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

Question

1 Approved Answer

Suppose you take out a 30 year mortgage for $100000 with annual payments. The interest rate on the mortgage is 8%. when you have paid

Suppose you take out a 30 year mortgage for $100000 with annual payments. The interest rate on the mortgage is 8%. when you have paid off half the mortgage, so that the value if the remaining payments is reduced to $50,000, how many more payments need to be made?


Step by Step Solution

★★★★★

3.42 Rating (158 Votes )

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

Microeconomics An Intuitive Approach with Calculus

Microeconomics An Intuitive Approach with Calculus

Authors: Thomas Nechyba

1st edition

538453257, 978-0538453257

More Books

Students also viewed these Finance questions

Question

★★★★★
peter is borrowing sh 2,800,000 to buy a car if he pays equal installments for 12 years and 8 pa on the outstanding balance, (i)what is the amount of installment if yearly payments are made (ii)what...

Answered: 1 week ago

Question

★★★★★
1. Hannah is applying for a life policy on her girlfriend Sarahs life. The policy is $500,000 and carries a large premium. Hannah is the main earner, so she is concerned about not being able to pay...

Answered: 1 week ago

Question

★★★★★
After graduating from Eastern University in Campus Town, USA with a degree in business, Michael Woods realized that he wanted to remain in Campus Town. After a number of unsuccessful attempts at...

Answered: 1 week ago

Question

★★★★★
Which of the following are valid in a Java file, listed in the order in which they are declared? (Choose two.) A. A package-private class declaration and a public interface declaration B. Two package...

Answered: 1 week ago

Question

★★★★★
Explain why the put-call parity relationship should hold if markets are efficient.

Answered: 1 week ago

Question

★★★★★
Describe three low-level P2P interprocess communication standards. What are the advantages and disadvantages of using these standards to implement distributed multilayer applications?

Answered: 1 week ago

Question

★★★★★
Assume that A, B, and C are three events on a sample space. If the events A and C are disjoint, and the events A and B are disjoint, then B and C are also disjoint events.

Answered: 1 week ago

Question

★★★★★
The members of a systems development project team have gone out for lunch together, and as often happens, the conversation has turned to work. The team has been working on the development of the user...

Answered: 1 week ago

Question

★★★★★
Maroon Inc. prides itself as being the worlds leading marketer of Canadian branded non-athletic footwear. The following data (in millions) were taken from its annual report for the fiscal year ended...

Answered: 1 week ago

Question

★★★★★
Consider the soil profile shown in Figure 11.44 subjected to the uniformly distributed load, Îs, on the ground surface. Given: ÎÏ = 26 kN/m2; H1 = 1.83 m; H2 = 3.66 m; and H3 = 5.5...

Answered: 1 week ago

Question

★★★★★
Apple Computer needs to raise money for an upcoming capital project. Which scenario resembles Apple borrowing the money from its investors? Select one: a. Apple pays dividends to its investors over a...

Answered: 1 week ago

Question

★★★★★
A water storage tank has a cylindrical shape. The diameter of the base of the tank is 0.568 m. The height of the tank is 0.855 m. This is shown in the following diagram. -0.568 m 0.855 m (a) Write...

Answered: 1 week ago

Question

★★★★★
A company is studying the effectiveness of their text message advertisements by counting the number of visits to their website that originate from a link in one of the texts. The function A(r) gives...

Answered: 1 week ago

Question

★★★★★
This is a circuit design i made in TinkerCAD. I am trying to use the green LED with variable brightness as a function of the Ultrasonic sensor reading. The three Red LEDs are a warning indicator if...

Answered: 1 week ago

Question

★★★★★
Question 3 (10 points) Listen What is corporate personhood, and how does it relate to corporate social responsibility? Relate this to our discussion on Exxon Mobile (the largest Oil and Gas...

Answered: 1 week ago

Question

★★★★★
Problem 4. PREVIEW ONLY -- ANSWERS NOT RECORDED (2 points) Assume you are to select digits from the set {2, 3, 4, 5, 6, 7, 9} to form a number between 20 and 900. 60 (1) HOW MANY such numbers can be...

Answered: 1 week ago

Question

★★★★★
Assume that you have just been hired as a financial consultant to a startup company that plans to introduce a new beverage to the soft drink market. Your companys product is advertised as a healthier...

Answered: 1 week ago

Question

★★★★★
Open Text Corporation provides a suite of business information software products. Exhibit 10-9 contains Note 10 from the companys 2013 annual report detailing long-term debt. Required: a. Open Text...

Answered: 1 week ago

Question

★★★★★
Suppose you are an amateur athlete and your uncle owns the cereal company Wheaties. Your uncle offers you a job working for his company at a wage of w per hour. After looking around for other jobs,...

Answered: 1 week ago

Question

★★★★★
Suppose that you, after studying economics in college, quickly became rich so rich that you have nothing better to do than worry about your 16-year old niece who cant seemto focus on her future. Your...

Answered: 1 week ago

Question

★★★★★
On a recent doctors visit, you have been told that you must watch your calorie intake and must make sure you get enough vitamin E in your diet. A: You have decided that, to make life simple, you will...

Answered: 1 week ago

Question

★★★★★
Green Corporation's assets are valued at $920,000 after payment of all corporate debts, except for $134,000 of taxes payable on net gains it recognized on the liquidation. Bruno, an individual and...

Answered: 1 week ago

Question

★★★★★
Rejoice, Inc., a private foundation, has existed for 10 years. Rejoice held undistributed income of $160,000 at the end of its 2015 tax year. Of this amount, $90,000 was distributed in 2016, and...

Answered: 1 week ago

Question

★★★★★
Rivera underpaid her income tax by $45,000. The IRS can prove that $40,000 of the underpayment was due to fraud. a. Determine Rivera's civil fraud penalty. b. Rivera pays the penalty five years after...

Answered: 1 week ago

Previous Question Next Question