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Related Questions
what is the balance on an amortized loan of $780,000 after the first payment if the interest rate is 5% with a monthly P&I payment of $3,780?
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Answer: $779,500
Explanation:
The Principal and Interest payment (P&L) as the name implies, include both the interest and the principal.
The interest is calculated based on the loan balance(loan still owed) and the rest will go towards settling the loan.
Interest = 5%/ 12 months * 780,000
= $3,250
Principal = 3,750 - 3,250
= $500
Balance on loan:
= 780,000 - 500
= $779,500
The balance on an amortized loan of $780,000 is $779,470.
Balance on amortized loanFirst step
Interest = 5%/ 12 months × $780,000
Interest= $3,250
Second step
Principal =$3,780 - $3,250
Principal= $530
Third step
Balance on loan amortized= 780,000 - $530
Balance on loan amortized=$779,470
Inconclusion the balance on an amortized loan of $780,000 is $779,470.
Learn more about balance on amortized loan here:https://brainly.com/question/24576997
Select the correct answer.
Rob is a member of a theater group. His role is to interpret creatively a written script. What is Rob’s position?
A.
musician
B.
director
C.
costume designer
D.
sound designer
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Answer:B
Explanation:Trust me I’m in theater