Chapter15HW - 11 140000(140000.2...

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Kelli Owens Acct 1011 Chapter 15 Homework 1. [(160000-20000)/1000] 6.6 = $924 Payment 3. [(340000-70000)/1000] 5.71 = $1541.70 Payment 7. [(199000-40000)/1000] 10.56 = $1679.04 Payment (199000-40000) = 159000Loan*.125*1/12 = 1656.25 Interest 1679.04-1656.25 = 22.79 towards principal 159000-22.79 = $158,977.21 Balance 9. 240000-(240000*.2) = 192000Loan/1000 = 192 9a. 192*8.72 = 1674.24 Payment*(15*12) = 301363.20 total payments-192000= $109,363.20 Interest cost 9b. 192*6.66=1278.72Payment(12*30) = 460,339.20 total payments-192000 = $268,339.20 Total interest 9c. 268339.20-109,363.20 = $158,976 savings
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Unformatted text preview: 11. 140000-(140000*.2) = (112000Loan/1000)*5.68= [$636.16 Payment*(12*30)]-112000= $117,017.60 total interest 13. [150000-(150000*.2) = 120000Loan * .1375*1/12=$1375 interest (120000/1000)*11.85 = 1422 Payment-1375=47 off principal 120000-47 = 119953 * .1375*1/12=1374.46 1422-1374.46 = 47.54 119953-47.54 = 119905.46 * .1375*1/12= 1373.92; 1422-1373.92 = 48.08 Portion To: Payment Number Interest Principal Balance of Loan Outstanding 1 $1375.0 $47.00 $119,953.00 2 $1374.4 6 $47.54 $119,905.46 3 $1373.9 2 $48.08 $119,857.38...
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