Calculate the loan balance immediately

Assignment Help Finance Basics

Reference no: EM13300028

A 15 year mortage of 117,134.8- is being repaid with monthly payments of $988.45 based upon nominal interest rate of 6% convertible monthly. Immediately after the 60th payment, the interest rate is increased to a nominal interest rate of 7.5% convertible monthly. The monthly payments remain at $988.45. Calculate the loan balance immediately after the 84th payment. Calculate the amount of interest in the 84th payment.

Reference no: EM13300028

Questions Cloud

Determine purchasing power 3 years from now of an investment : Determine the purchasing power 3 years from now of an investment of $20,000 today. The investment is earning a market interest rate of 8%, and the inflation rate is 3%.

The impact of major eents from the recent financial : The impact of major eents from the recent financial crisis on credit default swaps

What will be the pressure in the narrower pipe : Water flows through a 4 cm diameter pipe at 4 m/s and with a gauge pressure of 2 atm. what will be the pressure in the narrower pipe

Revenue-generating benefits to the organisation : Write a report that analyses the CSIRO's Wi-Fi patents, developed as part of their commercial R&D efforts in the 1990's, with respect to strategic and revenue-generating benefits to the organisation.

Calculate the loan balance immediately : Calculate the loan balance immediately after the 84th payment. Calculate the amount of interest in the 84th payment.

Find the speed of the electron released from the state : A photon with energy 1.85 eV is absorbed by a hydrogen atom. Find the speed of the electron released from the state in part (a) when it is far from the nucleus

Explain what is the molar heat of combustion of caffeine : A 1.08 g sample of caffeine, C8H10N4O2, burns in a constant-volume calorimeter that has a heat capacity of 7.85 kJ/K. The temperature increases from 298.55 K to 303.37 K. What is the molar heat of combustion of caffeine (in kJ).

Find what is the maximum you would pay for the bond : A 10-year $2000 Bond with a coupon rate of 10% paid semi-annually is available for purchase. What is the maximum you would pay for this bond if your MARR (without inflation) is 6%, and you estimate an inflation rate of 3% annually

Citigroup announced that charles prince : Changes in corporate leadership can have a significant impact on how the company functions. In 2007, Citigroup announced that Charles Prince would no longer be the CEO. Vikram Pandit was appointed as the CEO.

User Account

All Pages