What amount of time will now be required to pay off

Assignment Help Financial Management

Reference no: EM132023092

Q1) You have just taken out a mcetgage of 150,000 for 30 years. with monthly payments at 6% interest. The same day you close on the mortgage you receive a 523.000 gdl from your parents to be applied to the mortgage principal.

What amount of time will now be required to pay off the mortgage if you continue to make the original monthly payments? What is the amount of the last payment? (Assume any residual partial payment amount is added to the last payment )

Q2) Jason W. bought a Mercedes when he came to I:TM as an engineering student The Mercedes was purchased by taking a loan that was to be paid of in 20 equal, quarterly payments. The Interest rate on the loan was 12%. Four years later. after Jason made his le payment.

He got married (no more dating!) and sold the Mercedes to his buddy /lumace S. Houston made arrangements with Jason's bank to refinance the loan and to pay Jason's unpaid balance by making 16 equal, quarterly payments at the same interest rate that Jason was paying.

Houston flunked out of UT hi (too many dates') 31/4 years later, after hawing made his 13th payment; he then sold the eu toleif ht. Jeff paid the bank S2000 cash (he had a good summer job!) to pay the loan balance. how much had Jason borrowed to buy the new Mercedes"

Reference no: EM132023092

Questions Cloud

What is a trend and what types of trend : What is a trend and what types of trend might be indicated by performance data that is collected within the organsation?

Health information systems in action : Population health management solutions are intended to complement, not replace, the traditional EHR; discuss the reasons for this.

Examples of the health care cost drivers : What are some examples of the health care cost drivers in the U.S.? What can be done to reduce health care costs and health care spending?

What is the federal reserve system policy : What is the Federal Reserve System policy right now and how is that affecting United states business?

What amount of time will now be required to pay off : What amount of time will now be required to pay off the mortgage if you continue to make the original monthly payments?

Manage? diversity-based conflict : What are the different strategies you can use to manage? diversity-based conflict, deal with? work-life conflict, and combat bullying in the workplace?

What the advantages and drawbacks of punishment polices : Discussion on the two punishment polices namely rehabilitation and punishment. What are the advantages and drawbacks of the two approaches

Determine the amount of wages paid during the year : The balances of two wages accounts at Oct. 31, after adjustments at the end of the first year operations, are wages payable, $11,900, and wages expense

Business tort liability research worksheet : In the midst of the ongoing rhetoric and movement to achieve Tort Reform, business tort liability must be acknowledged

User Account

All Pages