A $135 000 mortgage is amortized by making monthly payments of $974.37. If interest is 4.92% compounded

Question:

A $135 000 mortgage is amortized by making monthly payments of $974.37. If interest is 4.92% compounded semi-annually, for how many years is the term of the mortgage?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

See More Books

Question Posted: Feb 26, 2016 04:01 AM

See More Questions

A $180 000 mortgage is to be amortized by making monthly payments for 25 years. Interest is 5.62% compounded semi-annually for a 4-year term. (a) Compute the size of the monthly payment. (b)...
A $190 000 mortgage is to be amortized by making monthly payments for 20 years. Interest is 6.5% compounded semi-annually for a 3-year term. (a) Compute the size of the monthly payment. (b) Determine...
An unavoidable cost may be met by outlays of $10 000 now and $2000 at the end of every six months for seven years or by making monthly payments of $500 in advance for seven years. Interest is 7%...
Angelo Bank is planning to replace some old ATM machines and has decided to use the York Machine. Anita Chavez, the controller, has prepared the analysis shown here. She has recommended the purchase...
Fast bowling, also known as pace bowling, is an important component of the bowling attack in the sport of cricket. The objective is to bowl at a high speed and make the ball turn in the air and of...
Jaw Injury. Due to a jaw injury, a patient must wear a strap (Fig. E4.3) that produces a net upward force of 5.00 N on his chin. The tension is the same throughout the strap. To what tension must the...
Let me tell you a little bit about the history of Trek, says Mark Joslyn, vice president of human resources at Trek Bicycle Corporation. Its a fantastic story, he continues proudly. Its a story about...
A researcher developed the following multiple regression model to explain the variation in hours worked by married women. H = Î²0 + Î²1X1 + Î²2X2 + Î²3X3 +...
Perform the following accounting for the receivables of Cavanaugh and Johnson, an accounting from, at December 31, 2020. Resuirements Requirements 1 and 2. Prepare the accounts for accounts...
Marys Luxury Travel uses a weekly federal income tax withholding table. Refer to Figure 8-4 in the text. The payroll data for each employee for the week ended March 22, 20, are given. Employees are...
What is the accumulated value after 12 years of monthly deposits of $145 earning interest at 5% compounded semi-annually if the deposits are made at the end of each month?
Toby has opened an RRSP account by making an initial deposit of $1200. She intends to make quarterly deposits for 20 years, increasing at a constant rate of 1.5%. How much of the accumulated value...
Here are inflation rates and U.S. stock market and Treasury bill returns between 1929 and 1933: a. What was the real return on the stock market in each year? b. What was the average real return? c....
Explain the role of EHR healthcare technology in the delivery of care
In the movie, Money Ball what was the change that the Oakland A's was going through under the leadership of Billy Beane? 2.: In leading the change that you described in Q1, what was the...
Studies of the grapevine network within organizations have shown that the rumours and gossip on the grapevine are almost always accurate, and that a prudent manager is wise to act on that...
What is Program Evaluation? Describe What is need assessment? Describe? What is a program logic model? Describe and analyze. What is one example? (including input, output, short term outcomes and...
What are the primary jobs that must be performed at Spotify? Using the job characteristics theory as a frame-work, assess these jobs in terms of their motivating potential. 2. How does the concept of...
Describe factors that promote technological proliferation.
Annual dividends of ATTA Corp grew from $0.96 in 2005 to $1.76 in 2017. What was the annual growth rate?
Crawford's Department Store is completing the accounting process for the year just ended, December 31, 2011. The transactions during 2011 have been journalized and posted. The following data with...
Solve Problem using augmented matrix methods. 0.3x1 - 0.6x2 = 0.18 0.5x1 - 0.2x2 = 0.54
Solve Problem using augmented matrix methods. Use a graphing calculator to perform the row operations 2.7x1 - 15.12x2 = 27 3.25x1 -18.52x2 = 33
Solve Problem using augmented matrix methods. Use a graphing calculator to perform the row operations 5.7x1 - 8.55x2 = -35.91 4.5x1 +5.73x2 = 76.17
XF Ltd. Is an expanding private company in the electric trade. Accounts preparing in January 2019 included the following information: Profit Statement for the year ended 31 st December 2018 Kshs.000...
Check On June 15, 2021, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.C., for $340 million. The expected completion date is April...
Q.1 Bassem Company purchased OMR420,000 in merchandise on account during the month of April, and merchandise costing OMR $350,000 was sold on account for OMR 425,000. Required: 1. Prepare journal...

A $135 000 mortgage is amortized by making monthly payments of $974.37. If interest is 4.92% compounded

Question:

Step by Step Answer:

PV 135 00000 PMT97437 i 246 c 016 1212120 p 102460161010040591...View the full answer

Contemporary Business Mathematics with Canadian Applications

Students also viewed these Finance questions