14) To purchase studio space, on April 3, 2025 a pianist takes out a 30-year loan...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66498815bbff5_99666498814ec0ad.jpg)
Transcribed Image Text:
14) To purchase studio space, on April 3, 2025 a pianist takes out a 30-year loan of $120,000 at an annual interest rate of 11%. The first monthly payment is to be made on May 3, 2025; the final payment is scheduled to be made April 3, 2055. The monthly payment is $1,142.79. [Note: If you use the table you'll get that the monthly payment is $1,142.40, but the table produces an approximation. $1,142.79 is the precise payment.] a) Calculate the total interest charged over the course of the loan, assuming that nothing but the standard payment is made each month. b) How much will she owe immediately after making the payment on June 3, 2025? (= the second payment) Round appropriately to the nearest penny. c) Suppose that as part of that June 3, 2025 payment she pays an extra $325 as an overpayment. Calculate the dollar amount of interest which this saves in the future. Round your answer down to the nearest $10. 14) To purchase studio space, on April 3, 2025 a pianist takes out a 30-year loan of $120,000 at an annual interest rate of 11%. The first monthly payment is to be made on May 3, 2025; the final payment is scheduled to be made April 3, 2055. The monthly payment is $1,142.79. [Note: If you use the table you'll get that the monthly payment is $1,142.40, but the table produces an approximation. $1,142.79 is the precise payment.] a) Calculate the total interest charged over the course of the loan, assuming that nothing but the standard payment is made each month. b) How much will she owe immediately after making the payment on June 3, 2025? (= the second payment) Round appropriately to the nearest penny. c) Suppose that as part of that June 3, 2025 payment she pays an extra $325 as an overpayment. Calculate the dollar amount of interest which this saves in the future. Round your answer down to the nearest $10.
Expert Answer:
Posted Date:
Students also viewed these finance questions
-
A thin circular sheet of aluminum has a radius of 20 cm and a thickness of 0.5mm. Find the mass of the sheet.
-
You are the Audit Manager of Mole and Co and are currently planning the audit of your existing client, Ratty Ltd, whose year end was 31 December 2021. Ratty is a pharmaceutical company that...
-
Imagine you have just received your certification and are taking on your first trainee within your organization who is working towards certification. Based on the BACB guidelines and the Ethics code,...
-
Infinity & Beyond, Inc. is a producer of high-tech fashion merchandise. The company's marketing department has identified a new product concept through discussions with potential customers conducted...
-
Extend the E-R diagram of the previous question to track the same information for all teams in a league.
-
In Exercises match each set of parametric equations with the correct graph. [The graphs are labeled (a), (b), (c), and (d).] Explain your reasoning. (a) (b) (c) (d) -2 -1 2 y -2. 1 2 X
-
The organisation runs a file system. The following is an extract of its sales file. (a) Discuss the limitations of this file. (b) Explain how a databas2 would overcome these limitations. (c)...
-
At December 31, Vicki's Designers had gross accounts receivable of $346,000. Historically, Vicki's Designers has estimated bad debt expense as 5% of gross receivables. Required a. Calculate bad debt...
-
Gardening is considered a hobby that can have a positive impact on one's well-being and overall health. Growing consumable fruits and vegetables brings a sense of pride and accomplishment to the...
-
You need to write a paper about Palmolive dish washing detergent advertisment
-
Section Two: CASE ANALYSIS (Marks: 5) Please read the following case and answer the two questions given at the end of the case. Zara's Competitive Advantage Fashion houses such as Armani and Gucci...
-
The activity of carbon in liquid iron-carbon alloys is determined by equilibration of CO/CO2 gas mixtures with the melt. Experimentally at PT = 1 atm, and 1560C (1833 K) the equilibrated gas...
-
Apply knowledge of concepts and theories covered in the course to leader - the leader can either be themselves if they lead a team, someone real and personally known to them (such as a boss or leader...
-
A resistor in a dc circuit R = 1.2 2. The power dissipated P is a second-degree function of the voltage V. Graph P versus V from V = 0.0 V to V = 3.0 V.
-
Problem 1 PROBLEMS Sabres Limited, a Canadian-controlled private corporation whose fiscal year end is December 31, provides you with the following data concerning its tax accounts and capital...
-
Discuss the three (3) financial management strategies that can help prevent local government from becoming fiscally stressed.
-
(a) Explain why the concentration of dissolved oxygen in freshwater is an important indicator of the quality of the water. (b) How is the solubility of oxygen in water affected by increasing...
-
S\Jppose your moral principles imply that you should keep on paying your mortgage, but financial self-interest counsels you to walk away. How are you to decide what to do?
-
Do people have a moral obligation to repay money that they borrow, as Professor Brenkert thinks, or is this simply a business decision based on sett-interest alone, as ProfessorWllite thinks?
-
Repaying a loan is a legal obligation. ls It also a moral obligation? Explain why or why not.
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App