Solution-What would the payments be on the loan at the 6%

What would the payments be on the loan at the 6% rate

Assignment Help Algebra

Reference no: EM131029318

1. The book value of a machine is $21,000 at the end of its fourth year of life and $14,000 at the end of its sixth year of life. What was the purchase value of the machine, assuming that "straight line depreciation" is being used.

("Straight line depreciation" means the decline in value is a straight line, so find the equation of the straight line connecting the two points. The "purchase price" would then be the "y-intercept.")

2. You are offered a home mortgage of $200,000, 30 year term at 6% but for the first five years your payment would be $800 per month. After five years payments will be recomputed at the 6% rate on the remaining balance to pay off the loan in the remaining 25 years.

a. What would the payments be on the loan at the 6% rate?

b. What will the mortgage amount be at the end of five years at the $800 per month payment?

c. After the five year teaser payment years what will the payments be to pay off the new mortgage in the remaining 25 years?

Reference no: EM131029318

Questions Cloud

Explain the importance of brainstorming : Explain the importance of brainstorming. What are the three most important approaches to brainstorming? Explain a situation in which brainstorming could achieve innovative results

Risk management : Write a report on Risk Management, your report should be 2800-3000 words count length including minimum 10 references.

Which program would be best for managing a typical project : Provide a detailed comparative analysis of the software programs and identify which program would be best for managing a typical project in your organization and explain why.

The health insurance portability and accountability act : Which law made significant changes to provisions in the Health Insurance Portability and Accountability Act

What would the payments be on the loan at the 6% rate : . You are offered a home mortgage of $200,000, 30 year term at 6% but for the first five years your payment would be $800 per month. After five years payments will be recomputed at the 6% rate on the remaining balance to pay off the loan in the re..

Merchant under the uniform commercial code : Johnny, a neighbor who is not a merchant under the Uniform Commercial Code, offers to buy a car from Mark for $30,000. Mark asks Johnny for some time to think about it. Johnny says sure. He writes on a piece of paper that he will keep the offer ope..

Analyze how the company uses advertising or other messages : Analyze how the company uses advertising or other messages, such as email marketing, to appeal to your interests and senses

Among the five basic levels of scale measurements : Among the five basic levels of scale measurements, which one provides the researcher with the most data and information? Why is that particular scale the least used in research practice? Explain the main differences between interval and ratio scale m..

What can be said about the attained significance level : Test the hypothesis that the variance of the population of weight measurements is σ2 = .01 against the alternative that σ2 > .01. Use an α = .05 level of significance. What assumptions are required for this test?

User Account

All Pages

What would the payments be on the loan at the 6% rate

Reference no: EM131029318

Reference no: EM131029318

Questions Cloud

Reviews

Write a Review

Algebra Questions & Answers

Solve the linear model

Identify the sample and suggest a population

Evaluate the ratios

Define variables and profit function

Make a linear equation

Classify linear and non linear functions

Which of the following are functions

Using venn diagram for solving word problems

Joint probability density function

Applications of combination

Solving problems using venn diagram

Solving problems into equation

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT