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Bob Jones bought a new log cabin for $65,000 at 4.50% interest for 15 years. Prepare an amortization schedule for the first three periods
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- Bob Jones bought a new log cabin for $65,000 at 11% interest for 30 years. Prepare an amortization schedule for the first three periods. (Do not round intermediate calculations. Round your final answers to the nearest cent.) Payment Number 1 2 3 Portion to Interest Principal Balance of loan outstandingAmortization table (mortgage principal and interest per $1,000) Rate 2.000 2.125 2.250 2.375 2.500 2.625 2.750 2.875 3.000 3.125 3.250 3.375 3.500 3.625 3.750 3.875 4.000 4.125 4.250 4.375 4.500 4.625 4.750 4.875 5.000 5.125 5.250 5.375 5.500 5.625 5.750 5.875 6.000 6.125 6.250 6.375 6.500 6.625 6.750 6875 Interest Only 0.16667 0.17708 0.18750 0.19792 0.20833 0.21875 0.22917 0.23958 0.25000 0.26042 0.27083 0.28125 0.29167 0.30208 0.31250 0.32292 0.33333 0.34375 0.35417 0.36458 0.37500 0.38542 0.39583 0.40625 0.41667 0.42708 0.43750 0.44792 0.45833 0.46875 0.47917 0.48958 0.50000 0.51042 0.52083 0.53125 0.54167 0.55208 0.56250 057202 10 Year 9.20135 9.25743 9.31374 9.37026 9.42699 9.48394 9.54110 9.59848 9.65607 9.71388 9.77190 9.83014 9.88859 9.94725 10.00612 10.06521 10.12451 10.18403 10.24375 10.30369 10.36384 10.42420 10.48477 10.54556 10.60655 10.66776 10.72917 10.79079 10.85263 10.91467 10.97692 11.03938 11.10205 11.16493 11.22801 11.29130 11.35480 11.41850 11.48241 11 51653 15…1 2 3 4 5 6 C D F G H Mr. and Mrs. Good purchased a vacation cottage for $380000. They paid $55000 down and agreed to make equal payments at the end of every 3 months for 19 years. Interest is 7.7% compounded quarterly. create your amortization table in the space E below.
- Mr. Jimenez buys a parcel of land worth P550,000. He pays a P50,000 down payment and the remaining balance is to be paid at the end of each month for 25 years with an interest of 9%, compounded monthly. Find the following: a. Amount of monthly installment. P b. Remaining liability at the end of 10.5 years. P c. Total amount paid for the parcel of land. P d. Total interest paid. P "Questions c and d don't require special formula. Anyone who doesn't have background in Business Math can easily solve these problems.6. Loan Amortization Assume that your aunt sold her house on December 31, and to help close the sale she took a second mortgage in the amount of $30,000 as part of the payment. The mortgage has a quoted (or nominal) interest rate of 12%; it calls for payments every 6 months, beginning on June 30, and is to be amortized over 10 years. Now, 1 year later, your aunt must inform the IRS and the person who bought the house about the interest that was included in the two payments made during the year. (This interest will be income to your aunt and a deduction to the buyer of the house.) To the closest cent, what is the total amount of interest that was paid during the first year? Do not round intermediate calculations. Round your answer to the nearest cent. $USE THE AMORTIZATION TABLE TO ANSWER THIS QUESTION: Bob Jones bought a new log cabin for $ 325,000, at 8% interest for 30 years. He had to pay 20% down to obtain the loan. Required: From the amortization table: How much of the monthly payment is applied to principle in the second month?
- Engineering Economics Mrs. Lang Chua purchased a Bike at $845,000. She paid a down payment of $50,000 and promised to pay the balance at equal payment every end of the month at 12.75% compounded monthly for 5 years. Find the monthly periodic payment and construct an amortization schedule.Q.harry and Potter bought a property by making semi annual payments of $3210.00 for 8.5 years. if the first payment is due on the date of purchase and interest is 8.53% compounded quarterly what is effective rate of interest for the property.Bob Jones bought a new log cabin for $70,000 at 11% interest for 30 years. Prepare an amortization schedule for the first three periods. (Use Table 15.1.) (Do not round intermediate calculations. Round your final answers to the nearest cent.)
- Ryan must pay off a loan of $4,000 in 3 years. Use the appropriate formula to find the amortization payment he would need to make each six months, at 12% interest compounded semiannually. A. $132.86 B. $401.85 C. $573.45 D. $813.45Rally bought a brand new car for P 600,000. He pays a down payment of P 150,000, balance to be amortized for the next 4 years at an interest rate of P 12% compounded monthly. a. Determine his periodic payment b. OP after 2 years c. Construct an amortization schedule.Do solve all 3 parts The Drew family purchased a villa on the outskirts of the city for $1,200,000. They made a down payment of 20% of the value and received a mortgage for the balance for a period of 20 years. The interest rate was fixed at 4.10% compounded semi-annually for a three-year period. a. Calculate the monthly payment amount. Round to the nearest cent b. Calculate the principal balance at the end of the three-year term. Round to the nearest cent c. Calculate the size of the monthly payment if the mortgage is renewed for another three-year fixed term at 3.60% compounded semi-annually. Round to the nearest cent