connect his window shows what is correct and incorrect for the work you have com
ID: 2796498 • Letter: C
Question
connect his window shows what is correct and incorrect for the work you have completed so far ven if all of the work you have done so far is correct, you may not have completed everything value You did not receive full credit for thi 2.50 points Complete the following table: (Use Table 151) (Do not round intermediate calculations. Round your answers to the nearest cent.) First Payment Broken Down Into- Amount Monthly Selling price Down Balance at end of month S 124,843.75 payment Rate Years interest Principal s s s s132 000 57,000 sl 125,000. 7.5% 30 937 5 0 781250 156.250 s| 124 843 750Explanation / Answer
The equation to calculate monthly payment is P = L[{c(1 + c)^n]/[(1 + c)^n - 1}]
Where,
L is the loan amount
C is the interest rate applicable
N is the number of period which is 360
Putting the values, P= 125,000[{0.00625 (1 + 0.00625)360]/[(1 + 0.00625)360 - 1}]
Or, P= $874.02
Interest is correctly calculated as $781.25
Therefore principal amount = $874.02-$781.25= $92.77
Balance loan value = 125000-92.77= $124,907.23
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