Algebra

what Is the unpaid balance of this loan at the end of the 10th year if you are buying the home for $250,000 with a Interest rate of 6%?

  1. 👍 0
  2. 👎 0
  3. 👁 195
  1. yr 1> $265,000
    yr 2> $280,900
    yr 3> $297,754
    yr 4> $315,619
    yr 5> $334,556
    yr 6> $354,630
    yr 7> $375,908
    yr 8> $398,462
    yr 9> $422,370
    yr 10> total %447,711.92 or $447,712

    1. 👍 0
    2. 👎 0

Respond to this Question

First Name

Your Response

Similar Questions

  1. Finance: Mortgages

    A borrower received a 30-year ARM mortgage loan for $200,000. Rate caps are 3/2/6 (initial adjustment cap/periodic interest rate cap/lifetime interest rate cap). The start rate is 3.50% and the loan adjusts every 12 months for the

    asked by Cara on March 30, 2016
  2. MATH

    a borrower received a 30 year ARM mortgage loan for 200,000. Rate caps are 3/2/6 the start rate is 3.50% AND the loan adjusts every 12 months for the life of the mortgage, The index used for this mortgage is LIBOR which for this

    asked by lAURA on May 19, 2018
  3. math

    Case: A borrower received a 30-year ARM mortgage loan for $200,000. Rate caps are 3/2/6. The start rate is 3.50% and the loan adjusts every 12 months for the life of the mortgage. The index used for this mortgage is LIBOR (for

    asked by jim on May 7, 2020
  4. Finance

    Your firm is considering the following three alternative bank loans for $1,000,000: a) 10 percent loan paid at year end with no compensating balance b) 9 percent loan paid at year end with a 20 percent compensating balance c) 6

    asked by Rebekah on November 17, 2012
  1. math

    A $15,000 debt is to be amortized in 12 equal semiannual payments at 5.5% interest per half-year on the unpaid balance. Construct an amortization table to determine the unpaid balance after two payments have been made. Round

    asked by Katelyn on December 11, 2012
  2. finance

    Your firm is considering the following three alternative bank loans for $1,000,000: a) 10 percent loan paid at year end with no compensating balance b) 9 percent loan paid at year end with a 20 percent compensating balance c) 6

    asked by Anonymous on July 27, 2014
  3. Finite Math

    Five years ago, Diane secured a bank loan of $370,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 years, and the interest rate was 10% per year compounded monthly on the

    asked by Micaela on December 6, 2018
  4. math

    The Taylors have purchased a $290,000 house. They made an initial down payment of $10,000 and secured a mortgage with interest charged at the rate of 10%/year on the unpaid balance. Interest computations are made at the end of

    asked by rere on April 11, 2017
  1. Precalculus

    you borrow $5,000 from your parents to purchase a used car. The arrangements of the loan are such that you make payments of $250 per month toward the balance plus 1% interest on the unpaid balance from the previous month. (a) Find

    asked by bob on February 6, 2018
  2. health care finance

    Your firm is considering the following three alternative bank loans for $1,000,000: a) 10 percent loan paid at year end with no compensating balance b) 9 percent loan paid at year end with a 20 percent compensating balance c) 6

    asked by Anonymous on July 27, 2014
  3. Math

    This year (10 years after you first took out the loan), you check your loan balance. Only part of your payments have been going to pay down the loan; the rest has been going towards interest. You see that you still have $108,123

    asked by Anyomous on June 15, 2017
  4. Math

    Sarah secured a bank loan of $200,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 yr, with interest rate of 6%/year compounded monthly on the unpaid balance. She plans to

    asked by Sara on May 15, 2012

You can view more similar questions or ask a new question.