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andrey2020 [161]
2 years 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]2 years 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

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The specifications for a new cardboard container require that the width for the container be 4 inches less than the length and t
Levart [38]

Answer:

c) Length = 12, width = 8 and height = 23.

Step-by-step explanation:

Let the length be x, then the width = x - 4 and the height = 2x - 1.

a) The polynomial is x(x - 4)(2x - 1)

b) x(x - 4)(2x - 1) = 2208

c) x(x - 4)(2x - 1) - 2280 = 0

2x^3 - 9x^2 + 4x - 2280 = 0

I'll use graphical software to find a solution for this. Its easily obtained online.

There is one real root and its x = 12.

So the dimensions of the box are L = 12, W = 8 and H = 23 inches.

6 0
3 years ago
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Police plan to enforce speed limits by using radar traps at four different locations within the city limits. The radar traps at
dalvyx [7]

Answer:

The probability that the person gets a speeding ticket is 0.27

Step-by-step explanation:

The probability that the person receives a speeding ticket is the probability that the person passes through any of the speed limits and the radar is operating at that time.

Let P(L_1) is the probability that the person passes through radar L_{1} and it is operating at that time is

P(L_{1})=P(1)\times P(2)

Where

P(1) is the probability of person passes through L_{1}

P(2) is probability that the radar is operating

P(L_1)=0.2\times 0.4=0.08

Similarly the probabilities are calculated for other radars in the similar manner as

P(L_2)=0.1\times 0.3=0.03

P(L_3)=0.5\times 0.2=0.1

P(L_4)=0.2\times 0.3=0.06

Thus the reuired probability of the reuired event is

P(E)=P(L_1)+P(L_2)+P(L_3)+P(L_4)\\\\P(E)=0.08+0.03+0.1+0.06=0.27

8 0
3 years ago
It is 3:00pm here, and australia is 13 hours ahead of us. what time is it in australia * 2:00 am 3:00 pm 4:00 am 5:00 am
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6 0
3 years ago
Kyilah bought 41.19 grams of chili and 19.415 grams of sugar. Did Kyilah buy more chili or sugar?
Sauron [17]

Answer:

Chili I think, I don't know for certain

Step-by-step explanation:

7 0
2 years ago
Explain how mental math can be used to estimate a 15% tip on a taxi ride that costs $23.25 Find the tip using that method. Halp
gizmo_the_mogwai [7]

Answer:

$3.4875

Step-by-step explanation:

AS the ride is completed and according the rule the person have to give a tip on the total taxi ride

according to the given

tip given 15%

Total ride cost = $23.25

To find is the total tip given in dollars

Solution:

Total tip in dollars = 15 % of total ride cost

Putting the values of the given

Total tip in dollars = 15 % of 23.25

it can be written as

                             = \frac{15*23.25}{100}

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                               =$ 3.4875

So the total tip would be $3.4875

7 0
3 years ago
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