Question
In: Finance
A mobile home worth $41,000 is purchased with a down payment of $6,000 and monthly month-end...
A mobile home worth $41,000 is purchased with a down payment of $6,000 and monthly month-end payments for 15 years. If the interest rate is 9% per annum compounded monthly, determine the balance just after the 10th payment, in 2 decimal places.
Solutions
Expert Solution
The loan amount is taken as 41000 - 6000 = $35000
The balance remaining payable at the end of the 10th payment with the payments made at the end of the year is $34043.22
A picture of the excel table has been attached for your better
understanding!
jeff jeffy answered 1 year agoRelated Solutions
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Round to the nearest dollar.
Monthly information is as follows: Beginning of month End of month
Monthly information is as
follows:
Beginning of month End
of month
Work in
process Inventory:
1,000 units 4,000
units
Conversion: degree of completion in WIP
60%
40%
Direct
Material Costs in Beginning WIP
$ 8,100
?
Conversion Costs in Beginning
WIP
$11,300
?
During the month: Costs incurred
for Direct Materials
$27,975
Costs incurred for Conversion
$27,235
At month
end:
2,860 good units were completed, 140 units...
Monthly information is as follows: Beginning of month End of month
Monthly information is as
follows:
Beginning of month End
of month
Work in
process Inventory:
1,000 units 4,000
units
Conversion: degree of completion in WIP
60%
40%
Direct
Material Costs in Beginning WIP
$ 8,100
?
Conversion Costs in Beginning
WIP
$11,300
?
During the month: Costs incurred
for Direct Materials
$27,975
Costs incurred for Conversion
$27,235
At month
end:
2,860 good units were...
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