Question
Hi, Could you please help me these questions? Tomorrow you send me is ok. Thanks Question 1 Bradley purchased a machine for $25,000 for his
Hi, Could you please help me these questions? Tomorrow you send me is ok. Thanks
Question 1
Bradley purchased a machine for $25,000 for his company. He paid 5.00% of this amount as a down payment and financed the rest at 5.82% compounded monthly. He paid $1,125 at the end of every month to settle the loan.
a.What was the principal portion of payment number 4?
Round to the nearest cent
b.What was the interest portion of payment number 4?
Round to the nearest cent
Question 2
Austin purchased a house for $450,000. He made a down payment of 30.00% of the value of the house and received a mortgage for the rest of the amount at 3.62% compounded semi-annually amortized over 20 years. The interest rate was fixed for a 6 year period.
a.Calculate the monthly payment amount.
b.Calculate the principal balance at the end of the 6 year term.
c.Calculate the monthly payment amount if the mortgage was renewed for another 6 years at 5.62% compounded semi-annually?
Round to the nearest cent
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