First payment will go to paying down the principal balance

Assignment Help Financial Management

Reference no: EM131311868

On June 1, you borrowed $220,000 to buy a house. The mortgage rate is 4.25% compounded monthly. The loan is to be repaid in equal monthly payments of $1,655.02 over fifteen years. The first payment is due on July 1. How much of this first payment will go to paying down the principal balance?

Reference no: EM131311868

Questions Cloud

Considering the purchase of new sound equipment : Debby’s Dance Studios is considering the purchase of new sound equipment that will enhance the popularity of its aerobics dancing. The equipment will cost $15,500. Debby is not sure how many members the new equipment will attract, but she estimates t..

Outline the main sectors of the macro economy : Outline the main sectors of the macro economy. In what ways would you expect changes in exchange rate policy and international trade policy to affect the macro economy?

Different periods of compounding and repayments : A loan is repaid by making payments of $6000.00 at the end of every six months for twelve years. If interest on the loan is 8% compounded quarterly, what was the principal of the loan? Note: Different periods of compounding and repayments.

How an analysis of intrusion signatures could be conducted : For this assignment, write a paper describing how an analysis of intrusion signatures could be conducted for your project organization. Include a description of signature analysis methods based on best practice.

First payment will go to paying down the principal balance : On June 1, you borrowed $220,000 to buy a house. The mortgage rate is 4.25% compounded monthly. The loan is to be repaid in equal monthly payments of $1,655.02 over fifteen years. The first payment is due on July 1. How much of this first payment wil..

How it value is realized in information technology projects : Discuss each of the different types of organizational change.Name and discuss four project manager's objectives.Discuss the role of the Project Steering and Review Committees.Discuss some of the reasons why IT projects fail to deliver returns.Discuss..

Risk to the highest risk by using coefficient of variation : Five investment alternatives have the following returns and standard deviations of returns. Calculate the coefficient of variation and rank the five alternatives from lowest risk to the highest risk by using the coefficient of variation.

Discuss a advantage of using the proprietary technology : Discuss a significant advantage of using the proprietary technology to integrate data from a database into a Web application. Discuss a significant advantage of using the open source technology to integrate data from a database into a Web application..

Write a successful marketing plan : Effective tables seek to summarize a large amount of information in a short amount of space - Forces the writer to organize the plan more carefully based on the sequence and level of topics covered in the plan.

User Account

All Pages