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
andrey2020 [161]
1 year ago
11

Using a spreadsheet program, create an amortization schedule for a 30-year mortgage of $500,000 at an annual interest rate of 4.

23%.
(a)
In which month does the amount of principal in a monthly payment first exceed the amount of interest?
(b)
How much interest is repaid for the term of the loan? (Round your answer to the nearest cent.)
$
(c)
If the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change?
Yes
No
Mathematics
1 answer:
madreJ [45]1 year ago
3 0

This exercise requires the ability to create Amortization Schedules Using a Spreadsheet program. Based on the information given about the Amortization of the loan, the principal payable per month became greater than the interest payable per month on the 159th month (given that the loan amount is $500,000.

<h3>In which month does the amount of principal in a monthly payment first exceed the amount of interest?</h3>

The amount of principal in a monthly payment first exceeds the interest payment In 159th Month. The interest on this month is $1, 248.39 while the principal on this month is $1, 205.46.

It is to be noted that when a loan is taken, the constituents of the amounts being paid back is the Principal and part of the interest on the loan.

<h3>How do you Calculate Amortization of Loans?</h3>

The yearly interest rate must be divided by 12.

Your monthly interest rate, for instance, will be 0.3525 percent if your annual interest rate is 4.23 percent (0.0423 annual interest rate x 12 months).

Additionally, you'll add 12 to the number of years remaining on your loan term.

<h3>How much interest is repaid for the term of the loan?</h3>

The total amount of interest that is paid for the term loan is $383,385.54

<h3>If the loan amount was $750,000 instead of $500,000, would the month in which the amount of principal in a monthly payment first exceeded the amount of interest change?</h3>

Yes it would change. It would change to the 165th month. In this month, the interest paid is $1, 834.00 while the principal paid back is $1,846.77. See the attached image for answer C.

Learn more about Amortization at;
brainly.com/question/10561878
#SPJ1

You might be interested in
Please answer BOTH questions
Lera25 [3.4K]

Answer:46.28, 193.75

Step-by-step explanation:

The first one you add (((2.5+4.7)x3.05)+1.18)x2. And the second one you (7.50+0.25)x25.

4 0
2 years ago
1/2(n-5)=1/2(23-5) I cannot find what’s half of 23-5
liraira [26]

Answer:

n = 23

Step-by-step explanation:

if 1/2 (n-5) = 1/2 (23-5)

that must mean that n=23.

and if you are just looking for 1/2 of 23-5 that is just 9. (23-5) = 18 and half of 18 is 9

3 0
2 years ago
On a coordinate plane, parallelogram A B C D has points (3, 6), (6, 5), (5, 1), and (2, 2).
Vlad1618 [11]

Answer:

Area of parallelogram ABCD=13.05=13 Sq.Units

Step-by-step explanation:

Given;

A(3,6)  B(6,5)  C(5,1) and D(2,2)

are points for parallelogram

To Find:

Area of Parallelogram ABCD

Solution:

By using distance formula  we can calculate for each length of parallelogram

But by property of parallelogram

Opposite side are parallel and equal in length

So AB|| DC i.e AB=DC

And AC|| BD i.e BD=AC

Hence  I.e Dist(AB)=Dist(DC)

Now construct the ABCD parallelogram ,on graph so as to find angle made by parallelogram with plane .

(Refer the attachment)

Now

Distance of AD=Sqrt[(2-3)^2+(2-6)^2]

=Sqrt[1+16]

=4.123

Similarly for AB=Sqrt[(6-3)^2+(5-6)^2]

=Sqrt[9+1]

=3.16

ABOVE VALUES ARE SAME AS GRAPH (REFER THE ATTACHMENT)

Now ,angle made by parallelogram with plane and it is 90 degree i.e the

Now Area of parallelogram(ABCD)=a*b*sinФ

here a=4.123 units and b=3.16 units and  Ф=90

Area of parallelogram=3.167*4.123*sin90

=3.167*4.123

=13.05 sq. units

3 0
2 years ago
Read 2 more answers
What is the value of y in the equation 3(3y – 12) = 0? (5 points)
natta225 [31]
Set equal to 0

3=0, nope

3y-12=0
add 12
3y=12
divide 3
y=4






5p-4p-8=-2+3
p-8=1
p=9
1 solution
6 0
3 years ago
Read 2 more answers
HELP QUICK PLS!
RoseWind [281]
C), cause you would subtract 5 from 53 in order to move it, and would get 6x=48. Then, you would divide by six on both sides, and the answer would be x=8, so Number C.
6 0
2 years ago
Read 2 more answers
Other questions:
  • Which is the solution to the equation represented by the model below
    13·2 answers
  • True or False? You need to add a zero<br> under the 4 as a placeholder.
    13·2 answers
  • What is the value of 8x + 2 x when X = 6​
    13·1 answer
  • The scale of a railroad train set is 3.5 mm to 1 foot if the link of the model car in this it is 150 mm what is the approximate
    10·1 answer
  • How many centimeters are there in 30 inches
    15·2 answers
  • What 2 numbers multiply to make -48 and combine to make 2?<br> ____ and ___
    5·2 answers
  • I need help with this im new to this i wasn’t at school theses days and my teacher won’t explain 2 me if u could help it would m
    10·1 answer
  • A school was painted by 8 men in 6 days. How long would it have taken 24 men.
    6·2 answers
  • 100 pts/ x3+y3+z3=k
    11·1 answer
  • Hi I need help
    10·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!