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Rainbow [258]
3 years ago
5

Your sister's pet supplies business obtained a 30-year amortized mortgage loan for $250,000 at a nominal annual rate of 7.0%, wi

th 360 end-of-month payments. The firm can deduct the interest paid for tax purposes. What will the interest tax deduction be for for the first year of the loan
Business
1 answer:
Amiraneli [1.4K]3 years ago
4 0

Answer:

$17,419.55

Explanation:

To calculate the loan payment we use the formula:

a/ {[(1+r)^n]-1] / [r (1+r)^n]-1}

Where

a= $250,000

n= 360 (i.e 30years * 12months)

r = 0.00583/12 (7% / 12months)

=250000/{[(1+0.00583)^360]-1}/[0.00583(1+0.00583)^360]= $1663.26.

She'll pay $1663.26 in a month.

You'll need to construct an amortization table to get her annual payment.

After using the ammortization table properly her year1 payment will be $17419.55

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If the reserve requirement is 20 percent, then excess reserves of $800 can increase M1 money supply by ___.

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The job of an ethics officer is to serve as a counselor for employees
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Identify the set of character traits under the achievement, planning, and power clusters. From each cluster, choose one characte
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The set of character traits under the achievement, planning, and power clusters includes: opportunity seeking and initiatives, persistence, fulfilling commitment (commitment to work contract), taking risk (calculated), demand for efficiency and quality, goal seeking, information seeking, systematic planning and monitoring, persuasion and networking, self-confidence and independence

One character trait that in your opinion best describes me is

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One personal experience that demonstrates that trait was;

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For better understanding, let us explain what the Character Traits means

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From the above, we can therefore say that the answer The set of character traits under the achievement, planning, and power clusters includes: opportunity seeking and initiatives, persistence, fulfilling commitment (commitment to work contract), taking risk (calculated), demand for efficiency and quality, goal seeking, information seeking, systematic planning and monitoring, persuasion and networking, self-confidence and independence

One character trait that in your opinion best describes me is

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One personal experience that demonstrates that trait was:

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