Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 16 Oct 2017 My Price 5.00

LOAN AMORTIZATION

5-22      LOAN AMORTIZATION Jan sold her house on December 31 and took a $10,000 mortgage as part of the payment. The 10-year mortgage has a 10% nominal interest rate, but it calls for semiannual payments beginning next June 30. Next year Jan must report on Schedule B of her IRS Form 1040 the amount of interest that was included in the two payments she received during the year.

a.        What is the dollar amount of each payment Jan receives?

b.       How much interest was included in the first payment? How much repayment of prin- cipal was included? How do these values change for the second payment?

c.        How much interest must Jan report on Schedule B for the first year? Will her interest income be the same next year?

d.       If the payments are constant, why does the amount of interest income change over time?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Oct 2017 12:10 PM My Price 5.00

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