A 30-year $185,000 amortized mortgage loan has a fixed interest rate of 4.375% and fixed monthly payments. The monthly payment is $923.68. The beginning balance of the loan in the 30th month is $177,391.93. Calculate the ending balance of the loan at the end of the 30th month after this month's payment.

Question

06-07-2021
Business

Answered

IDNLearn.com makes it easy to find accurate answers to your specific questions. Get the information you need from our community of experts, who provide detailed and trustworthy answers.

A 30-year $185,000 amortized mortgage loan has a fixed interest rate of 4.375% and fixed monthly payments. The monthly payment is $923.68. The beginning balance of the loan in the 30th month is $177,391.93. Calculate the ending balance of the loan at the end of the 30th month after this month's payment.

Sagot :

Your participation means a lot to us. Keep sharing information and solutions. This community grows thanks to the amazing contributions from members like you. Thank you for visiting IDNLearn.com. We’re here to provide accurate and reliable answers, so visit us again soon.

Chapter 2: European Colonies And Native Nations, 1600-16602.2. How Did Native Peoples Respond To Incoming English Settlers?Identify The Reasons Why Landownershi

Select All That Apply:Which Of The Following Statements Best Describes Permutations?A. Any Arrangement Of R Objects Selected From A Single Group Of N Possible O

The Tempest Is Often Considered By Scholars To Be Shakespeare's ___________ Play. Group Of Answer Choices A. Most Popular Last B. Most Confusing First C. Least

Expresar Los Siguientes Números En Notación Científica O Notación Decimal, Según Corresponda:[tex]\[ 0.0000032 \][/tex]

Magnesium Oxide Does Not Readily Decompose Into Magnesium And Oxygen. The Reaction Is Shown Below.[tex]\[ \text{MgO}(s) + 601.7 \, \text{kJ} \rightarrow \text{M

Donde Estaciona Miguel Su Bicicleta

Ead The Passage From Chapter 5 Of Animal Farm. After Surveying The Ground, Snowball Declared That This Was Just The Place For A Windmill, Which Could Be Mad

Which Of The Following Is The Correct Lewis Structure For Dinitrogen Tetroxide, [tex]N_2O_4[/tex]?A.[tex]\[ \begin{array}{c} \text{O} \\ \text{||} \\ \text{N} -

Directions: In This Checkpoint, You Will Research And Take A Stance On A Controversy From The 1920s Or 1930s In Order To Make An Argumentative Claim Using Evide

What Did The Treaty Of Versailles, Signed In 1919, Primarily Aim To Achieve After World War I?A) Establish Trade Agreements Between Germany And BritainB) Redraw

Abdulmajeedabiodunacidn Abdulmajeedabiodunacidn · Answer 1 · 2021-07-07T20:36:15-04:00

Answer:

$177,114.99

Explanation:

The ending balance of the loan at the end of the 30th month after the monthly payment is the beginning balance at the beginning of the month plus the interest for the month minus the monthly payment.

Note that the interest expense for the month increases the loan balance while the monthly payment reduces the balance.

interest expense for 30th month=beginning balance*fixed interest rate/2

interest expense for 30th month=$177,391.93*4.375%/12

interest expense for 30th month=$646.74

monthly payment =$923.68

The ending balance of the loan=$177,391.93+$646.74-$923.68

The ending balance of the loan=$177,114.99

Sagot :

Other Questions