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enyata [817]
3 years ago
8

The current rates for an 80/20 mortgages are 4.15% for the first mortgages and 9.75% for the second mortgage. On a $200,000 30 y

ear mortgage, what is the actual rate
Business
1 answer:
olganol [36]3 years ago
5 0

Answer: The actual rate of the mortgage is 5.27%.

Since we're taking two mortgages for a total of $200,000 for 30 years, we can find the actual rate of the mortgage by finding the weighted average of the two rates. The weights in this case will be the proportion of loan taken at each rate

We have

Rates       Weights      Rates * Weights

4.15            0.80     4.15 * 0.80 = 3.32

9.75             0.20    9.75 * 0.20 = 1.95      

Total                                             5.27%  

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3 years ago
If a company purchases equipment costing $4,500 on credit, the effect on the accounting equation would be: Multiple Choice Asset
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3 years ago
Denny Corporation is considering replacing a technologically obsolete machine with a new state-of-the-art numerically controlled
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26.4%.

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3 years ago
"A registered representative who has passed the Series 63 examination wishes to sell managed accounts to customers in differing
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Answer:

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