How much of the amount paid was on the interest

Assignment Help Financial Accounting

Reference no: EM131212931

Suppose I purchase a house for $300,000. To purchase it, I take out a 20 year loan worth $250,000 at an annual interest rate of 5.2% compounded quarterly. a) How much should my quarterly loan payments be in order to pay off the loan after exactly 20 years? b) How much of the amount paid was on the interest?

Reference no: EM131212931

Questions Cloud

What is the inspection time : Rintharamy Corporation's management reports that its average delivery cycle time is 36 days, its average throughput time is 6.2 days, its manufacturing cycle efficiency (MCE) is 0.49, its average move time is 0.6 day, and its average queue time is 2...

Determine the corrected net incomes : LeBow Company reported net incomes for a three-year period as follows: 2013 $211,000 2014 $219,000 2015 $200,000. In reviewing the accounts in 2015 after the books for the prior years have been closed, you find the following errors were made: Determi..

Determine the most challenging aspect of a physician role : Specify two (2) concepts that you think would be the most important for the success of a physician practice. Support your rationale. In your opinion, determine the most challenging aspect of a physician's role as the administrator of a group pract..

Cash account in a bookkeeping software : Suppose the ending balance for GL cash account in a bookkeeping software is $185,767.85 for the month of July A July bank reconciliation shows the amounts below: GL ending balance: $185,520.85 Bank statement actual balance: $185,404.08 What accounts ..

How much of the amount paid was on the interest : Suppose I purchase a house for $300,000. To purchase it, I take out a 20 year loan worth $250,000 at an annual interest rate of 5.2% compounded quarterly. How much should my quarterly loan payments be in order to pay off the loan after exactly 20 yea..

Prepare the necessary correcting entries for the error : Klink Company bought a machine on January 1, 2013 for $2,100,000. It has an $100,000 estimated residual value and a 10 year life. Klink uses straight-line depreciation. The accountant erroneously expensed the machine in 2013 and this error was discov..

What are the chronic illness trends of each country : What is the incidence and prevalence of elderly consumers of long-term care in the United States as compared to your chosen developing country? How does each country expect these numbers to change in the next ten years?

Accounting entries to be recorded by lessor on transaction : The cost of the equipment manufactured by Solitaire is $120,000 and the fair value is $190,008.49. Solitaire incurred initial direct costs of $50,000 associated with putting the lease deal together. Prepare all the necessary accounting entries to be ..

Requirements for accounting for investment trust funds : Describe GASB requirements for accounting for Investment Trust Funds. Include (a) a discussion of when the use of investment trust funds is appropriate; (b) the investments to be included and excluded; (c) the basis at which investments are to be rep..

User Account

All Pages