Which of the following refers to a payment of the same amount for a certain number of months or years such as in a car loan or mortgage quizlet?

enforces the Federal Food, Drug, and Cosmetic Act and its amendments. Food labeling is required for most prepared foods, such as breads, cereals, canned and frozen foods, snacks, desserts, and drinks. The FDA works to ensure the safety, proper labeling, and purity of foods, drugs, vaccines, devices, and cosmetics.

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Which of the following refers to a payment of the same amount for a set number of months or years such as in a car loan or mortgage loan quizlet?
Which of the following refers to a payment of the same amount for a set number of months?
Which one of the following terms is used to describe a loan where in each payment is equal in amount and includes both interest and principal?
Which of the following refers to a series of equal payments or deposits quizlet?

Personal papers—social security card, birth certificate, educational transcripts
Tax documents—tax forms, tax returns, and associated documentation
Housing information—leases or deeds, titles, and surveys and mortgages
Car documents—titles, leases, maintenance records
Insurance policies—rental property, auto, life, homeowners
Household inventory—list of valuable property
Employment information—paycheck stubs, benefits statements, retirement statements
Bank records—account information for all checking, savings, and other accounts
Financial information—credit card statements, loan documents, investment information, charity donation receipts
Health and medical records
Will and estate documents—will, power of attorney, living will

The first step is to calculate the monthly payment using a present value (PV) of $227,000 , monthly interest rate of 6.60/12 = 0.55%, and 240 periods,
which = $1705.842 ; the second step is to use that monthly payment to calculate the balance at the end of five years, which = $194,594.353 ; next step is to reduce this balance by $50,000 to the new outstanding balance of $144,594.353 ; now calculate the number of months required to pay off this balance,
which = 114.45 ; the last step is to calculate the difference between 180 - 114.45 = 65.55 , when divided by 12 gives 5.5 years.

Current Mortgage Payment: P/Y = 12, N = 360, I/Y = 6.5, PV = $200,000, Solve for PMT = $1,264.14
Current Mortgage Balance: P/Y = 12, N = 300, I/Y = 6.5, PMT = $1,264.14, Solve for PV = $187,221.9
New Mortgage Payment: P/Y = 12, N = 240, I/Y = 4.25, PV = $187,222.54, Solve for PMT = $1,159.35
Current Payment - New Payment = $1,159.35- $1,264.14 = -$104.79

Current Mortgage Payment: P/Y = 12, N = 360, I/Y = 6.20 , PV = $206,000 , Solve forPMT= 1261.69
Current Mortgage Balance: P/Y = 12, N = 300, I/Y = 6.20 , PMT = 1261.69 , Solve for PV = $192,159.69
Total of Remaining Payments on Current
Mortgage = 300 × $1261.69 = $378,505.83
New Mortgage Payment: P/Y = 12, N = 240, I/Y = 3.95 , PV = $192,159.69 , Solve for PMT = $1159.39
Total Payments on New Mortgage: 240 × $1159.39 = $278,254.41
Difference in Total of Payments = $378,505.83 - $278,254.41 = $100,251

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Which of the following refers to a payment of the same amount for a set number of months or years such as in a car loan or mortgage loan quizlet?

amortized payment. a payment of the same amount for a set number of months or years—such as for a car loan or mortgage. exterior finance. refers to the observable actions you take with money and the associated outcomes, such as your loan payment amounts is savings rates, cash flow management, and your net worth.

Which of the following refers to a payment of the same amount for a set number of months?

Amortization: Loan payments by equal periodic amounts calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.