semiannual interest of 6 percent is

jonny [76]

Formula: FV = PV(1+ r)^n

Fv is the future value, Pv is the present value, r is the interest rate, n is the number of periods.

FV = $100(1 + 0.06)^(6*2) = $201.22

4 0

2 years ago

The employees of Mapes, Inc. were not happy with the management after a change in the board of directors. The new management did

Evgen [1.6K]

Answer:

Maintain employee relations

Explanation:

Employee relations can be defined as the relationship or cordiality that exists between employers and employees. Also known as industrial relations, employee relations is aimed at getting the employers to interact and provide the necessary environment and incentives to ensure that employees remain committed to their jobs.

From the above question, the lack of employee relations maintenance or employee relation breakdown was responsible for the dissatisfaction of the employees with the new board of directors as the lack of relations did not afford them the opportunity to have their needs addressed.

Employee relations is very important in any organization as it helps to keep the organization running smoothly as a result of the employees' commitment to their jobs and duties.

Cheers

4 0

3 years ago

Which of the following steps in the career management process involves psychological tests such as the Myers-Briggs Type Indicat

MArishka [77]

Answer:

1. Self-assessment

Explanation:

Career Management process is conscious planning of one's activities & engagements in jobs, for better financial & psychological fulfilment.

It has 5 important steps : Self Assessment, Reality Check, Goal Setting, Action Planning.

Self Assessment Stage involves gathering information from employees; to determine their career interests, values, aptitudes & behavioural tendencies. This stage often involves psychological tests of the employees, to evaluate profession or job profiles suitable to their personality types. Eg : MBTI test is an introspective self report psychological test; depicting people's preferences, worldly perceptions, decision making. SCII test is a career counselling tool, used to analyse candidate compatible career.

7 0

3 years ago