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Olin [163]
3 years ago
11

There is a principal balance of $84,902.13 on a mortgage. The interest rate is 7.75% per annum. The taxes and insurance total $1

,915.70 per year. The monthly payment is $835.58, including interest, taxes and insurance, with the remainder applied to reduce the principal. What is the principal balance after the next payment?
Business
1 answer:
kompoz [17]3 years ago
7 0

Answer:

Principal after next payment: 84,774.52‬

Explanation:

the principal after the payment will be the current principal less the payment amortization.

TO know the amortization we must know the interest, taxes and insurance contained within the next payment:

Insurance and taxes: 1,915.7 per year

we divide by  12 to know the monthly fees = 159.64

then, for the interest we do:

principal x rate x time

being time 1 month over 12 of the year:

84,902.13 x 0.0775 x 1/12 = 548.3262 = 548.33

The quota is for 835.58 we subtract interest, insurance and taxes:

835.58 - 159.64 - 548.33 = 127.61

Then, we subtract from the principal this amortization:

84,902.13 - 127.61 = 84,774.52‬

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Answer:

$50,875

Explanation:

The computation of the present value is shown below:

Given that

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The formula is shown below:

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After applying the above formula, the present value is $50,875

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And, the same is to be considered

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Answer:

For 2 years

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So, in order to show the proof of the financial responsibility in the near future, business or individual needs to show the proof for the 2 years because to make the proof comparable with the previous year.

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The best way for you to create the list of those who make more than $45000 a year and are full time is by using the filter option.

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Read more on brainly.com/question/15358155?referrer=searchResults

5 0
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<em>False</em>

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<em>Subprime lending means lending to borrowers and charging interest that is </em><u><em>above</em></u><em> the current prime interest rate. </em>

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