1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Ksenya-84 [330]
3 years ago
7

Joe Chin bought a house for $180,000. He made a 20% down payment. Joe secured a loan for the balance of the purchase price at 6.

5% interest for 30 years. What will be the monthly payments on the loan? (do not use commas or dollar signs in your answer)
Business
1 answer:
Ivan3 years ago
6 0

Answer:

  910.18

Explanation:

After Chin's down payment the amount borrowed is ...

  (1 - 20%)($180,000) = 0.80·$180,000 = $144,000

The amount of the payment is given by the amortization formula ...

  A = P(r/n)/(1 -(1 +r/n)^(-nt))

for P borrowed at rate r for t years, compounded n times per year.

  A = 144000(0.065/12)/(1 -(1 +.065/12)^(-12·30)) = 910.18

The monthly loan payments will be 910.18.

You might be interested in
A business’s total revenue for a specified period is $500,000, its operating expenses are $50,000, and its net profit if $150,00
creativ13 [48]

Answer:

your answer is 300,000

8 0
3 years ago
Although transaction costs are reasonable, ASI has encountered financial problems with high production costs. Jonathan, a vetera
marshall27 [118]

Answer: B2B

Explanation:

Based on the information given, we can infer that the interaction of the employee with ASI is an example of B2B..

Business-to-business simply means a form of transaction that is done between businesses, such as between a manufacturer and the wholesaler. It doesn't take place between the producer and the consumer.

7 0
3 years ago
On January 1, Year 1, Frost Co. entered into a 2-year lease agreement with Ananz Co. to lease a new computer. The lease term beg
satela [25.4K]

Answer:

Frost (Lessee) and Ananz (Lessor)

The circumstance that would require Frost to classify and account for the arrangement as a finance lease is:

c. The economic life of the computers is three years.

Explanation:

a) Data:

Annual lease payments = $8,000

Present value of the minimum lease payments = $13,000

Fair value of the computer = $14,000

The economic life of the computers = 3 years

The lease period = 2 years

b) One of the conditions for classifying the lease arrangement as a finance lease is that the lease term of 2 years forms a significant part of the asset's useful life of 3 years.  Other conditions include:

Firstly, ownership of the asset is transferred to the lessee at the end of the lease term.  The second condition is that the lessee can purchase the asset below its fair value.

5 0
3 years ago
At its current output level, Pretty Flowers Florist has average fixed costs equal to $5.40 and average variable costs equal to $
lapo4ka [179]

Answer:

The correct option is D: $8.60

Explanation:

Average fixed cost of Pretty Flowers = $5.40

Average variable costs of Pretty Flowers = $3.20

We are asked to calculate the Average total cost of Pretty Flowers at this current level

Hence:

Average total cost Pretty Flowers = Average fixed cost of Pretty Flowers + Average variable costs of Pretty Flowers

If we substitute the value of these variables in the equation, we get:

Average total cost Pretty Flowers = $5.40 + $3.20 = $8.60

3 0
3 years ago
Read 2 more answers
VOTE TOM NOOK FOR PRESIDENT FOR 2024
algol13

:0

yas I will vote him!

lol

wait..no! He will just take our money. My answer is a maybe.

5 0
2 years ago
Read 2 more answers
Other questions:
  • Your small remodeling business has two work vehicles. One is a small passenger car used for job-site visits and for other genera
    7·1 answer
  • Economies of scale arise when a. an economy is self-sufficient in production. b. individuals in a society are self-sufficient. c
    10·1 answer
  • ABC Software is a producer of educational software for children below the age of twelve. The company has operations in Switzerla
    12·2 answers
  • Suppose that you are opening a new music store in your town. How would the government affect your business?
    5·1 answer
  • I will give you fifty five point if you make Brainliest me but if you don't and it's just a scam I'm going to report you and the
    14·1 answer
  • If you know you are at risk of becoming unemployed, you should _____.
    9·2 answers
  • FedEx is the world's leading express-distribution company. In addition to the world's largest fleet of all cargo aircraft, the c
    5·1 answer
  • Assume the real rate of return is 2.97% and the inflation rate is 2.20%. Find the nominal rate of return using the exact formula
    12·1 answer
  • In applying the path-goal theory as a leader, you try to motivate your subordinates by helping them cope with environmental unce
    10·1 answer
  • The question of how a tax change might impact U.S. economic output is most closely associated with the study of
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!