What was the principal after the first payment

Assignment Help Financial Management

Reference no: EM13765376

Joe Jay purchased a new home with a $260,000 loan. He decided to use Loyal Bank for his mortgage and the bank required him to put down 20%. The monthly payment for the 6.50% 25- year mortgage is $1,404.43. What was the principal after the first payment?

Reference no: EM13765376

Questions Cloud

How behavioral theories and interventions can be used : Create a 7- to 10-slide Microsoft PowerPoint presentation with detailed speaker notes that compares how behavioral theories and interventions can be used in both a community and corrections setting

Explains why these secondary sales might be of concern : Which of the best explains why these secondary sales might be of concern to De Beers?

How much did he borrow : A student borrowed some money from his father at 2% simple interest to buy a car. If he paid his father $360 in interest after 3 years, how much did he borrow?

What is the market value of the bond-use annual analysis : A 10-year bond pays 8% on a face value of $1,000. If similar bonds are currently yielding 10%, what is the market value of the bond?: Use annual analysis.

What was the principal after the first payment : Joe Jay purchased a new home with a $260,000 loan. He decided to use Loyal Bank for his mortgage and the bank required him to put down 20%. The monthly payment for the 6.50% 25- year mortgage is $1,404.43. What was the principal after the first payme..

Revenue recognition-point of sale : On January 1, Jenny Company sells goods that have a cost of $400,000 to Denny Inc. for $550,000, with payment due in 1 year. The cash price for these goods is $450,000, with payment due in 30 days. If Denny paid immediately upon delivery, it would..

What is the total deferred payment price of the garage : Becky Lewis financed the construction of a garage on her lot with a 9.3% add-on interest home improvement loan from the Guaranteed Savings Bank. The total price of the garage was $11,860 and was financed with equal monthly payments for 6 years. What ..

Case study- marbury v madison : Case Study: Marbury v. Madison, 5 U.S. 137, 1 Cranch 137, 2 L. Ed. 60 (1803), In 1803, the Supreme Court, led by Chief Justice John Marshall, decides the landmark case of William Marbury versus James Madison

Problems based on tombstones : Why YTM differs from coupon rate? What should we compare YTM with?

User Account

All Pages