Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Nov 25, 2019

Suppose you take mortgage amortized over 25 years for $50,200 at 8.55 compounded semi annually A. Find the size of the monthly payment. Round payment

Suppose you take mortgage amortized over 25 years for $50,200 at 8.55 compounded semi annually

A. Find the size of the monthly payment. Round payment to nearest penny.

B. How much time and money would you save if you make 26 bi weekly payments (equal to the half of the monthly payment each year? assume that the interest rate never changes during the entire time.

Step by Step Solution

★★★★★

3.42 Rating (155 Votes )

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

Human Biology

Authors: Sylvia S. Marder, Michael Windelspecht

13th edition

73525480, 978-0073525488

More Books

Students also viewed these Accounting questions

Question

★★★★★

A mortgage of $95 000 is amortized over 25 years by monthly payments of $573.25. What is the nominal annual rate of interest compounded semi-annually?

Answered: 1 week ago

Question

★★★★★

A mortgage of $145 000 is amortized over 25 years by monthly payments of $1297. What is the nominal annual rate of interest compounded semi-annually?

Answered: 1 week ago

Question

★★★★★

If you double the size of the monthly payment you make on a loan, will you pay it off in (pick one): (i) half the time? (ii) less than half the time? (iii) more than half the time? Give the reason...

Answered: 1 week ago

Question

★★★★★

The character wrapper class provides numerous methods for O a. adding two char variables b. testing and converting char variables O c. testing string objects O d. converting string variables

Answered: 1 week ago

Question

★★★★★

Information on occupancy and costs at the Light House Hotel for April, May, and June are indicated below: Required a. Calculate the fixed costs per month and the variable cost per occupied room using...

Answered: 1 week ago

Question

★★★★★

Voltmeter Calibration Most dc voltmeters measure the average value of the applied signal. A dc meter that measures the average value can be adapted to indicate the rms value of an ac signal. The...

Answered: 1 week ago

Question

★★★★★

Prove the combinatorial identity?

Answered: 1 week ago

Question

★★★★★

In June of 2014, Keith accepts a new job with the same employer in San Diego. He formerly commuted 12 miles to a job in Canton, OH; San Diego is 2,150 miles from his old home. He incurs the following...

Answered: 1 week ago

Question

★★★★★

Project \#2 \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ Sales Projections in Units } \\ \hline \begin{tabular}{|l|l|} January \\ \end{tabular} & & 20,916 \\ \hline February & & 41,661 \\...

Answered: 1 week ago

Question

★★★★★

Your grandfather has offered you a choice of one of the three alternatives Option 1 Option 2 Option 3 $5000 today $1000 a year for eight years $12000at the end of eighth year. a.Assume you can earn...

Answered: 1 week ago

Question

★★★★★

On a calculator, Joe divided the integers x into y and got 1.0625.Both integers are less than 50 but Joe can't remember what they were.What is the sum of all possible values of x and y.

Answered: 1 week ago

Question

★★★★★

III. Optimizing Performance For the Lodi Winery, you have been asked by management to examine the data collected and analyzed in the previous modules. The mobjective is for you to help management...

Answered: 1 week ago

Question

★★★★★

The structure shown below is supported by a steel cable from point B to C. This cable has a diameter of 10mm. The Young's modulus of the cable is 20.6x1010N/m2. Determine how much the cable stretches...

Answered: 1 week ago

Question

★★★★★

In a marginal tax rate system, as tax payers make increasing amounts of money, the tax rate they pay on every extra unit of income increases incrementally as their income passes certain cutoffs (...

Answered: 1 week ago

Question

★★★★★

1. The form of competition applies to price, speed, quality, flexibility and innovation. Please explain the form of competition as mentioned earlier in the FnB2. To produce a superior quality product...

Answered: 1 week ago

Question

★★★★★

have taken a snip of the problem and my coding. My code does not include the residual row and the values that come from my code do not match the output. 5.6 LAB: Regression with categorical...

Answered: 1 week ago

Question

★★★★★

Build a DFA for the following language over alphabet {0,1}: L = {w | w is a binary string that ends with 101} Build a DFA for the following language over alphabet (0, 1): L = { w | w is a binary...

Answered: 1 week ago

Question

★★★★★

Distinguish between the work performed by public accountants and the work performed by accountants in commerce and industry and in not-for-profit organisations.

Answered: 1 week ago

Question

★★★★★

Label the following diagram of the cardiovascular system using this alphabetized list: Aorta Carotid artery Iliac artery Iliac vein Inferior vena cava Jugular vein Mesenteric arteries Hepatic portal...

Answered: 1 week ago

Question

★★★★★

In humans, the respiratory center? a. Is stimulated by carbon dioxide. b. Is located in the medulla oblongata. c. Controls the rate of breathing. d. All of these are correct.

Answered: 1 week ago

Question

★★★★★

Describe the different types of movements made by synovial joints?

Answered: 1 week ago

Question

★★★★★

18. How does prolonged stress damage the hippocampus?

Answered: 1 week ago

Question

★★★★★

15. What kind of cell releases cytokines?

Answered: 1 week ago

Question

★★★★★

1. Thompson found a localized engram, whereas Lashley did not. What key diff erences in procedures or assumptions were probably responsible for their diff erent results?

Answered: 1 week ago

Previous Question Next Question