Resourcesdown chevron
Testimonials
Plans
Sign in
Sign up
Resourcesright arrow
Testimonials
Plans
Bytelearn - cat image with glassesAI tutor

Welcome to Bytelearn!

Let’s check out your problem:

Amanda Rice has just arranged to purchase a $800,000\$800,000 holiday home in Castlepoint. She has financed the entire amount through a bank loan with no down payment required. The mortgage has a 66 percent interest rate in APR, compounded monthly, and it calls for equal monthly payments over the next 3030 years. Her first payment will be due one month from now. What will be the remaining balance on her mortgage immediately after she makes her scheduled monthly payment on the last day of Year 99?

View step-by-step helpView step-by-step help
Homeright chevron icon
Math Problemsright chevron icon
Grade 6right chevron icon
Debit cards and credit cardsright chevron icon

Full solution

Q. Amanda Rice has just arranged to purchase a $800,000\$800,000 holiday home in Castlepoint. She has financed the entire amount through a bank loan with no down payment required. The mortgage has a 66 percent interest rate in APR, compounded monthly, and it calls for equal monthly payments over the next 3030 years. Her first payment will be due one month from now. What will be the remaining balance on her mortgage immediately after she makes her scheduled monthly payment on the last day of Year 99?
  1. Calculate Monthly Interest Rate: First, we need to calculate the monthly interest rate by dividing the annual rate by 1212.\newlineMonthly interest rate = 6%12=0.5%\frac{6\%}{12} = 0.5\% or 0.0050.005 in decimal.
  2. Convert Mortgage Term to Months: Next, we convert the 3030-year mortgage term to months: 30 years×12 months/year=360 months.30 \text{ years} \times 12 \text{ months/year} = 360 \text{ months}.
  3. Use Amortizing Loan Formula: Now, we use the formula for the monthly payment on an amortizing loan: P=L[c(1+c)n][(1+c)n−1]P = \frac{L[c(1 + c)^n]}{[(1 + c)^n - 1]}, where PP is the monthly payment, LL is the loan amount, cc is the monthly interest rate, and nn is the number of payments.
  4. Plug in Values: Plug in the values: P=$800,000[0.005(1+0.005)360]/[(1+0.005)360−1]P = \$800,000[0.005(1 + 0.005)^{360}] / [(1 + 0.005)^{360} - 1].
  5. Calculate Monthly Payment: Calculate the monthly payment: P=$800,000[0.005(1+0.005)360]/[(1+0.005)360−1]=$4,796.24P = \$800,000[0.005(1 + 0.005)^{360}] / [(1 + 0.005)^{360} - 1] = \$4,796.24 (rounded to two decimal places).

More problems from Debit cards and credit cards

Question
After returning a few items from online shopping, Luca received a credit of 125125 dollars in his bank account. \newlineWhat does the number 125125 mean? \newlineChoose 11 answer:\newline(A) Luca owes 125125 dollars to the bank. \newline(B) Luca received 125125 dollars in his account.
Get tutor helpright-arrow

Posted 3 months ago

Question
After returning a few items from online shopping, Luca received a credit of 125125 dollars in his bank account. \newlineWhat does the number 125125 mean? \newlineChoose 11 answer:\newline(A) Luca owes 125125 dollars to the bank. \newline(B) Luca received 125125 dollars in his account.
Get tutor helpright-arrow

Posted 3 months ago

Question
Kadeesha's monthly bank statement showed the following deposits and withdrawals:\newline$58.65,−$93.26,−$119.35,$50.73,−$75.50 \$ 58.65,-\$ 93.26,-\$ 119.35, \$ 50.73,-\$ 75.50 \newlineIf Kadeesha's balance in the account was $119.17 \$ 119.17 at the beginning of the month, what was the account balance at the end of the month?\newlineAnswer: $ \$ □\square
Get tutor helpright-arrow

Posted 2 months ago

Question
Ruby's monthly bank statement showed the following deposits and withdrawals:\newline−$91.50,$108.98,−$55.89,−$3.83,$81.61 -\$ 91.50, \$ 108.98,-\$ 55.89,-\$ 3.83, \$ 81.61 \newlineIf Ruby's balance in the account was $112.19 \$ 112.19 at the beginning of the month, what was the account balance at the end of the month?\newlineAnswer: $ \$ □\square
Get tutor helpright-arrow

Posted 2 months ago

Question
Sarah's monthly bank statement showed the following deposits and withdrawals:\newline$115.55,$92.45,−$94.64,$69.81,−$70.08 \$ 115.55, \$ 92.45,-\$ 94.64, \$ 69.81,-\$ 70.08 \newlineIf Sarah's balance in the account was $117.62 \$ 117.62 at the beginning of the month, what was the account balance at the end of the month?\newlineAnswer: $ \$ □\square
Get tutor helpright-arrow

Posted 2 months ago

Question
cost of goods sold totals $300,000\$300,000 for a company, with the inventory beginning balance being $50,000\$50,000 an atory ending balance being $150,000\$150,000. The company has no accounts payable.\newlineUsing the direct method, calculate the adjustment for cash payments made for inventory.\newlinea) $400,000\$400,000\newlineb) $350,000\$350,000\newlinec) $100,000\$100,000\newlined) $200,000\$200,000
Get tutor helpright-arrow

Posted 3 days ago

Question
The operating expenses of a company total $100,000 \$ 100,000 , with the acerued expenses payable beginning balance being $200,000 \$ 200,000 and the accrued expenses payable ending balance being $50,000 \$ 50,000 . The company has no prepaid expenses, amortization, or depreciation.\newlineUsing the direct method, caleulate the adjustment for cash payments of operating expenses.\newlinea) $150,000 \$ 150,000 \newlineb.) $250,000 \$ 250,000 \newlinec) $100,000 \$ 100,000 \newlined) $300,000 \$ 300,000
Get tutor helpright-arrow

Posted 3 months ago

Question
Combine like terms.\newline−2−x+6y−y−7+3−3y -2-x+6 y-y-7+3-3 y \newlineAnswer:
Get tutor helpright-arrow

Posted 3 months ago

Question
Click and drag like terms onto each other to simplify fully.\newline−y2+5y2−3y+3+2y3+3y2−5 -y^{2}+5 y^{2}-3 y+3+2 y^{3}+3 y^{2}-5
Get tutor helpright-arrow

Posted 3 months ago

Question
Click and drag like terms onto each other to simplify fully.\newline4y2+5−3y3+3y3+2y2−7y2−3 4 y^{2}+5-3 y^{3}+3 y^{3}+2 y^{2}-7 y^{2}-3
Get tutor helpright-arrow

Posted 3 months ago

View all (66)