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Stells [14]
3 years ago
12

You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current mo

nthly payment is $ 2 comma 356 and you have made every payment on time. The original term of the mortgage was 30​ years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 7.500 % ​(APR). How much do you owe on the mortgage​ today? ​(Note: Be careful not to round any intermediate steps less than six decimal​ places.)
Business
1 answer:
Serhud [2]3 years ago
7 0

Answer:

$320,244.92

Explanation:

We must first determine the principal of the loan and we can do that by using the present value of an annuity formula:

PV = monthly payment x annuity factor

  • monthly payment = $2,356
  • PV annuity factor, 360 periods, 0.625% = 143.01763

PV = $2,356 x 143.01763 = $336,950

Once we have calculated the principal, we can prepare an amortization schedule. I used an excel spreadsheet to do it. Four years and 8 months is the same as 56 monthly payments. The principal's balance after the 56th payment is $320,244.92

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2 years ago
On January 1, 2021, Badger Inc. adopted the dollar-value LIFO method. The inventory cost on this date was $101,600. The ending i
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a. An additional layer of $12,760 is added to the 12/31/2021 balance.

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