FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

Ivan took out a fully amortizing 30 year mortgage with the initial balance of $288743. This mortgage has a foxed-annual interest rate at 7%. After

image text in transcribed
Ivan took out a fully amortizing 30 year mortgage with the initial balance of $288743. This mortgage has a foxed-annual interest rate at 7%. After Ivan has completed 4 full years of monthly payments. how much have has lvan paid toward principal? Same question in different words, what is the difference between mortgage balance at orgination and mortgage balance remaining after 4 years of montly payments? Round your answer to the nearest cent (e.9. If your answer is $7000.9873, enter 7000.99)

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_2

Step: 3

blur-text-image_3

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

Fintech In Islamic Finance Theory And Practice
Fintech In Islamic Finance Theory And Practice

Authors: Umar A. Oseni, S. Nazim Ali

1st Edition

1138494801, 978-1138494800

More Books

Students explore these related Finance questions

Question

Are the concepts of reliability of evidence and audit risk interrelated, or are they two separate concepts? For example, could the auditor accept less reliable audit evidence for an engagement in...

Answered: 3 weeks ago

Question

computer science: Restrictions: you cannot use any methods from the Java Array(s) class to copy an array, check for equality, or otherwise manipulate an array. You must write the Java code to perform...

Answered: 3 weeks ago

Question

4. The main consideration in judging the adequacy of a textbook or standard achievement test is the match between its test questions and what pupils were taught in their classes: a. Are questions...

Answered: 3 weeks ago

Question

Refer to People v. Sanders and United States v. Martinez-Jimenez in Appendix A. For each of these cases, identify the parties, citation, holding, and disposition.

Answered: 3 weeks ago

Question

Boston Railroad decided to use the high-low method and operating data from the past six months to estimate the fixed and variable components of transportation costs. The activity base used by Boston...

Answered: 3 weeks ago

Question

entriesThe unadjusted trial balance of Martinez Inc, at the companys year end of December 31, follows: Credit $24,000 Martinez INC.Additional information and adjustment data: A 12-month insurance...

Answered: 3 weeks ago

Question

In order to show more reported gains or less reported losses on the income statement, "gains trading" can be accomplished by selling securities classified as ____ with gains or by transferring...

Answered: 3 weeks ago

Question

A worker in charge of assembling a bicycle finds a faster way to mount the pedals. He turns to his supervisor. The supervisor explains that the process had been optimized by the engineering...

Answered: 3 weeks ago

Question

Gamma Manufacturing has prepared the following flexible budget for October and it is in the process of interpreting the variances. F denotes a favorable variance and U denotes an unfavorable...

Answered: 3 weeks ago

Question

What is the role of the customer in service operations? A.) They facilitate collaboration between suppliers B.) They are responsible for majority of fixed costs. C.) They are a supplier of process...

Answered: 3 weeks ago

Question

A contract to purchase a year of business consulting has a base price of $25,000 but also includes a bonus of $5,000 if the company's performance metrics improve by 10%. Due to the extensive amount...

Answered: 3 weeks ago

Question

(Appendices) ENDING INVENTORY, COST OF GOODS SOLD, AND GROSS MARGIN. Wilson Company sells a single product. At the beginning of the year, Wilson had 120 units in stock at a cost of $8 each. During...

Answered: 3 weeks ago

Question

(Appendices) PURCHASES RECORDED GROSS. Dawson Enterprises uses the periodic system and records purchases gross. On a recent day, Dawson engaged in the following three transactions: LO2 a) Purchased...

Answered: 3 weeks ago

Question

(Appendices) PURCHASES RECORDED NET. Clean Wheels Car Wash purchased $54,200 (list price) of soap for its car-washing machines. The seller offered credit terms of 2/10, n/20. Clean Wheels records...

Answered: 3 weeks ago

Previous Question Next Question