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leonid [27]
2 years ago
15

Caleb purchased his first home for $420,000. He made a 10% down payment and financed the remaining purchase price. The terms of

the loan were as follows: 30 year loan Payments made monthly Interest charged at 9% convertible monthly In which month is the first payment for which the principal component is greater than half of the payment?
Business
1 answer:
Genrish500 [490]2 years ago
3 0

Answer:

In 269th Payment the principal component is greater than half of the payment

Explanation:

Amortization schedule is attached please find it.

The loan payment includes the interest and principal portion. After deducting the interest on the due balance the residual amount is paid towards the principal.  

Loan is paid per month, the amount of each payment can be calculated as follow:

Loan Payment per month = r ( PV ) / 1 - ( 1 + r )^-n

r = rate per period = 9% per year = 0.75% per month

n = number months = 30 years x 12 months per year = 360 Months

PV =  present value of all payments = $420,000

P = payment per month = ?

P = 0.75% ( $420,000 x 90% ) / 1 - ( 1 + 0.75% )^-360

P = $3,041.47 per month

Download xlsx
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For any external resources that are used on the project, such as subcontractors, consultants, or vendors, the______ will define
Anastaziya [24]

Answer: project manager

     

Explanation: The project manager's role. A project manager is a person who is responsible for initiating, preparing, designing, implementing, tracking, overseeing and closing a project successfully. A project manager is a person in charge for both smaller and larger decision-making.

  Hence, as he or she is responsible for successful completion it is the responsibility of the project manager to define, approve and acquire all the documentation needed regarding the project.

6 0
3 years ago
Pat invested a total of $3,000. Part of the money was invested in a money market account that paid 10 percent simple annual inte
adell [148]

Answer:

$800 in account that pays 10% interest

$2,200 in account that pays 8% interest

Explanation:

Account A = Money market account that paid 10% simple annual interest

Account B = Money market account that paid 8% simple annual interest

W1 = Proportion of money invested in Account A

W2 = Proportion of money invested in Account B

W1 + W2 = 1

therefore, W1 = 1 - W2

Principle amount = $3,000

3000 x W1 = Amount of money invested in Account A

3000 x W2 = Amount of money invested in Account B

Total interest earned = $256

R1 = 10% simple interest on Account A

R2 = 8% simple interest on Account B)

Total Interest = (Principle x W1 x R1) + (Principle x W2 x R2)

256 = (3000 x W1 x 10%) + (3000 x W2 x 8%)

256 = 300 W1 + 240 W2

256 = 300 W1 + 240 ( 1 - W1)

256 = 300 W1 + 240 - 240 W1

16 = 60 W1

W1 = 16 / 60

W2 = 1 - W1 = 1 - (16/60) = 11/15

Amount of money invested in Account A = 3000 x W1 = 3000 x (16/60) = $800

Amount of money invested in Account B = 3000 x W2 = 3000 x (11/15) =$2,200

6 0
3 years ago
Hello, please help me with this paper, I understand it's long and requires a lot of work, but all the help is appreciated! Thank
Tomtit [17]

Answer:

Use prezi

Explanation:

I got a hundred rn

7 0
2 years ago
Don contracts with mark to paint his house for $5,000 by the end of april. if the terms of their contract are clear and unambigu
Sveta_85 [38]

The Plain Meaning Rule.

The plain meaning rule states that when the language is unambiguous and clear, you must use the actual language of the contract and not any outside evidence when determining how the dispute is resolved.

7 0
3 years ago
Variable costs as a percentage of sales for Lemon Inc. are 71%, current sales are $551,000, and fixed costs are $207,000. How mu
MAVERICK [17]

Answer: a.$10,904 increase

Explanation:

Operating income before sales increase:

= Sales - Variable costs - Fixed costs

= 551,000 - (71% * 551,000) - 207,000

= -$47,210

Operating income after sales increase:

Sales increases to:

= 551,000 + 37,600

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= -$36,306

Difference:

= -47,210 - (-36,306)

= Increase of $10,904

7 0
3 years ago
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