Respuesta :
Answer:
First = $149,750
Second = $149,498.75
Third = $149,246.24
Fourth = $148,992.47
Step-by-step explanation:
Monthly payment = $1000
Monthly rate = 0.5% = 0.005
Loan amount = $150,000
Amount owed at the end of first month:
$150,000 + ($150,000 × 0.5) = [ ($150,000 + $750) - $1000] = $149,750
Amount owed at the end of second month:
$149,750 × (1.005) - $1000 = $149,498.75
Amount owed at the end of third month:
$149,498.75 × (1.005) - $1000 = $149,246.24
Amount owed at the end of fourth month:
$149,246.24 × (1.005) - $1000 = $148,992.47
The amount of loan owned in first month is $149,750.
The amount of loan owned in second month is $149,498.75.
The amount of loan owned in third month is $149,246.24.
The amount of loan owned in fourth month is $148,992.47.
Given that,
The mortgage loan of $150,000 at a nominal 6% yearly interest applied monthly at a rate of 0.5% per month.
Monthly payments of $1,000 are being made on this loan.
We have to determine,
How much is owed on this loan at the end of the first, second, third month and fourth months.
According to the question,
Monthly payment = $1000
Monthly rate = 0.5% = 0.005
Total mortgage Loan amount = $150,000
Amount of loan owed at the end of first month:
$150,000 + ($150,000 × 0.005) = [ ($150,000 + $750) - $1000] = $149,750
The amount of loan owned in first month is $149,750.
Amount of loan owed at the end of second month:
$149,750 × (1.005) - $1000 = $149,498.75
The amount of loan owned in second month is $149,498.75
Amount of loan owed at the end of third month:
$149,498.75 × (1.005) - $1000 = $149,246.24
The amount of loan owned in third month is $149,246.24
Amount of loan owed at the end of fourth month:
$149,246.24 × (1.005) - $1000 = $148,992.47
The amount of loan owned in fourth month is $148,992.47
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