Question

2. A person obtains a loan for $85,000 to be paid in 3 years, with an annual interest rate of 24% capitalized every two months. Prepare the amortization table.

254

likes

1269 views

Answer to a math question 2. A person obtains a loan for $85,000 to be paid in 3 years, with an annual interest rate of 24% capitalized every two months. Prepare the amortization table.

$Expert avatar$

Neal

4.5

105 Answers

i = \frac{0.24}{6} = 0.04

n = 3 \times 6 = 18

PMT = \frac{85000 \cdot 0.04}{1 - (1 + 0.04)^{-18}}

PMT = \frac{3400}{1 - (1.04)^{-18}}

PMT = \frac{3400}{1 - 0.512562}

PMT = \frac{3400}{0.487438}

PMT \approx 6974.91

\text{Answer: } 6974.91

Frequently asked questions (FAQs)

Math question: What is the derivative of f(x) = sin(x) + cos(x) with respect to x?

Math question: Find the coordinate point where the graph of the equation y = x^2 intersects the x-axis.

Math question: What is the smallest positive integer solution for x, y, and z in the equation x^n + y^n = z^n, where n>2 according to Fermat's Last Theorem?

New questions in Mathematics

431414-1*(11111-1)-4*(5*3)

58+861-87

Using the integration by parts method, calculate the integral of [x².ln(1/x)]dx: x 4 /4 x³/6 x 4 /8 x³/3 x 4 /6

Which of the following is the product of multiplying twenty-seven and twenty-five hundredths by nine and twenty-seven hundredths?

Suppose the horses in a large they will have a mean way of 818 pounds in a variance of 3481. What is the probability that the mean weight of the sample of horses with differ from the population mean by more than 18 pounds is 34 horses are sampled at random from the stable.

Margin of error E=0.30 populations standard deviation =2.5. Population means with 95% confidence. What I the required sample size (round up to the whole number)

(2x+5)^3+(x-3)(x+3)

2/3+5/6×1/2

Calculate the boiling temperature and freezing temperature at 1 atmosphere pressure of a solution formed by dissolving 123 grams of ferrous oxide in 1.890 grams of HCl.

During a fishing trip Alex notices that the height h of the tide (in metres) is given by h=1−(1/2)*cos(πt/6) where t is measued in hours from the start of the trip. (a) Enter the exact value of h at the start of the trip in the box below.

7. Find the equation of the line passing through the points (−4,−2) 𝑎𝑛𝑑 (3,6), give the equation in the form 𝑎𝑥+𝑏𝑦+𝑐=0, where 𝑎,𝑏,𝑐 are whole numbers and 𝑎>0.

In the telephone exchange of a certain university, calls come in at a rate of 5 every 2 minutes. Assuming a Poisson distribution, the average number of calls per second is: a) 1/8 b) 1/12 c) 1/10 d) 2/5 e) 1/24

If A and B are any events, the property that is not always true is: a) 0 ≤ 𝑃(𝐴 ∩ 𝐵) ≤ 1 b) 𝑃(Ω) = 1 c) 𝑃(𝐵) = 1 − 𝑃(𝐵𝑐) d) 𝑃(∅) = 0 e) 𝑃(𝐴 ∪ 𝐵) = 𝑃(𝐴) + 𝑃(𝐵)

How to do 15 x 3304

sum of 7a-4b+5c, -7a+4b-6c

A Smooth Plane is listed for $195.00. Discounts of 12% and 10% are allowed. If the customer pays cash within 30 days, an additional discount of 3% is granted. What is the cost if a carpenter takes advantage of all the discounts offered?

A contractor gives a bank note for $10250 at a rate of 1% for one month. How much interest is charged for 4 months?

In a 24 hours period, the average number of boats arriving at a port is 10. Assuming that boats arrive at a random rate that is the same for all subintervals of equal length (i.e. the probability of a boat arriving during a 1 hour period the same for every 1 hour period no matter what). Calculate the probability that more than 1 boat will arrive during a 1 hour period. (P(X>1) ) Give your answers to 4 decimal places and in a range between 0 and 1

Cuboid containers (open at the top) should be examined with regard to their volume. The figure below shows a network of such containers (x ∈ Df). Determine a function ƒ (assignment rule and definition area D) that describes the volume of these containers and calculate the volume of such a container if the content of the base area is 16 dm². Show that this function f has neither a local maximum nor a global maximum

What is the set-off agreement? Make your own example, describe and put in T accounts how you record transactions.

2. A person obtains a loan for $85,000 to be paid in 3 years, with an annual interest rate of 24% capitalized every two months. Prepare the amortization table.

Answer to a math question 2. A person obtains a loan for $85,000 to be paid in 3 years, with an annual interest rate of 24% capitalized every two months. Prepare the amortization table.

You might be interested in