How much of the second payment applies to principal balance

Assignment Help Finance Basics

Reference no: EM13303086

On June 1, you borrowed $212,000 to buy a house. The mortgage rate is 8.25 percent. The loan is to be repaid in equal monthly payments over 15 years. The first payment is due on July 1. How much of the second payment applies to the principal balance? (Assume that each month is equal to 1/12 of a year.)

Reference no: EM13303086

Questions Cloud

What is this prize worth to you today : You just won the grand prize in a national writing contest! As your prize, you will receive $2,000 a month for ten years. If you can earn 7 percent on your money, what is this prize worth to you today?

What is the break-even point in units for the company : The average selling price of its finished product is $180 per unit. The variable cost for these same units is $126 Allison Radios incurs fixed costs of $540,000 per year.

What was the temperature change for this gas : One thousand kilocalories of heat are added to three moles of a monatomic ideal gas as it expands, What was the temperature change for this gas

What is the difference between parole and probation : What is the difference between Parole and Probation? Define Determinate Sentencing. Define Incapacitation

How much of the second payment applies to principal balance : How much of the second payment applies to the principal balance? (Assume that each month is equal to 1/12 of a year.)

What would be the vapor pressure for this fluid : Given an ordinary cylindrical glass with a volume of one half liter and filled completely to the top with water at room temperature (20C), What would be the vapor pressure for this fluid

What is the current value of the lease : Payments are due on the first day of each month starting with the day you sign the lease contract. If your cost of money is 6.5 percent, what is the current value of the lease?

Determine the new image distance : An object is initially placed on the optical axis 21.2 cm to the left of a convex lens that has a focal length of 13.7 cm. what is the new image distance

Find how far from the film should the lens be placed : A camera has a lens with a focal length of 25.6 cm. how far from the film should the lens be placed

User Account

All Pages