Cloverdale Nurseries obtained a $77,000 loan at 9.2% compounded monthly to build an additional greenhouse. Monthly...

Cloverdale Nurseries obtained a $77,000 loan at 9.2% compounded monthly to build an additional greenhouse. Monthly payments were calculated to amortize the loan over six years. Construct a partial amortization schedule showing details of the first two payments, Payments 40 and 41, and the last two payments. (Do not round intermediate calculations and round your answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.)

Payment number	Payment	Interest portion	Principal portion	Principal balance
0	--	--	--	$77,000.00
1	$	$	$	$
2
\|	\|	\|	\|	\|
39	--	--	--
40
41
\|	\|	\|	\|	\|
70	--	--	--
71
72

Expert Solution

Formula:

jeff jeffy answered 2 years ago

A borrower is repaying a $19000 loan at 9.2%/year compounded monthly with monthly payments over 26...

A borrower is repaying a $19000 loan at 9.2%/year compounded monthly with monthly payments over 26 years. Just after the 78th payment he has the loan refinanced at 7.2%/year compounded monthly. If the number of payments remains unchanged, what will be the new monthly payment?

A 25 year home loan of $125000 at 7.25% compounded monthly is obtained. a. Find the monthly...

A 25 year home loan of $125000 at 7.25% compounded monthly is obtained. a. Find the monthly payments rounded up to the next cent. b. State the total amount of interest paid on the loan assuming that it is kept for 25 years and all payments are the same.

on may 15 2006 you obtained an 82000, 15 year home loan at 5.1% compounded monthly,with...

on may 15 2006 you obtained an 82000, 15 year home loan at 5.1% compounded monthly,with the first payment due on june 15th 2006. The size of the monthly payment is $652.73 A. Find the balance due on the loan on December 15, 2011. B. How much interest will be paid on the loan during 2012? C. If you refinanced the loan on December 15, 2011 at 7.2% interest what will the size of the new payment if the term...

1) A loan of RM10,000 at 12% compounded monthly is to be amortized by 36 monthly...

1) A loan of RM10,000 at 12% compounded monthly is to be amortized by 36 monthly payments. a) Calculate the monthly payment. b) Construct an amortization schedule. 2) Sarimah invests RM300 every 3 months for 4 years. She is offered 5% compounded quarterly for the first 2 years and 8% compounded quarterly for the rest of the period. Calculate the accumulated amount at the end of the 4 years.

Lucy received a loan of $8,700 at 5.75% compounded monthly. She settled the loan by making...

Lucy received a loan of $8,700 at 5.75% compounded monthly. She settled the loan by making periodic payments at the end of every three months for 4 years, with the first payment made 2 years and 3 months from now. What was the size of the periodic payments?

John borrowed $84,000 at 9.60% compounded monthly. He agreed to repay the loan in equal monthly...

John borrowed $84,000 at 9.60% compounded monthly. He agreed to repay the loan in equal monthly payments over a 15 year amortization term. (a) What is the size of the monthly payment?t Enter answer to 2 decimal places b) Now assume that in part (a) you had rounded the payments DOWN to the nearest dollar, what would be the size of the final payment? Round down to nearest dollar means for example 121.8 is rounded to $121.00 (NOT 122) c)...

Falco Inc. financed the purchase of a machine with a loan at 3.11% compounded monthly. This...

Falco Inc. financed the purchase of a machine with a loan at 3.11% compounded monthly. This loan will be settled by making payments of $9,100 at the end of every month for 7 years. a. What was the principal balance of the loan? Round to the nearest cent b. What was the total amount of interest charged? $0.00 Round to the nearest cent

Bank A charges 12% compounded monthly on its business loan. BankB charges 11.5% compounded daily....

Bank A charges 12% compounded monthly on its business loan. Bank B charges 11.5% compounded daily. Bank C charges 11% compounded continuously. If you want to borrow money that you will return after a number of years, which bank would you choose? Justify your answer.

A $40,000 mortgage loan charges interest at 6.6% compounded monthly for a four-year term. Monthly payments...

A $40,000 mortgage loan charges interest at 6.6% compounded monthly for a four-year term. Monthly payments were calculated for a 15-year amortization and then rounded up to the next higher $10. a) What will be the principal balance at the end of the first term? b) What will the monthly payments be on renewal for a three-year term if it is calculated for an interest rate of 7.2% compounded monthly and an 11-year amortization period, but again rounded to the...

Abdalla took a $10,000 loan at an interest of 12 % compounded monthly. She needs to...

Abdalla took a $10,000 loan at an interest of 12 % compounded monthly. She needs to pay it over 5 years. Construct the amortization schedule on this loan for the first three months of payments.

Question