Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 28, 2024

Loan amount for $32,500 with an interest rate of 4.25% and is amortized over 6 years. The monthly payment is $512.18. 1. What is the

Loan amount for $32,500 with an interest rate of 4.25% and is amortized over 6 years. The monthly payment is $512.18. 1. What is the balance of the loan after 3 years of payments? -$15,468

-$8,299

-$17,283

-$4,830.87

2. How long would it take to pay off 70% of the loan? A. About 52 months B. Just under 29 months C. About 59 months D. About 49 months

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 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

Order Flow Trading Secrets To Mastering Market Sentiment Liquidity Volume Patterns Price Action Trading Tools And More

Authors: Daren Price

1st Edition

979-8864803738

More Books

Students also viewed these Finance questions

Question

★★★★★

Athens Holding Company operates numerous businesses, including motel, auto rental, and real estate companies. Year 2010 was interesting for Athens, which reported the following on its income...

Answered: 1 week ago

Question

★★★★★

Identify the key competencies discussed in the text and explain how they could lead to the creation and effective management of a social venture.

Answered: 1 week ago

Question

★★★★★

Do more mature individuals have more mature values?

Answered: 1 week ago

Question

★★★★★

Five years ago, Thomas Martin purchased and implemented production machinery that had a first cost of $25,000. At the time of the initial purchase it was estimated that yearly costs would be $1250,...

Answered: 1 week ago

Question

★★★★★

Discuss the difficulties in applying the duration model

Answered: 1 week ago

Question

★★★★★

STAGE 1- COMPILATION OF MICRO-ECONOMIC DATA Prepare a compilation or collection of TIME SERIES or CROSS SECTION DATA on microeconomic data/variables of ANY country'. The selection based on ANY ONE of...

Answered: 1 week ago

Question

★★★★★

1) Calculate average stress and strain generated in each component of the figure shown below and use ANSYS to evaluate same (CAD model for same is assignment3.sat, uploaded in canvas). Geometry...

Answered: 1 week ago

Question

★★★★★

Fresh Harvest is a new startup by 2 young entrepreneurs who are both passionate about sustainable agriculture and believed that this is viable potential business. Their aim is to address food...

Answered: 1 week ago

Question

★★★★★

Is there a common thread in the two situations of personal gain? What is different about the Gates scenario and those of the Birmingham officials?

Answered: 1 week ago

Question

★★★★★

Should You be Able to Sue McDonalds if You Spill Coffee on Yourself? If you talk about lawsuits today, some people will tell you that a lot of them are frivolous. There are a few famous cases that...

Answered: 1 week ago

Question

★★★★★

TLW Consulting has been concerned about declining profitability and the president has asked you to evaluate productivity over the past two years. After several weeks, you have managed to collect the...

Answered: 1 week ago

Question

★★★★★

=+4. Compare the four major classes of media and list the factors to consider when choosing the most appropriate medium for a message

Answered: 1 week ago

Question

★★★★★

=+3. Describe the techniques for gathering information for simple messages and identify three attributes of quality information

Answered: 1 week ago

Question

★★★★★

=+Describe the three-step writing process and explain why it will help you

Answered: 1 week ago

Previous Question Next Question