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
My name is Ann [436]
2 years ago
6

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
Other questions:
  • A contingency plan a. is unnecessary for organizations that face a dynamic environment. b. is developed after considering possib
    11·1 answer
  • In their business​ partnership, George has an ownership interest of 56​% and Ben has an ownership interest of 44​%. In the curre
    15·1 answer
  • A medical group practice is considering offering a new service with risk that is greater than the current risk of the business.
    11·1 answer
  • What determines the value of an item?
    7·2 answers
  • Strategic management focuses on integrating management, marketing, finance and accounting, production and operations, research a
    7·1 answer
  • A company is considering the purchase of new equipment for $57,000. The projected annual net cash flows are $23,400. The machine
    11·1 answer
  • Suppose the government passes a law that reduces unemployment benefits in a way that causes unemployed workers to seek out new j
    13·1 answer
  • BuyMart Inc. is a large chain of hypermarkets. It has cost benefits due to its extensive operation. The company's marketing and
    8·1 answer
  • A survey of 50 retail stores revealed that the average price of a microwave was $375 with a sample standard deviation of $20. As
    9·1 answer
  • The _____ ensures the safety and quality of foods sold across state lines with the exception of red meat, poultry, and egg produ
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!