FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider a fixed-rate, constant payment 6-year mortgage with annual payments. The interest rate is 7.1% per annum and the principal (or loan) amount is $8,945.

Consider a fixed-rate, constant payment 6-year mortgage with annual payments. The interest rate is 7.1% per annum and the principal (or loan) amount is $8,945.

What is the annual payment to amortise the loan? (Answer in two decimal places)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

=+ (b) Take s = 2a and t = ax; use (22.22), together with the inequalities T(s) L(s) and R(2s) 2L(s), to prove Etemadi's inequality (22.10) in the form (22.23) M(3a)BE (a) =1A3L(a).

Answered: 1 week ago

Question

★★★★★
Situation During 2010, one of the customers of Klote Company declared bankruptcy. This customer had been a major purchaser of Klotes products and had owed $40,000 on account to Klote (a material...

Answered: 1 week ago

Question

★★★★★
2. After the first month of operation, Val's Donut Shop has reported the following revenue and expense figures. (5 points) A. Complete the profits weekly and monthly to show the current state of the...

Answered: 1 week ago

Question

★★★★★
In which layer does Ethernet operate? In which layer does Ethernet operate? Internetwork Transport Network Access Application

Answered: 1 week ago

Question

★★★★★
XYZ Corp. has prepared the following budget information for the second quarter: Various Operating Budget Information April May June Sales Forecast ( units of finished goods) 13,000 units 19,500 units...

Answered: 1 week ago

Question

★★★★★
Yukon territorial government entered into an agreement with HEMI to open a warehouse in Whitehorse . The agreement required the Yukon territorial government to prepay $10, 000 ,000 for future...

Answered: 1 week ago

Question

★★★★★
By recognizing the series 1+ 12n +. + +as 3! n! 12 144 1728 + + 1! 2! a Taylor series evaluated at a particular value of x, find the sum of the series. NOTE: Enter the exact answer or round to three...

Answered: 1 week ago

Question

★★★★★
A river where drinking water is taken is feared to have been polluted by coliform bacteria In order to investigate this, we take a sample tube of water at n randomly selected sites from the river...

Answered: 1 week ago

Question

★★★★★
(a) Prove that the equation has at least one real solution. (b) Use a calculator to find an interval of length 0.01 that contains a solution. 59. cos x = x3 60. x5x2 + 2x + 3 = 0 61-62 (a) Prove that...

Answered: 1 week ago

Previous Question Next Question