The future earnings, dividends, and common stock price of Callahan Technologies Inc. are expected to grow 5% per year. Callahan'
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Answer: a. 2.8
Explanation:
Given : Population mean :
Sample size : n= 49> 30 , the sample is a large sample we use z-test.
Sample mean =
Standard deviation :
The test statistic for population mean is given by :-
Hence, the value of the test statistic is 2.8
<u>Given:</u>
Loan amount = $250000
Interest rate = 5.5%
Interest payment = $2042.71
<u>To find:</u>
Total amount of interest
<u>Solution:</u>
The total number of months in 15 years =
Total monthly payments will be
So, the total pay-backs will be $3,67,687.8
Total interest paid will be as follows,
On plugging-in the values in the above formula we get,
Therefore, the total amount of interest that the borrower will pay over the course of the loan is $1,17,687.80.