Mathematics, 10.05.2020 22:57 larreanathalie3523

Consider the mortgage loan of $150,000 at a nominal 6% yearly interest applied monthly at a rate of 0.5% per month. Monthly payments of $1,000 are being made on this loan. Determine how much is owed on this loan at the end of the first, second, third month and fourth months. Show the work that leads to your answers. Evaluate all expressions.

Answers: 3

Show answers

Answers

Answer from: michellemonroe012305

The amount of loan owned in first month is $149,750.

The amount of loan owned in second month is $149,498.75.

The amount of loan owned in third month is $149,246.24.

The amount of loan owned in fourth month is $148,992.47.

Given that,

The mortgage loan of $150,000 at a nominal 6% yearly interest applied monthly at a rate of 0.5% per month.

Monthly payments of $1,000 are being made on this loan.

We have to determine,

How much is owed on this loan at the end of the first, second, third month and fourth months.

According to the question,

Monthly payment = $1000

Monthly rate = 0.5% = 0.005

Total mortgage Loan amount = $150,000

Amount of loan owed at the end of first month:

$150,000 + ($150,000 × 0.005) = [ ($150,000 + $750) - $1000] = $149,750

The amount of loan owned in first month is $149,750.

Amount of loan owed at the end of second month:

$149,750 × (1.005) - $1000 = $149,498.75

The amount of loan owned in second month is $149,498.75

Amount of loan owed at the end of third month:

$149,498.75 × (1.005) - $1000 = $149,246.24

The amount of loan owned in third month is $149,246.24

Amount of loan owed at the end of fourth month:

$149,246.24 × (1.005) - $1000 = $148,992.47

The amount of loan owned in fourth month is $148,992.47

For more information about interest click the link given below.

link

Answer from: yay47

First = $149,750

Second = $149,498.75

Third = $149,246.24

Fourth = $148,992.47

Step-by-step explanation:

Monthly payment = $1000

Monthly rate = 0.5% = 0.005

Loan amount = $150,000

Amount owed at the end of first month:

$150,000 + ($150,000 × 0.5) = [ ($150,000 + $750) - $1000] = $149,750

Amount owed at the end of second month:

$149,750 × (1.005) - $1000 = $149,498.75

Amount owed at the end of third month:

$149,498.75 × (1.005) - $1000 = $149,246.24

Amount owed at the end of fourth month:

$149,246.24 × (1.005) - $1000 = $148,992.47

Answer from: Quest

x+14

step-by-step explanation:

Answer from: Quest

The answer is b: step 2.

Another question on Mathematics

Mathematics, 21.06.2019 13:00

Football player weighed 170 2/3 pounds in may. during the summer he gained 25 5/12 pounds. during the first week of fall practice he lost 10 1/4 pounds and during the second week he lost another 3 1/2 ponds. how much does he weigh at this point? a.182 1/3ib b.181 1/2ib c.182 5/12ib d.183 2/3ib

Answers: 1

Answer

Mathematics, 21.06.2019 17:00

16 more than the product of 5 and p

Answers: 3

Answer

Mathematics, 21.06.2019 17:30

Adriver from the university of florida women’s swimming and diving team is competing in the in ncaa zone b championships

Answers: 3

Answer

Mathematics, 21.06.2019 19:50

Which of the following describes the graph of y--4x-36 compared to the parent square root function? stretched by a factor of 2, reflected over the x-axis, and translated 9 units right stretched by a factor of 2, reflected over the x-axis, and translated 9 units left stretched by a factor of 2, reflected over the y-axis, and translated 9 units right stretched by a factor of 2, reflected over the y-axis, and translated 9 units left save and exit next submit

Answers: 1

Answer

You know the right answer?

Consider the mortgage loan of $150,000 at a nominal 6% yearly interest applied monthly at a rate of...

Questions