Michelle took out a $370,000 30-year adjustable rate mortgage with a 3.8% initial 6-month rate. The amortization
Question:
Transcribed Image Text:
Payment Beginning Monthly Towards owrds Ending NumberPayment Interest Principal Balance 1 370,000.00 1,724.04 1,171.67 552.38 369,447.62 2 369,447.62 1,724.04 1,169.92 554.12 368,893.50 3 368,893.50 1,724.04 1,168.16 555.88 368,337.62 4 368,337.62 1,724.04 1,166.40 557.64 367,.779.98 5 367,779.98 1,724.04 1,164.64 559.41367,220.57 367,220.57 1,724.04 1,162.87 561.18 366,659.40
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (12 reviews)
B 1 36665940 193838 I 1 36665940 ...View the full answer
Answered By
Shubhradeep Maity
I am an experienced and talented freelance writer passionate about creating high-quality content. I have over five years of experience working in the field and have collaborated with several renowned companies and clients in the SaaS industry.
At Herman LLC, an online collective of writers, I generated 1,000+ views on my content and created journal content for 100+ clients on finance topics. My efforts led to a 60% increase in customer engagement for finance clients through revamping website pages and email interaction.
Previously, at Gerhold, a data management platform using blockchain, I wrote and published over 50 articles on topics such as Business Finance, Scalability, and Financial Security. I managed four writing projects concurrently and increased the average salary per page from $4 to $7 in three months.
In my previous role at Bernier, I created content for 40+ clients within the finance industry, increasing sales by up to 40%.
I am an accomplished writer with a track record of delivering high-quality content on time and within budget. I am dedicated to helping my clients achieve their goals and providing exceptional results.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
Question Posted:
Students also viewed these Linear Algebra questions
-
The Bhatts purchased a new home for $235,000 with a down payment of $47,000. They obtained a 20-year adjustable rate mortgage with the following terms. The interest rate is based on the one-year...
-
Tom took out a $440,000 15-year adjustable rate mortgage with a 4% initial 6-month rate. The amortization table for the initial rate period is shown. After the first 6 months, the rate went up to 5%....
-
An adjustable rate mortgage allows the rate of interest to fluctuate over the term of the loan, depending on economic conditions. A fixed rate mortgage holds the rate of interest constant. Which...
-
You name the catastrophe, and JIT has been through it and survived. Toyota Motor Corporation has had its world-renowned JIT system tested by fire. The massive fire incinerated the main source of...
-
The Kitakyushu, Japan, plant of Nissan Motor Corporation assembles two types of cars (Teanas and Muranos). Separate assembly lines are used for each type of car. Classify each cost item (A H) as...
-
Find a fundamental matrix of each of the systems in Problems 1 through 8, then apply Eq. (8) to find a solution satisfying the given initial conditions. x(t) = (t)(0) xo. = (8)
-
The impulse response of a LTI discrete-time system is h[n] = u[n] u[n 3]. If the input to this system is (a) Find the output y[n]of this system by calculating graphically the convolution sum....
-
Refer to the preceding facts for Postmans acquisition of 80% of Spartans common stock and the bond transactions. Postman uses the simple equity method to account for its investment in Spartan. On...
-
A key feature in process costing is that Question 2Select one: a. (total units multiplied by the percentage allocated to each unit) is multiplied by total costs. b. total units are multiplied by...
-
How do you feel about having management responsibilities in today's world, characterized by uncertainty, ambiguity, and sudden changes or threats from the environment? Describe some skills and...
-
Use the spreadsheet from Lesson 8 - 4 and 8 - 5 to compare the following two situations after a 7 - year period. total amount paid and total amount paid to principal for a $370,000, 20-year mortgage...
-
Calculate the missing amounts in the amortization table which shows extra payments toward the principal made each month. Payment Beginning Monthly Towards Towards EndingExtra 100 b 208,890.81 200...
-
Six individuals, including A and B, take seats around a circular table in a completely random fashion. Suppose the seats are numbered 1, . . . , 6. Let X = A's seat number and Y = B's seat number. If...
-
3. Given the continuous beam shown below, which span or spans should be loaded with a uniform distributed load to produce a maximum moment at support B? (5 points) SPAN 1 SPAN 2 SPAN 3 A B D 20 ft...
-
Complete the following writing assignment: Analyze the attached 10_pages. Write_about them, summarize what you read, and connect it to personal experiences. CHAPTER 8 Anxiety Disorders DAVID P....
-
As a manager of an airline company you want to learn the average weight of luggages checked in on a flight. From a sample of 1 6 luggages, you find the average to be 2 6 kg and the standard deviation...
-
What is the Manufacturing Cycle Efficiency? 11. Use High-Low to find the fixed and variable costs. Machine Month Costs Hours 12345678 $1,730,890 15,820 $1,753,860 13,980 $1,562,890 11,550 4...
-
Jimmy Padilla purchased a gravel pit in the current year for $944,232 and estimates that there will be a residual value in the land of $36,404 once resource extraction is complete. He estimates that...
-
Concomm Telecom is a major provider of comprehensive communications services for residential users. It offers a package including local and long-distance telephone, digital cable, Internet, and...
-
Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19 year-old nanny $125 per week for 48 weeks during the current year. a. What is the employers portion of...
-
The table below lists world motor vehicle production in recent years. Sources: Automotive New Data Center; R. L. Polk a) Use a graphing calculator to fit a quadratic sequence regression function an =...
-
In 2010, the United States, Japan, and China had a total of 89,348 patent applications. The number of applications in China was 3741 less than one-half the number of applications in Japan. The number...
-
Find the center and the radius of the circle with the given equation. (a) x2 + y2 - 6x + 4y = 3 (b) x2 + y2 + 5x - 8y = 2
-
*please calculate irr in excel
-
Which of the following would not be a period cost? Research and development Direct materials Office supplies Advertising costs
-
\ table [ [ Activity Cost Pool,Activity Measure,Total Cost,Total Activity ] , [ Machining , Machine - hours,$ 3 3 0 , 0 0 0 , 1 5 , 0 0 0 MHs ] , [ Machine setups,Number of setups,$ 3 0 0 , 0 0 0 , 5...
Study smarter with the SolutionInn App