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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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3 years ago
A broker-dealer is physically located and registered in State A. The broker-dealer has an existing client in State A who is a st
mars1129 [50]

Answer:

D) The broker-dealer must be registered in State B in order to contact the client while she is in medical school in State B

Explanation:

Since the client will live in state B for an extended period of time, at least 4 years if she completes medical school, the broker-dealer must be registered in state B if he wishes to continue doing business with her.

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7 0
4 years ago
The Smiths are saving money for a down payment on a house. The Smiths have $25,000 in cash, and they estimate that in 5 years th
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Options :

A)net present value of the $25,000.

B)future value of the $25,000.

C)internal rate of the return on the $25,000.

D)present value of $25,000.

Answer: B)future value of the $25,000.

Explanation: The Smith's calculation and subsequent result which yielded $31,000 refers to the future value of $25,000. The initial $25000 is the present value of the amount held. If the initial amount is saved or deposited over a certain number of years in an account which yields a certain rate of interest per annum and is compounded either on a monthly, yearly, quarterly or semiannual basis as the case may be, in this scenario above, the interest is called mounded annually. This initial amount will grow and yield an amount which is greater than the present deposit. This is called the future value of the initial deposit.

8 0
3 years ago
Brad's Diner is expanding and expects operating cash flows of $32,000 a year for 4 years as a result. This expansion requires $3
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Answer: $57,101.73

Explanation:

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Present value of cash inflows = (32,000 * Present value interest factor of an annuity, 4 years, 12%) + 3,000/ (1 + 12%)⁴

= (32,000 * 3.0373) + 1,906.55

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NPV = Present value of inflows - Outflows

= ‭99,100.15‬ - (39,000 + 3,000)

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5 0
3 years ago
The simple interest 500,000 amount to 630,000. what is the percentage rate?​
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26% Subtract 500,000 from 630,000. Then divide the difference by 500,000.
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4 years ago
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