Ali borrows $239,000 to buy a house on March 1. The bank quotes the mortgage...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Ali borrows $239,000 to buy a house on March 1. The bank quotes the mortgage rate of 7.75 percent. The loan repayment schedule is asking for the payment to be repaid in equal monthly payments over 20 years. As April 1 happens to be the first payment date, how much of the third payment applies to the principal balance? (Each month is equal to 1/12 of a year.)
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.