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oksian1 [2.3K]
3 years ago
7

An $11,000 mortgage has a 30-year term (requiring monthly payments) and a 6% nominal interest rate. (a) What is the monthly paym

ent? (b) What will be the remaining balance on her loan immediately after making her 12th payment? (c) How much interest is paid in Month 13? How much principal?
Business
1 answer:
neonofarm [45]3 years ago
8 0

Answer:

Answer:

a) Monthly payment = $65.95

b) Remaining balance on her loan after making 12th payment = 11,000 - (65.95 x 12) = $10208.6

c) Interest paid in month 13 = 10208.6 * 0.5% = $51.043

  Principal paid in month 13 = $65.95 - 51.043 = $14.907

Explanation:

Using financial calculator:

PV = 11,000

n = 30 years = 360 months

i/r = 6%/year = 0.5% / month

FV = 0

PMT = ? (Monthly payment = ?)

a) Monthly payment = $65.95

b) Remaining balance on her loan after making 12th payment = 11,000 - (65.95 x 12) = $10208.6

c) Interest paid in month 13 = 10208.6 * 0.5% = $51.043

  Principal paid in month 13 = $65.95 - 51.043 = $14.907

Explanation:

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Answer:

C. Depreciation is a current expense of a cash outflow in the current period.

FALSE depreciation is a deferral expense it do not related t oa cash flow

Explanation:

A. The income statement is put together at a specific point in time​ (end of a business​ quarter, or business​ year) and so the sale could be in one period and the cash received in another period.

CORRECT income statement end at a certain date and include transaction under accrual accounting which doesn't relate to cash disbursements or collection

B. The income statement contains the set of expenses associated with the products or services sold during the current operating​ period, with those expenses not associated with current cash flow labeled as nonminuscash expense items

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D. Companies depreciate fixed assets​ (such as office​ furniture, equipment,​ machinery, and​ buildings) over an assigned time​ period, but the initial cash outlay for the fixed asset typically occurs at the time the asset is acquired by the firm.

CORRECT the cash disbursements occurs at time zero. Then, the accounting distributes this over several period to decrease the impact in the first period

5 0
3 years ago
For an investment in a stock, the probability of the return being –10.0% is 0.3, 10.0% is 0.4, and 30.0% is 0.3. given the proba
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The expected return will be given by:
E(R)=Total sum of the expected return
E(R)=-0.1*0.3+0.1*0.4+0.3*0.3
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3 years ago
Lin is making a presentation about road safety and wants to add images of road signs.
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Answer:

I dont get what this is asking

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This is not a question

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3 years ago
Coffee Klatch Party Group, a political organization, files a claim to challenge a Delaware statute that limits the liberty of al
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Substantive due process is a means by which the government's ability to interfere with the fundamental rights of individuals is limited. In this case, the fundamental right violated is that of freedom of expression, guaranteed by the First Amendment. Thus, since it is a right with constitutional protection, the government cannot curtail its operation without the due legal process necessary for this purpose.

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4 years ago
Details of invoices for purchases of merchandise are as follows: Merchandise Freight Terms Returns and Allowances(a) $2,800 $45
Lostsunrise [7]

Answer:

A.$2,619

B.$6,800

C.$839

D.$495

Explanation:

Calculation to Determine the amount to be paid in full settlement of each of the invoices,

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=2,600*99%+45

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6 0
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