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Kisachek [45]
3 years ago
7

Mathew bought a home for $245,000 using a 20% down payment. He obtained a 30-year fixed-rate mortgage at six percent (6%)for the

remainder of the funds. His monthly principal and interest payment is $1175.12. What will the principal balance on the mortgage be after the second payment is made?
Business
1 answer:
kenny6666 [7]3 years ago
7 0

Answer:

Principal Balance at the end of the second payment or year:

$198,350.24

Explanation:

Schedule

    start principal  start balance   interest end balance end principal

1    $196,000.00  $196,000.00  $11,760.00 $208,935.12 $197,175.12

2   $197,175.12    $208,935.12   $12,536.11 $222,646.35 $198,350.24

Cost of Home  =      $245,000

less down payment  = 49,000 (20% of $245,000)

Starting principal =  $196,000

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2 years ago
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denis-greek [22]

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Explanation:

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4 0
2 years ago
The Ramirez Company's last dividend was $1.75. Its dividend growth rate is expected to be constant at 25% for 2 years, after whi
Greeley [361]

Answer:

option b is correct

current stock price is $42.64

Explanation:

given data

dividend = $1.75

growth rate = 25% for 2 year

growth rate 1 = 6%

required return 2 = 12%

to find out

current stock price

solution

we will find here first stock price after 2 year that is

stock price = cash flow at 2 year end × ( 1+rate ) / ( rate 2 - rate1 )    ..................1

so here  cash flow at 2 year end = 1.75×1.25 = 2.1875

2.1875 × 1.25 = 2.734

stock price = 2.734  × ( 1+ 0.06 ) / ( 0.12 - 0.06 )  

stock price = 48.30

so stock price at 0.12 return

= cash flow at 1 year / ( 1+ rate 2 ) + cash flow at 2 year / ( 1+ rate 2 )² + stock price / ( 1+ rate 2 )²

= 2.1875 / ( 1+ 0.12 ) +  2.734 / ( 1+ 0.12 )² + 48.30 / ( 1+ 0.12 )²

= $42.64

so option b is correct

current stock price is $42.64

8 0
3 years ago
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