What is the unpaid balance after the first payment

Assignment Help Finance Basics
Reference no: EM13288627

You take out an amortized loan for $3,000 at an interest rate of 9% for five years. Your monthly payments are $62.28. If $22.50 of the first payment goes toward interest and $39.78 of the first payment goes toward the principal, what is the unpaid balance after the first payment?

Reference no: EM13288627

Questions Cloud

Find the penalty griff will pay : Griff's property tax is $670.64 and is due April 10. He does not pay until June 21. The county adds a penalty of 7.5% simple interest on unpaid tax. Find the penalty Griff will pay. (Assume there are 365 days in a year.)
What will paul monthly payments be : Paul is buying a new boat for $11,000. The dealer gives him an add-on loan, charging him an annual interest rate of 9.1%. If he takes a 6-year loan, what will Paul's monthly payments be?
Determine what is the voltage across the capacitor : A voltage source is in series with a 1 MΩ resistor and a100 picofarad capacitor. The voltage source is 10cos(2π*10^3t - π/6). What is the voltage across the capacitor
Compute where will the image be formed : A small object is located 31.6{\rm cm} in front of a concave mirror with a radius of curvature of 39.0{\rm cm}. Where will the image be formed
What is the unpaid balance after the first payment : Your monthly payments are $62.28. If $22.50 of the first payment goes toward interest and $39.78 of the first payment goes toward the principal, what is the unpaid balance after the first payment?
Explain the ph of ocean water : Explain how an increase in the amount of dissolved CO2 in ocean water results in a decrease in the pH of ocean water.
The effect of the portfolio on risk of a security : The effect of the portfolio on risk of a security
How much interest will refinancing save : Interest rates have dropped and the owner wants to refinance the unpaid balance by signing a new 30-year mortgage at 6% compounded monthly. How much interest will refinancing save? Round to the nearest cent as needed.
How much does the mass of the rod increase by : A plastic rod is rubbed with a cloth, and in the process it acquires a charge of ?2.1×10E?8C. How much does the mass of the rod increase by

Reviews

Write a Review

Finance Basics Questions & Answers

  Calculate the return if the bank compounds annually

Assume you deposit $2,000 for 5 years at a rate of 8 percent. Calculate the return (A) if the bank compounds annually (n=1) Round answer to the hundreths place.

  Determine the projected net income

Goran Blomberg is interested in investing in a new rooms only lodging property. He requires some financial projections for the proposed operations. He provides the following information

  Recompute the effective cost of credit

Lola's Ice Cream recently arranged for a line of credit with Longhorn State Bank of Dallas. The terms of contract called for a $100,000 maximum loan with interest set at 2% over prime.

  What is the p-value

A sample of 120 shoppers showed a sample mean waiting time of 8.5 minutes. Assume a population standard deviation of 3.2 minuest. What is the p-value?

  The gain to mexico from swap program

Jose Angel Gurria, Mexico's chief debt negotiator and the architect of its swap program, questions the gain to Mexico from its swap program:

  Determine the length of the cash conversion cycle

Explain how many times per year does Zocco turn over its inventory and consider that cost of goods sold is 75% of sales.

  What is the current stock price

The Jackson-Timberlake Wardrobe Co. just paid a dividend of $2.00 per share on its stock. The dividends are expected to grow at a constant rate of 4 percent per year indefinitely. Investors require a return of 12 percent on the company's stock.

  Calculate the project expected npv

Calculate the project's expected NPV, standard deviation, and coefficient of variation. Round your answers to two decimal places. Enter your answers for the project's expected NPV and standard deviation in millions. For example, an answer of $13,0..

  Gdp-fiscal and monetary policy

Describe and discuss the concepts of federal deficit and the national debt. How statistically significant are they for the United States as compared to other countries? Discuss how the deficits and debt arise.

  What is the yield to maturity on the bonds

Generic Inc. issued bonds in 1988 that will mature 16 years from today. The bonds pay a 14.375% coupon and the interest is paid semiannually. The bonds' current price is $1,508.72. What is the yield to maturity on the bonds?

  Calculate the net cash flow from financing activities

A company reported $ 24000 of net income. in addition, dividends paid were $ 4000, accounts payable increased by $ 4000, accounts receivable decreased $ 3000, inventory increased by $ 6500, land was purchased for $ 21800, and depreciation expense ..

  What is the receivables turnover

Dome Metals has credit sales of $468,000 yearly with credit terms of net 60 days, which is also the average collection period. Dome does not offer a discount for early payment, so its customers take the full 60 days to pay.

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