Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a$66,000 loan at 7.5% for 60 months. What is his monthly payment by table lookup? (Use Table 14.2)Note: Round your answer to the nearest cent.Monthly payment TABLE 14.2Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan)Terms inmonths61218243036424854607.50%$ 170.3486.7658.9245.0036.6631.1127.1524.1821.8820.048.00%$ 170.5886.9959.1545.2336.8931.3427.3824.4222.1220.288.50%$ 170.8387.2259.3745.4637.1231.5727.6224.6522.3620.529.00%$ 171.2087.4659.6045.6937.3531.8027.8524.7722.5920.7610.00%$ 171.5687.9260.0646.1437.8132.2728.3225.3623.0721.2510.50%$ 171.8188.1560.2946.3838.0432.5028.5525.6023.3221.4911.00%$ 172.0588.3860.5246.6138.2832.7428.7925.8523.5621.7411.50%$ 172.3088.6260.7546.8438.5132.9829.0326.0923.8121.9912.00%$ 172.5588.8560.9847.0738.7533.2129.2826.3324.0622.2412.50%$ 172.8089.0861.2147.3138.9833.4529.5226.5824.3122.5013.00%$ 173.0489.3261.4547.5439.2233.6929.7626.8324.5622.7513.50%$ 173.2989.5561.6847.7839.4633.9430.0127.0824.8123.0114.00%$ 173.5489.7961.9248.0139.7034.1830.2527.3325.0623.2714.50%$ 173.7990.0262.1548.2539.9434.4230.5027.5825.3223.5315.00%$174.0390.2662.3848.4940.1834.6730.7527.8325.5823.7915.50%$174.2890.4962.6248.7240.4234.9131.0028.0825.8424.0516.00%$174.5390.7362.8648.9640.6635.1631.2528.3426.1024.32

When a person or an entity or a company takes a loan then the bank or the financial institution…

Answered: Troy Juth wants to purchase new dive…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the amortization table to determine how much of the 8th payment is interest E Click the icon to view the amortization table. Amortization Table - X The interest amount af the Bth pnyment is S (Type an integer or a decimal.) Amortization Table Рауment Number Amount of Payment Interest Portion to Principal Principal at End of Period for Perlod $1000.00 $918.93 $86.07 $5.00 $81.07 $86.07 $4.59 $81.48 $837.46 $755.57 $86.07 S4.19 $81.88 $86.07 $3.78 $82.29 5673.28 $86.07 $3.37 $82.70 $590 58 S86.07 $86.07 $2.96 $83.12 $507 46 $423.93 $2.54 $83.53 $83.95 $86.07 $2.12 $339.08 $86.07 $1.70 $1.28 S84.37 $84.79 $255.61 10 $86.07 $170 82 $85.60 11 $86.07 S0.85 $85.22 12 S86.03 $0.43 S05.00 $0.00 Print Done
TABLE 14.2 Loan amortization table (monthly payment per $1.000 to pay principal and interest on installment loan) Terms in months 7.50% 8% 8.50% 9% 10.00% 10.50% 11.00% I1.50% 12.00% 6. $170.34 $170.58 $170.83 $171.20 $171.56 $171.81 $172.05 $172.30 $172.55 12 86.76 86.99 87.22 87.46 87.92 88.15 88.38 88.62 88.85 18 58.92 59.15 59.37 59.60 60.06 60.29 60.52 60.75 60.98 24 45.00 45.23 45.46 45.69 46.14 46.38 46.61 46.84 47.07 30 36.66 36.89 37.12 37.35 37.81 38.04 38.28 38.51 38.75 36 31.11 31.34 31.57 31.80 32.27 32.50 32.74 32.98 33.21 42 27.15 27.38 27.62 27.85 28.32 28.55 28.79 29.03 29.28 48 24.18 24.42 24.65 24.77 25.36 25.60 25.85 26.09 26.33 54 21.88 22.12 22.36 22.59 23.07 23.32 23.56 23.81 24.06 60 20.04 20.28 20.52 20.76 21.25 21.49 21.74 21.99 22.24 TABLE 14.2 (concluded) Terms in months 12.50% 13.00% 13.50% 14.00% 15.00% 15.50% 16.00% 6. $172.80 $173.04 $173.29 $173.54 S173.79 $174.03 $174.28 $174.53 12 89.08 89.32 89.55 89.79 90.02 90.26 90.49 90.73 18 61.21 61.45 61.68…
From the partial/incomplete amortization table below. what is the perlodic tgot payment for the 1st period? Interest Раyment Periodie Repayment Outstanding Principal 7,000,000.00 Periodic Period Payment 0. 100,000 00 100,000 00 100,000 00 60,000 00 O P160,000 00 O PI30.000.00 P40,000 00 P60.000 00 0123
Amount financed 18200 number of payments 72 monthly payment 425.08 finance charge 12405.76 whats the apr%
Consider the following amortization schedule: Payment # Payment 1 966.45 2 966.45 3 966.45 Interest Debt Payment 750.00 748.92 X 216.45 217.53 Y Balance 149, 783.55 149,566.02 2 With the exception of column one, all amounts are in dollars. Calculate . Give your answer in dollars to the nearest dollar. Do not includo ar or the dollar sign in your answor
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Payment # Payment Interest Debt Payment Balance 1 1,167.34 540.54 626.80 259,873.20 2 1,167.34 539.24 628.10 259,245.10 3 1,167.34 With the exception of column one, all amounts are in dollars. Calculate the annual interest rate on this loan.
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Payment $ 123 4,555 74,484 167,332 Years 13 8 5 9 Interest Rate (Annual) 13 % 8 10 1 Future Value (Payment made on last day of period) Future Value (Payment made on first day of period)
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Michael Sanchez purchased a condominium for $94,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Rou your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? (b) Construct an amortization schedule for the first four months of Michael's mortgage. Portion Used Monthly Рayment (in $) Monthly Payment Number Loan Balance to Reduce Interest (in $) Principal (in $) (in $) 1 $ $| 2 3 $ $ $ 4 (c) If the annual property taxes are $1,670 and the hazard insurance premium is $640 per year, what is the total monthly PITI of Michael's loan (in $)?

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Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $66,000 loan at 7.5% for 60 months. What is his monthly payment by table lookup? (Use Table 14.2) Note: Round your answer to the nearest cent. Monthly payment ********