Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How much is paid toward interest and principal in the last year? Keep pressing the equal sign until PER is in the amortization indicator. Pressing

image text in transcribed
How much is paid toward interest and principal in the last year? Keep pressing the equal sign until PER is in the amortization indicator. Pressing Orange (AMORT] advances to the next payment. You can keep doing this until the seventh payment, or you can type 7 INPUT 7 Orange (AMORT]. This command tells the calculator to only look at the seventh payment. PRIN $88,922.41 INT $7,113.79 BAL -$0.01 The remaining balance is actually 00; this is just a rounding difference. Analyze the middle payments (2-6). How much is paid toward interest and principal and what is the balance after the sixth payment? To specify specific payments, press 2 INPUT 6 Orange (AMORT]. How much of these five payments goes toward repaying principal? How much of these five payments goes toward paying interest? What is the remaining balance after the sixth payment

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Principles Of Commercial Real Estate Finance

Authors: Gail Ramshaw, Mortgage Bank

1st Edition

0793157099, 9780793157099

More Books

Students also viewed these Finance questions