Answer:
i. How much do you owe on the loan today?
- remaining principal balance = $484,331.31
ii. How much interest did the firm pay on the loan in the past year?
- during year 2, $23,458 was paid in interests ($28,833.33 was paid in interest during year 1).
iii. Suppose starting next year (fourth year) the loan rate jumps to 7.2% APR. What is the remaining balance? What will be the monthly payment?
- the remaining balance at the beginning of year 4 is $475,916
- the new monthly payment will be $3,375.72
Explanation:
I prepared two amortization schedules using an excel spreadsheet. The principal on the loan was $500,000. The first one has a fixed 4.8% APR for the whole 30 years. In the second one, the APR changes to 7.2% at the beginning of year 4.
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The correct answer is the routing number, checking account number and check number.
There are three items found on the MICR line of a check. These items are the bank routing number (also called the ABA number), the checking account number and the check number. This is also the order that these numbers are found on a personal check.
Answer:
6.125%
Explanation:
Calculation for what yield must municipals offer for the investor to prefer them to corporate bonds
The after-tax yield on the corporate bonds is: 8.75% x (1 - 0.30)
The after-tax yield on the corporate bonds is= 0.0875x 0.7
The after-tax yield on the corporate bonds is= 0.06125*100
The after-tax yield on the corporate bonds is= 6.125%
Therefore what yield must municipals offer for the investor to prefer them to corporate bonds is
6.125%
Answer:
$1, 481.198
Explanation:
Katherine's adjusted balance is the balance at the bank after considering the omitted transactions.
Balance as per bank: $1,518.78.
Add omitted deposit: <u> $125.788</u>
<u>$ 1, 644.568</u>
less debit charges
( $49.44+$113.93) <u> $163.37</u>
<u>$ 1,481. 198</u>
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Adjusted balance $ 1,481. 198
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