How much was the total interest payment

Assignment Help Econometrics
Reference no: EM13223329

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: EM13223329

Questions Cloud

Describe gretas short-run production function : Greta starts an internet-based grocery delivery service. His employees must perform one of three activities:  Administrative work: Exactly 2 workers are necessary to perform the administrative work for the business to operate. The administrative wo..
Executive summary with key findings and recommendations : Executive Summary with key findings and recommendations and clear and concise description of the market in which the organization operates
What types of retailers will your company use : What types of retailers will your company use for distributing your product? Discuss the advantages and disadvantages of using this type of retailer.
How many channel levels are appropriate : How many channel levels are appropriate for you company's targeted business segment? Based on the number of channel members, should you use exclusive, selective, or intensive distribution? Why
How much was the total interest payment : 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 Nov..
What important organizational activities enable a firm : What important organizational activities enable a firm to build quality into its products? Explain each of these along with its benefits. give references.
Explain the neutralization products among others are co2 : Every antacid contains one or more ingredients capable of reacting with excess stomach acid (HCl). The neutralization products (among others) are CO2 and/or HO2. Write net ionic equations to reprsent the neutralizing action of the following antaci..
What are important trades-offs involving the inputs : Many times trade-offs are necessary to increase productivity. What are important trades-offs involving the inputs to productivity?
Were all of the issues wal-mart now faces already evident : Were all of the issues Wal-Mart now faces already evident in the 2003 case study?

Reviews

Write a Review

Econometrics Questions & Answers

  Calculate the elasticity of demand for burrito meals

Calculate the elasticity of demand for burrito meals with respect to the price of burritos, the price of tacos, and per capita income.

  What was pricing policy given the change in demand

Advanced technology digalized theEDG read out and the demand for the old style machine dropped. The drop in demand resulted in a demand resulted in a demand curve of P=3900-.15Q. What was XYZ's optimal output and priving policy given this change i..

  What number of units of annual production will company have

Company A has fixed expenses of $15,000 per year and each unit of product has a $0.002 variable cost. Company B has fixed expenses of $5,000 per year and can produce the same product at a $0.05 variable cost. At what number of units of annual prod..

  Find firms long-run total-average and marginal cost curves

Suppose the production manager is told to minimize the short-run total cost of producing Q units of output. While total output Q is exogenous, the manager can choose how much to produce at plant 1 (Q1) and at plant 2 (Q2), as long as Q1 + Q2 = Q.

  Solve the equations for the equilibrium values of c and i

Assume that the following equations characterize a large open economy: (1) Y = 5,000 (2) Y = C + I + G + NX (3) C = 1/2(Y - T) (4) I = 2,000 - 100r (5) NX = 500 - 500? (6) CF = -100r (7) CF = NX (8) G = 1,500 (9) T = 1,000

  Determine what is the value of the test statistic

A sample of 35 observations is selected from a normal population. The sample mean is 30, and the population standard deviation is 4. Conduct the following test of hypothesis using the .05 significance level. H0 :  29 H1 : > 29 (a) Is this a one-..

  Calculate net exports

a. Calculate net exports. b. Use the expenditure approach to calculate GDP. c. Use the income approach to calculate GDP. d. Calculate net domestic product (at factor cost). e. Calculate net domestic income (at market price..

  Efficiency difference in government bureaus and private firm

How do the government bureaus different from private companies discuss why is there good reason to believe that bureaucrats will seek to supply more than efficient level of their output in any year?

  What values of a bundling would be more profitable

Bundling is not always superior to offering (and pricing) items separately. Consider a telecommunications firm that offers both phone service and high-speed internet. It has two consumers (named Talker and Surfer) who differ in the willingness to ..

  Compute and interpret the sample correlation coefficient

The following data represent the daily demand (y in thousands of units) and the unit price (x in dollars) for a product. Daily Demand (y) Unit Price (x) a. Compute and interpret the sample covariance for the above data. b. Compute and interpret the s..

  What is the present discounted value of this payment

Jethro has been promised a payment of $1000, which is to be paid exactly 8 years from now. He is completely certain that the payment will in fact be made. Jethro believes that the appropriate discount rate is 5% per year, and that this will contin..

  How many pairs of shoes should stromnord order

If the price of shoes is set at $75 for both July and August and demand will be D2 in July and D1 in August, how many pairs of shoes should Stromnord order if it wants to end the month of August with exactly zero pairs of shoes in its inventory.

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