Consider a fixed-rate, constant payment 6-year mortgage with annual payments. The interest rate is 7.1%...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Consider a fixed-rate, constant payment 6-year mortgage with annual payments. The interest rate is 7.1% per annum and the principal (or loan) amount is $8,945.
What is the annual payment to amortise the loan? (Answer in two decimal places)
How much of that payment is for interest and how much is for principal in year 1?
What is the remaining loan balance at the end of year 2?
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.