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atroni [7]
3 years ago
8

Ben and Carla Covington plan to buy a condominium. They will obtain a $229,000, 20-year mortgage at 5.0 percent. Their annual pr

operty taxes are expected to be $1,550. Property insurance is $630 a year, and the condo association fee is $250 a month. Based on these items, determine the total monthly housing payment for the Covingtons
Business
2 answers:
saul85 [17]3 years ago
7 0

Answer: $1942.98

Explanation:

GIVEN THE FOLLOWING ;

20years mortgage at 5%=$229,000

Annual property tax = $1,550

Annual property insurance = $630

Monthly association fee = $250

Total Monthly Housing payment can be calculated by

Equated Monthly Installment(EMI) on mortgage at 5% :

[PV ÷ (1-(1-rate)^-n)÷n]

Period(n) = 12×20 = 240

PV = $229,000

Rate(r) = 0.05 / 12 = 0.0041667

EMI = $1,511.31

Monthly property tax =$1550/12 = $129.16

Monthly property insurance = $630/12 = $52.5

Monthly association fee = $250

Total Monthly payment = $(1511.31 + 129.17 + 52.5 + 250) = $479.38

The Covington's Monthly payment is $1942.98

Alla [95]3 years ago
4 0

Answer:

$1,943.06

Explanation:

Monthly mortgage payment: $6.6 X $229 = $1,511.4

Monthly property taxes: $1,550/12 = $129.16

Monthly property insurance: $630/12 =$52.5

Monthly association fee: $250

Total monthly housing payment: $1,943.06

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Answer:

3%

Explanation:

Data provided as per the question

Nominal interest rate = 100%

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The computation of the real interest rate is shown below:-

Real interest rate = Nominal interest rate - Inflation rate

= 10% - 7%

= 3%

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7 0
3 years ago
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The f
Nutka1998 [239]

Answer:

Cost to retail ratio = 57.05%

Explanation:

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Beginning Inventory                                            $46,000    $66,000

Add: Purchases                                                    $213,000   $406,000

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Freight In                                                               $15,558          -

Net Markups                                                               -             $6,400

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6 0
3 years ago
What is NOT affected by decisions of the federal Open Market Committee?
natka813 [3]

I believe the answer is: D. bond prices


Bond prices is determined by the mutual agreement between the company who issue the bond and the investors who bought them along with its value in the market. federal Open Market Committee only has the jurisdiction in United States Treasury securities and banking operation.

5 0
3 years ago
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What quality-related trade-offs might there be between having a single large, centralized production processing facility and hav
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Answer:

Centralized production processing facility considers top management as the apex of decision making.

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c. The process becomes a part of strategic planning.

d. Standardization of processes like Mcdonalds kitchen.

e. Lower costs

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Cons:

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c. Costly

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3 0
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Answer:

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= $50,000

Therefore we applied the above formula to determine the amount of impairment loss to be recognized at December 31, 20X8.

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2 years ago
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