Mike Jones bought a new split-level home for $150,000 with 20% down. He decided to use Victory Bank for his mortgage. They were offering for 25-year mortgages. Provide Mike with an amortization schedule for two periods. (Use Table 15.1(b)). (Do not round intermediate calculations. Round your answers to the nearest cent.) Payment number Portion to— Balance of loan Interest Principal outstanding 1 2

Given:-

Value of Home = $150000

Down payment = 20% of $150000 = $30000

Loan Amount = $150000 - $30000 = $120000

Interest on Loan = 13.3/4% or 13.75%

Duration of Loan = 25Year

Calculation:-

Interest per month = 13.75%/12 =0.0114583333333333 % or 0.011458%

No. of months payment required = 25 years x 12 Months = 300 Months

To Calculated the monthly mortgage payment:-

The formula is M = P*i*(1 + i)^n/(1+i)^n – 1

Where M is monthly payment of Mortgage

P = principal amount of Loan = $120000

i = interest per month = 0.011458%

n=duration of loan in months = 300 months

When we apply the formula:

M = $120000*[0.011458*(1+0.011458)^300/(1+0.011458)^300-1]

= $120000*[0.011458*(1.011458)^300/(1.011458)^300-1]

=$120000*[0.011458*30.50697/30.5067-1]

=$120000*[0.011458*30.50697/29.50697]

=$120000*[0.349559/29.50697]

=$120000*0.011847 =$1421.60

So,Morgage payment Per month $1421.60

Period 1

Interest for 1st period = $120000 x0. 011458 = $1374.96

Pricipal Amount paid = $1421.60 -$1374.96 =$46.64

Balance in Principal amount = $120000-$46.64 =$119953.36

Period 2

Interest for 1st period = $119953.36 x0. 011458 =$1374.43

Pricipal Amount paid = $1421.60 -$1374.43 =$47.17

Balance in Principal amount = $119953.36 - $47.17 =$119906.19

$22. if larry's profit were to minimize by one for every hour his store were to be closed, we would subtract 30 by 8.

both graphs increase on their domain

neither graph has a y-intercept

step-by-step explanation:

the following points can be visualized easily from the graph

there is a hike in both the graphs so the graphs are increasing on their domain.x-intercept of log x and log 6x are differentthere is a vertical asymptote of both the graphs so there is no y-interceptas both the graphs are increasing so there is no horizontal asymptote