An $11,000 mortgage has a 30-year term (requiring monthly payments) and a 6% nominal interest rate. (a) What is the monthly payment? (b) What will be the remaining balance on her loan immediately after making her 12th payment? (c) How much interest is paid in Month 13? How much principal?

a) Monthly payment = $65.95

b) Remaining balance on her loan after making 12th payment = 11,000 - (65.95 x 12) = $10208.6

c) Interest paid in month 13 = 10208.6 * 0.5% = $51.043

  Principal paid in month 13 = $65.95 - 51.043 = $14.907

Explanation:

Using financial calculator:

PV = 11,000

n = 30 years = 360 months

i/r = 6%/year = 0.5% / month

FV = 0

PMT = ? (Monthly payment = ?)

a) Monthly payment = $65.95

b) Remaining balance on her loan after making 12th payment = 11,000 - (65.95 x 12) = $10208.6

c) Interest paid in month 13 = 10208.6 * 0.5% = $51.043

  Principal paid in month 13 = $65.95 - 51.043 = $14.907

Explanation:

the clients (funders) and customers (individual nonprofit staff) are great to work with. that i can be open about being a person of faith when appropriate. the variety of my tasks each day.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

                                          hope it