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
algol13
3 years ago
8

A fifteen-year adjustable-rate mortgage of $117,134.80 is being repaid with monthly payments of $988.45 based upon a nominal int

erest rate of 6% convertible monthly. Immediately after the 60th payment, the interest rate is increased to a nominal interest rate of 7.5% convertible monthly. The monthly payments remain at $988.45, and there will be an additional balloon payment at the end of the fifteen years to pay the outstanding loan balance. (a) Calculate the loan balance immediately after the 84th payment. (b) Calculate the amount of interest in the 84th payment. (c) Calculate the amount of the balloon payment.
Business
1 answer:
Sedbober [7]3 years ago
3 0

Answer:

Using an excel spreadsheet I prepared an amortization schedule. For the 61st payment, the interest rate is increased from 0.5% to 0.625% monthly.

(a) Calculate the loan balance immediately after the 84th payment.

  • $77,884.78

(b) Calculate the amount of interest in the 84th payment.

  • $489.90

(c) Calculate the amount of the balloon payment.

  • $12,168.43

As you can see, the interest amount for the 61st payment increases, while it had been decreasing previously.

Download pdf
You might be interested in
Units produced and sold 600,000 units Selling price $ 35 / unit Variable manufacturing costs $ 20 / unit Fixed manufacturing cos
Kazeer [188]

Answer:

The lowest selling price Geneva should accept for this purchase order is $20 per unit

Explanation:

Geneva produced dolls with Variable manufacturing costs $20 per unit.

Geneva receives a purchase order to make 5,000 dolls as a one-time event and this order is during a period when Geneva does have sufficient excess capacity.

Fixed cost did not change and there was no Variable selling and administrative costs for this order.

The lowest selling price Geneva should accept for this purchase order = Variable manufacturing costs = $20 per unit

8 0
3 years ago
Isocost lines Question 28 options: A) are dependent upon the costs of a firm's inputs. B) are dependent upon the technical effic
Rufina [12.5K]

Answer:

A. are dependent upon the costs of a firm's inputs

Explanation:

Isocosts are lines showing the various combinations of inputs which costs the same total amount. That is, all inputs combinations with similar cost. It indicates a combination of inputs that an organization or firm can buy or rent at a given cost/price. The isocosts are simply dependent upon the cost of the firm's input, that is to say, the cost of inputs determines the various combination possible. Isocost becomes very important when analyzing a firm's or producer's behavior.

8 0
3 years ago
Anne is a full-time student at UCLA buts works part-time as a waitress at a diner near her dormitory. She earns an hourly wage b
miss Akunina [59]

Answer:

In California, if the tip is included in the service charge, Anne's employer must pay taxes for them. The employer is required to pay for these taxes in California, not the employee. Even though tips are not part of an employee's wage, they are still taxable. This means that Anne must include the $51 in her AGI.

5 0
3 years ago
A company that uses an in-house advertising department might turn its advertising and promotion tasks over to an outside agency
Tema [17]

Explanation:

think the answer is E all of the Above

8 0
2 years ago
A _______ can illustrate your achievements that are difficult to display in a cover letter or resume.
alexira [117]

Answer: portfolio

Explanation:

7 0
3 years ago
Other questions:
  • An early warning signal for the potential of an overdrawn budget is created when: contingency funds are applied for. a bottom-up
    5·1 answer
  • A firm has current assets of $36,000, cash of $5,000, current liabilities of $20,000, total assets of $80,000 and total liabilit
    10·1 answer
  • A company that doesn't just make money but makes a difference in the world and gives back to the community is a company that eng
    11·1 answer
  • Insurance that pays all expenses generated by the insured activity is known as:
    10·1 answer
  • The accumulation of budget deficits by the United States has created
    12·1 answer
  • Kenneth Chenault, the CEO of American Express Co. hopes to issue American Express cards through U.S. banks. At present, banks th
    14·1 answer
  • The Collins Company uses predetermined overhead rates to apply manufacturing overhead to jobs. The predetermined overhead rate i
    7·1 answer
  • Which of the following statements about health insurance is false
    11·1 answer
  • ___________ is/are associated with collecting, storing, and distributing the product or service to buyers. They consist of wareh
    5·1 answer
  • Who is responsible for the preparation of the financial statement​
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!