Find the approximately annual payments of the loan

Assignment Help Finance Basics

Reference no: EM1350669

You have been approved for a $80,000 loan toward the purchase of a new home at 15% interest. The mortgage is for 30 years.

1. How much are the approximately annual payments of the loan?
Hint: Assume you pay yearly.

2. How much of your first payment will go towards the principal and how much towards the interest in year 1? What about in year 2?

Reference no: EM1350669

Questions Cloud

Fundamental concepts in internal control : Support your response from the e-text and/or course articles, do not use only web sites and avoid the unacceptable web sites. What fundamental concepts are embodied in the definition of internal control?

Development of erikson ego strengths : How should parents or caregivers promote the development of Erikson's ego strengths (trust versus mistrust) in their child?

What businesses and households both sellers : Distinguish between the resource market and product market in the circular flow model. In what way are businesses and households both sellers and buyers in this model.

Design a math sorting game : Using Visual Studio 2010, design a math sorting game. A random number between 1 and 99 will be generated and displayed to the user. User will quickly have to divide that number by 3, and come up with remainder.

Find the approximately annual payments of the loan : You have been approved for a $80,000 loan toward the purchase of a new home at 15 percent interest. The mortgage is for thirty years.

Control environment and internal controls : What is the control environment? How does the control environment affect a company's internal controls? What are the negative and positive elements of a control environment?

Discuss two cases changes in the macro environment : Discuss how the two cases in this chapter illustrate the major theme of this text: changes in the macro environment affect individual firms and industries.

Consequences of early and late maturation : Adolescence is a time of rapid physical change and growth, triggered by the onset of puberty. Discuss the consequences of early and late maturation, as well as nutrition and eating disorders.

What is the time required make one complete revolution : A coil of 15 turns and radius 10.0 cm surrounds a long solenoid of radius 2.00 cm and 1000 turns/meter. The current in the solenoid changes as I = (5.00 A) sin(120t). Find the induced emf in the 15-turn coil as a function of time.

User Account

All Pages