Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. using an initial principal of 80% of the purchase

Using an initial principal of 80% of the purchase price, Asking price of $262,000; a...

60.1K

Verified Solution

Question

Finance

Using an initial principal of 80% of the purchase price, Asking price of $262,000; a 180-month term (15 years), and the interest rate you found for a 15-year loan, create an amortization table for the loan. Label your columns Month, Interest Payment, and Principal Payment. Again, you must use a spreadsheet. Put this table into the second tab of your spreadsheet and label the tab 15-year.

How much total interest would you pay for the loan?

To the nearest whole percent, what percent of your payments would go to interest?

How much less interest would you pay than you would have for the 30-year loan?

Does anything surprise you about the last two answers? Explain why or why not.

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!
Become a Member

Other questions asked by students

Q

while viewing a slide with the $X objective lens, you notice an interesting specimen and would...

Biology
Q

Air enters a compressor operating at steady state with a pressure of 14.7 lbf/in.2, a temperature...

Mechanical Engineering
Q

Week 10 DB: Misleading Statistics No unread replies.No replies. 1. Where can you find misleading statistics? 2.Why do...

Advance Math
Q

55 Which statement s apply to urea A highly soluble in water 56 B major...

Biology
Q

Which of the following are found in both prokaryotic and eukaryotic cells?a. Cell membraneb. Cytoplasmc....

Biology
Q

A boat on the ocean is 2 mi from the nearest point on a straight...

Basic Math
Q

Thefollowing is a conic section with a focusat the origin. Please classify the conicsection and...

Algebra
Q

A truck 3 00 m tall drives under a parabolic arch which is 5 00...

Algebra
Q

Ivanhoe Company had a beginning inventory balance on July 1 of 350 units at a...

Accounting
Q

Testing for possible impairment of a long-lived asset (asset group) that an entity expects to...

Accounting
Q

QUESTION THREE rs of computer parts. The partnership Tom and Mary are Australian residents in...

Accounting
Q

Draft a cover letter and draft a thank-you letter. Ensure that the two documents reflect...

Accounting