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

Question

1 Approved Answer

sixty months ago, you got a loan from your bank for $10,000. This is a ten year loan with an APR of 12% and with

sixty months ago, you got a loan from your bank for $10,000. This is a ten year loan with an APR of 12% and with monthly payments of $143.47 each. Today, you decided you want to pay off the loan in two years rather than the remaining life of the loan.

What is the balance of the loan today?

2. How much more do you have to add to your monthly payment in order to accomplish your goal of paying off the loan earlier?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To find the balance of the loan today we can use the loan amortization formula to calculate the rema... 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

Applied Fluid Mechanics

Applied Fluid Mechanics

Authors: Robert L. Mott, Joseph A. Untener

7th edition

132558920, 9780133414622 , 978-0132558921

More Books

Students also viewed these Finance questions

Question

★★★★★
At an auction, Mr Weak bought a crystal goblet from the company SAD for 5,000 euros. After paying the money, Mr Weak picked up the goblet. He then noticed that it was in very bad condition. Mr Weak...

Answered: 1 week ago

Question

★★★★★
You have found three investment options for a one-year deposit: 10% compound APR monthly, 11% compound APR annually, and 9% compound APR daily. Calculate the EAR for each investment option. (Suppose...

Answered: 1 week ago

Question

★★★★★
You deposit $2000 in an account earning 6% interest compounded continuously. How much will you have in the account in 15 years? Round your answer to the nearest cent. 2. Suppose you want to have...

Answered: 1 week ago

Question

★★★★★
Determine which sets of vectors are orthogonal. 3 -2 1 3 -1 3 -3 4 3 8 7 0

Answered: 1 week ago

Question

★★★★★
On July 1, 2009, Rex purchases a new automobile for $40,000. He uses the car 80% for business and drives the car as follows: 8,000 miles in 2009, 19,000 miles in 2010, 20,000 miles in 2011, and...

Answered: 1 week ago

Question

★★★★★
Which of the following is not listed in the chapter as a common characteristic of Nigerian scam letters? a. The promise of money to lure victims. b. Urgency to invest quickly. c. Picture of...

Answered: 1 week ago

Question

★★★★★
What can clinical psychologists (or students in training) do to enhance their cultural competence with members of this culture?

Answered: 1 week ago

Question

★★★★★
The March 31, 2014, adjusted trial balance for sopik Refrigeration Repairs is shown below with accounts in alphabetical order. 1 $5,000 of the long-term note payable is due during the year ended...

Answered: 1 week ago

Question

★★★★★
ACCOUNTS RECEIVABLEUNCOLLECTIBLE ACCOUNTS Instructions: Present the journal entries specified below; show supporting calculations. The trial balance of Sophia Company at December 31, 2014 includes...

Answered: 1 week ago

Question

★★★★★
1. As an owner or manager of a business, what questions would you ask to judge the firms performance, control operations, make decisions, and plan for the future? 2. Why is financial information...

Answered: 1 week ago

Question

★★★★★
What exactly is the breach or fine for false advertisement in Consumer Protection law australia

Answered: 1 week ago

Question

★★★★★
Xerox 2300 Copier The DESKTOP XEROX 2300 copier is a versatile model that delivers the first copy in six seconds. It is also the lowest-priced newest Xerox copier available. The 2300 is designed as a...

Answered: 1 week ago

Question

★★★★★
Answer atleast 2-3 categories. ACTIVITY 1. TRENDS AND FADS Instructions: Fill in the chart with a trend and a fad that you've known over the years. For the trends, be able to discuss its rise,...

Answered: 1 week ago

Question

★★★★★
1. Which of the following formulas can be considered an algorithm for computing the area of a triangle whose side lengths are given positive numbers a, b, and c? Explain these. a. Sp(p-a)(p - b)(pc),...

Answered: 1 week ago

Question

★★★★★
Ingrid Shalansky, an audit senior, was given the task of auditing the investment section of Crabapple Ltd.Examining the investments, she found the following transactions had occurred during the year;...

Answered: 1 week ago

Question

★★★★★
HRM In Context BUS7B48 An evaluation of the external factors affecting HRM Discuss the strengths and limitations of the Resource Based View as compared to the Universal (Best Practice) and Contingent...

Answered: 1 week ago

Question

★★★★★
Consider an m \ times n gray image with xpq being the intensity of pixel ( p , q ) , p = 1 , . . . , m and q = 1 , . . . , n . We want to segment the image into k non - overlapping clusters by using...

Answered: 1 week ago

Question

★★★★★
a. Show that the expansion of q(x) in ascending powers of x can be approximated to 10 2x + Bx 2 + Cx 3 where B and C are constants to be found. b. Find the percentage error made in using the series...

Answered: 1 week ago

Question

★★★★★
An oil is tested using a Saybolt viscometer and its viscosity is 6250 SUS at 100F. Determine the kinematic viscosity of the oil in mm 2 /s at that temperature.

Answered: 1 week ago

Question

★★★★★
A pump draws propane at 45C (sg = 0.48) from a tank whose level is 1.84 m below the pump inlet. The energy losses in the suction line total 0.92 m and the atmospheric pressure is 98.4 kPa absolute....

Answered: 1 week ago

Question

★★★★★
A pipeline is needed to transport medium fuel oil at 77F. The pipeline needs to traverse 80 mi in total, and the initial proposal is to space pumping stations 2 mi apart. The line needs to carry 750...

Answered: 1 week ago

Question

★★★★★
Suppose a poultry scientist comes to you to help him set up an experiment. He wants to compare the effects of 3 different diets (treatments) on eggshell prop- erties. He has available 6 strains of...

Answered: 1 week ago

Question

★★★★★
9.11 Consider a RCBD with subsampling. Specifically, suppose 3 treatments, b = 4 blocks, and n = 2 observations per experimental unit. (i) Give a linear model for data from such an experiment. (ii)...

Answered: 1 week ago

Question

★★★★★
9.9 Consider the following experimental data: (i) Do the exact analysis, obtaining the ANOVA table, LS means for treat- ments, and the estimated variance for simple treatment comparisons (use SAS...

Answered: 1 week ago

Previous Question Next Question