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ololo11 [35]
4 years ago
15

g Jack and Jill borrow $21,000 at 7.2% amortized over 6 years to drill a well and renovate their kitchen and bathrooms. Assuming

that the monthly principal and interest payments are made as agreed, what is the loan balance at the end of 3 years
Business
1 answer:
leonid [27]4 years ago
6 0

Answer:

The loan balance at the end of 3 years is $11,626.26.

Explanation:

Prepare an Amortization Table to determine the loan balance at end of year 3

First, enter the following data in Financial Calculator to find the PMT, payment per month:

Pv = $21,000

r = 7.2%

n = 6 × 12 = 72

P/yr = 12

Fv = $0

PMT = ? - $360.0493

Thus the payment PMT per month is $360.0493.

Year 3

The following are balances extracted from Amortization schedule for Year 3.

Note : 36 months would have expired at end of year 3.

Principle = $ 3,619.94

Interest   = $1,060.70

Balance  = $11,626.26

Conclusion :

The loan balance at the end of 3 years is $11,626.26

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Reaser Corporation makes one product.AprilMayJuneJulyBudgeted unit sales8,4008,70012,60013,100-Each unit of finished goods requi
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Answer: 42056 pounds

Explanation:

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6 0
3 years ago
Coffee shops that reward customers with one free cup of coffee after every ten coffee purchases are using a ___________ reinforc
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6 0
3 years ago
If a currency reform has no effects on the​ economy's real​ variables, why do governments typically institute currency reforms i
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Answer:

The correct anwer is <em>There may be a psychological benefit in that currency reform can have a positive effect on inflation expectations. ​ However, for the stabilization plan to​ succeed, it must be backed up by concrete policies to reduce monetary growth.</em>

Explanation:

Monetary policy or financial policy is a branch of economic policy that uses the amount of money as a variable to control and maintain economic stability. It includes the decisions of the monetary authorities regarding the money market, which modify the amount of money or the interest rate. When it is applied to increase the amount of money, it is called an expansive monetary policy - quantitative expansion - and when it is applied to reduce it, a restrictive monetary policy.

Four basic objectives of monetary policy can be stated in different ways:

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Bonds that have an option giving the issuer the right to retire them at a stated dollar amount before maturity are known as:A. C
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A. Callable bonds.

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The bond that have an option to give  the right to the issuer to retired the bond at the stated amount but it should be before the maturity so the same we known as callable bond

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The same is to be considered and relevant

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