Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
real estate math question?
John takes out a 14% 30-year mortgage in the amount of $65,000. The loan constant is .011849. What is the balance of the loan after the second payment?
a. $64,976.14
b. $64,988.14
c. $64,964.00
d. $1,516.52
The answer is A, how do i get the answer?
Anon where does 1/12 come from? or is it just a rule in this case?
5 Answers
- 9 years agoFavorite Answer
$65,000 x loan constant (.011849) = loan payment = $770,185
Interest accrued after one month
65000 x (.14 x ( 1 / 12)) = 758.33
770.185 payment - 758.33 interest accrued = 11.855 toward paying down the loan
65000 - 11.855 = 64,988.145
Month 2 Interest accrued
64,988.145 x (.14 x ( 1 / 12)) = 758.195
Month 2 payment = 770.185 payment - 758.195 interest accrued = 11.99 toward paying down the loan
Balance at month 2 = 64,988.145 - 11.99 = 64,976.155.
- 8 years ago
Had a question close to this on FLA BROKER exam I got it wrong.. Now i know it looks 99.999999999 correct how the anser is
- 5 years ago
a seller receives 18,000 proceeds from the sale of her home. the mortgage balance was 32,000 she paid a commission of 7% and her closing costs were 3%. what was the sales price
- Anonymous5 years ago
Very good question, looking forward to reading the answers
- How do you think about the answers? You can sign in to vote the answer.
- Anonymous5 years ago
I am interested in finding out more on this too
