How much was the total interest payment for tax deduction

Reference no: EM13223448

A person applied a mortgage of $250,000. A mortgage company claimed the interest rate for the 15-year loan is 5.5%.

(a) What would be the monthly payment?

(b) If the person accepted the terms of the loan on Oct. 1, 2008 (the first payment was due November 1, 2008), what is the balance of the loan at the end of 2010?

(d) After the beginning of 2011, this person decided to pay $500 more each month, when will the loan be paid off?

Reference no: EM13223448

Questions Cloud

Explain what mass in grams of solid forms : 54.0 mL of 3.50 M sodium hydroxide is combined with 35.0 mL of 1.50 M magnesium chloride. What mass in grams of solid forms?

How to specify the optimum number of piers : Two girder designs are under consideration for a bridge for a 1,200-foot crossing. The first is expected to result in a superstructure weight per foot of 22(S) + 800, where S is the span between piers. The second should result in superstructure we..

State what is the percent ionization of a solution prepared : What is the percent ionization of a solution prepared by dissolving 0.0223 mol of chloroacetic acid, HC2H2O2Cl) in 1.80 L of water?

Explain how many milliliters of the compound burned : The density of a liquid sulfur compound is 1.14 gmL1. This compound contains 23.7% sulfur. How many milliliters of the compound must be burned to obtain 6.40 g of SO2?

How much was the total interest payment for tax deduction : (b) If the person accepted the terms of the loan on Oct. 1, 2008 (the first payment was due November 1, 2008), what is the balance of the loan at the end of 2010 (c) How much was the total interest payment in 2010 that can be used for tax deduction..

What does regression line tell you about the heights of sons : What does the regression line tell you about the heights of sons of tall fathers and what does the regression line tell you about the heights of sons of short fathers?

Describe ammonium nitrate and water : Instant cold packs, often used to ice athletic injuries on the field, contain ammonium nitrate and water separated by a thin plastic divider. When the divider is broken, the ammonium nitrate dissolves according to the following endothermic reactio..

Define what is the molarity of the stock solution of luminol : The forensic technician at a crime scene has just prepared a luminol stock solution by adding 10.0 g of luminol to H2O creating a solution with a total volume of 75.0 mL. What is the molarity of the stock solution of luminol?

How does the subsidy affect the total number of miles run : Suppose the Government decides to subsidize exercise by $2 for every mile (Q) consumers run at a health club that charges by the mile. The current demand for running is Q=12-2p. The supply of miles available by the track owners is S=2p.

User Account

All Pages