#1, does he pay off the remaining 110320 with a single payment after 30 years, or does he make monthly payments?
the fact you are using the word "mortgage" appears to suggest there are monthly payments involved.
Confirm before I answer #1
#5. I confirm the $144 payment (actually should be $144.04)
and the 830.78 remaining after making the 18th payment.
so interest on 830.78 = $9.69, the principal part of the 19th payment = 144-9.69 or 134.31
leaving a balance of $696.47
#2 and #4 are simple interest, I don't know how you were taught to do these.
#3 appears to be a straightforward percentage problem.
1. Shawn Fitzgerald finds a suitable property and agrees upon a selling price of $137,900. The mortgage company requires a 20% down payment and Shawn chooses to finance the property for 30 years at
8%. What is the total amount of interest charged, rounded to the nearest whole dollar?
My answer=$181,096.07
2. Tom Newman took out a simple interest loan of $1,500.00 at 10 percent interest for 12 months. After 4 payments the balance is $1,100.00. He pays off the loan when the next payment is due. What is the interest?
My answer=$9.17
3. Reginald Wallace's gross weekly salary is $515.00. His weekly federal withholding is $55.00. The Social Security tax is 6.2 percent of the first $90,000.00. The Medicare tax is 1.45 percent of gross pay. The state tax is 1.5 percent of gross pay. Each week he pays $12.40 for medical insurance. How much is deducted from Reginald's weekly wages for state tax and Medicare tax?
My answer=$15.19
4. Brad Clark took out a simple interest loan at 13% interest for 12 months. His previous balance is $619. What is the final payment if the loan is paid off with the next payment?
My answer=$625.71
5. Josie Alvarez obtained a personal loan of $3000 at 14 % for 24 months. The monthly payment is $144. The balance of the loan after 18 months is $830.78. What is the new principal after the 19th payment?
My answer=$312.13
Am I correct? Thanks!!
2 answers
#1 is in reference to monthly payments.
1 answer