How do I solve these questions on a step by step basis? I know the...
60.1K
Verified Solution
Link Copied!
Question
Accounting
How do I solve these questions on a step by step basis? I know the last question gives me the answer but where does 149,724.08 come from?
c. 22. A 15-year annuity of thirty $9,000 semiannual payments will begin one from now. If the discount rate is 10 percent compounded monthly, what is the value of this today? a. $85,872.42 b. $92,842.23 c. $136,706.27 d. $170,502.61 e. $138,352.06 b. 23. What would be the principal balloon payment (that is excluding the fixed monthly payment) at the end of 5 years on a $150,000 loan with monthly payments based on a 30 year term at 12% compounded monthly? a. 143,243 b. 146,495 c. 148,038 d. 154,034 e. 156,343 b. 24. This morning, yo u borrowed $150,000 to buy a house. The mortgage rate is 7.35 percent. The loan is to be repaid in equal monthly payments over 20 years. The first payment applies to the principal balance? a. $268.84 b. $277.61 c. $917.06 d. $925.83 e. $1,194.67 payment is due one month from today. How much of the second 110.0735 20-12 0.0735 12 12 150,000 C C= $1,194.67 Enter 20 12 7.35/12 150,000 /Y PV PMT FV Solve for 1,194.67 Interest $918.75 $917.06 Principal $275.92 $277.61 nin 150,000.00 $149,724.08 $1,194.67 1,194.67
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
