Question

ou have just applied, and have been approved for a $58,000 mortgage. The rate quoted to you by the lender is 6.1% for a 30 year fixed mortgage. Determine how much of your third month’s payment goes towards the principal.

Answer 1

Does the question have answer Choices where you pick A,B,C, or D

Answer 2

a. 56.65 b 56.93 c 57.22 d 57.51

Answer 3

thank you

Answer 4

Your welcome if you need help on anything else just let me know.

Answer 5

The Great Outdoors is having a sale on their road bikes. The store is also offering financing to those who qualify. The road bike that you are interested in is a Bianrekmondiant that is on sale for $2,199. The sales associate informs you that the closed-end installment loan offered by the store is a 36 month installment plan with monthly payments of $82.83. Determine the finance charge (interest) of the installment loan.

Answer 6

a 780.32 b 790.10 c 782.88 d 728.23

Answer 7

thanks again

Answer 8

No Problem.

Answer 9

i might have a couple more questions im not sure yet

Answer 10

Ask Away.

Answer 11

Your friend just purchased a new sports car for $32,000. He received $6,000 for his trade in and used that money as a down payment for the new sports car. He financed the vehicle at 10% APR over 48 months. He received a bonus check at work and paid off the loan after making 30 payments. Use the actuarial method formula and the table above to determine the amount of unearned interest given that your monthly payment is $659.43.

Answer 12

a.
$889.41
c.
$659.43
b.
$1,186.97
d.
$600.00

Answer 13

@Brandon0704 - No direct answer please.
Explain how you get/got the answer.