What is the balance of the loan at the end of 2010

Assignment Help Econometrics
Reference no: EM13223621

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? (c) How much was the total interest payment in 2010 that can be used for tax deduction? (d) After the beginning of 2011, this person decided to pay $500 more each month, when will the loan be paid off?

Reference no: EM13223621

Questions Cloud

What are norms : What are norms? What is cohesiveness? How are norms and cohesiveness related?
How are assertiveness and cooperativeness related to each : In the context of direct conflict management approaches, what are assertiveness and cooperativeness? How are assertiveness and cooperativeness related to each of the five basic direct conflict management approaches?
How the risk would be offset by a combination of a 15-year : While market-based hedging instruments can be used to offset or counter uncertainties in interest rates and exchange rates as they impact the income statement, balance sheet hedges require a different approach. Assume you are the CFO of Toyota try..
Convert euro back to dollars at the end of the three-years : Using cash flow analysis, determine in which currency Microsoft should invest. Be sure to show your complete calculations of the annual return and conversion of Euro back to dollars at the end of the three-year term. Assume that the annual interes..
What is the balance of the loan at the end of 2010 : (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
What percentage change in the price of each good : b) Using a method similar to the consumer price index, compute the percentage change in the overall price level. c) If you were to learn that a bottle of Gatorade increased in size from 2009 to 2010, should that information  affect your calculation..
Describe what is the hedonic method : Economists at BLS specialize in particular products, such as televisions, automobiles, kitchen appliances, and so on. One of their greatest challenges is to identify substitutes for products that are no longer available on the market.
Human development theory : Human development theory and research findings are particularly relevant to everyday life.
American psychological association : How can American Psychological Association can contribute towards increasing professional knowledge and abilities.

Reviews

Write a Review

Econometrics Questions & Answers

  What is the equilibrium price and quantity for the industry

The widget industry is perfectly competitive. The industry demand and supply functions for widgets are given below. Qd = 424 - 40P Qs = 40 + 8Pa. What is the equilibrium price and quantity for the industry.

  Estimate the operating expenses including taxes

You estimate the operating expenses, including taxes, will be $45,000 for the first year and that they will increase by $3000 each year thereafter. You also estimate that razing the building and selling the lot on which stands will realize a net a..

  Determine what is the estimated population mean

A state meat inspector in Iowa has been given the assignment of estimating the mean net weight of packages of ground chuck labeled "3 pounds." Of course, he realizes that the weights cannot be precisely 3 pounds. A sample of 36 packages reveals th..

  Compute the dollar gain or loss to domestic consumers

where P is the price in cents per kilo and Q is the quantity in millions of kilos. Canada is a small producer in the world chick pea market, where the current world price (which will not be affected by anything we do) is 60 cents per kilo. The Gov..

  Calculate the herfindahl- hirschman index value and the cr4

The market shares below are hypothetical and should not be cited in any paper you write in a future business class. General Motors = 24% Toyota = 20% Ford = 16% Honda = 12% Chrysler = 10% BMW = 7%

  What is optimal allocation according to paretean criteria

Given the following MV information, what is the optimal allocation of care according to the Paretean criteria, when the marginal cost of care is constant at $1000 Person A Person B Quantity of care consumed MV Quantity of care consumed MV

  What is the unemployment rate among the surveyed people

Suppose 500 people were surveyed, and of those 500, 450 were working full time. Of the 50 not working, 10 were full-time college students, 20 were retired, 5 were under 16 years of age , 5 had stopped looking for work because they believed there w..

  What is the total daily pportunity cost for the fishery

The daily production function of a lake is TP=30*F-F^2 (where TP=total daily harvest and F=number of fishermen per day). Suppose each potential sport fisherman on the lake has a daily opportunity cost of $20 and that each fish caught is valued at ..

  What is the book cost of the stainless steel pump

A pump has faild in a facility that will be completely replaced in 3 years. A brass pump costing $6000 installed will last 3 years. However, a used staniless steel pump that should last 3 more years has been sitting in the maintenance shope for a ..

  Determine the pauls production possibility frontier

Paul can make either "100 bottles of wine and 0 boxes of chocolates" or "0 bottles of wine and 1600 boxes of chocolates" or a combination of wine and chocolates. For parts of this question assume that Paul's PPF reflects the property of constant o..

  Determine theexpected economic profit per unit

Owen runs a delivery business and currently employs three drivers. He owns three vans that employees use to make deliveries, but he is considering hiring a fourth driver. If he hires a fourth driver, he can schedule breaks and lunch hours so all thre..

  Find the number of months required tp pay off the balance

For the same loan described under Q3, the individual decides that instead of selling the house after the 71st payment, to keep it and shorten the pay off period by increasing the montly payment by $150 each month. What is the number of months re..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd