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
Vadim26 [7]
3 years ago
12

The seller was told by the bank that she has a prepayment penalty due at the time of closing. the penalty is 6 months' interest

on the current loan balance. based on 6% interest, her monthly payment is $569.57 principal and interest and her loan balance was $95,000 the month before closing. once she makes her next monthly payment, how much will she owe in prepayment penalty at the time of closing?
Business
1 answer:
algol133 years ago
3 0
Using the formula for compound interest:

The formula for annual compound interest, including principal sum, is:
A = P (1 + r/n)ⁿˣ

Where:

A = the future value = $95000
P = the principal investment amount = ?
r  = the annual interest rate = 0.06
n = the number of times that interest is compounded per year = 2
x = the number of years the money is invested = 0.5


95,000 = P (1 + 0.06/2)¹

95,000 = P (1.06/2)

95,000 = P (0.53)

P = 95,000 ÷ 0.53

P = 95,000 ÷ 0.53

P = 179,245.30

Total compounded interest = 179,245.30 - 95,000

Total compounded interest = 84,245
You might be interested in
Identify which type of sampling is​ used: random,​ systematic, convenience,​ stratified, or cluster. upper a radio station asks
Gnesinka [82]

Convenience sampling is used, because the population is taken from a sample that easy to reach

4 0
3 years ago
Technology is defined as human ________________ in action that involves the generation of knowledge and processes to develop sys
dybincka [34]

Answer:

innovation

Explanation:

Technology is defined as human innovation in action that involves the generation of knowledge and processes to develop systems that solve problems and extend human capabilities.

To innovate is to make changes in something established, especially by introducing new methods, ideas, or products.

7 0
2 years ago
Which of these situations does NOT require a food handler to wash their hands? A. After handling garbage or dirty dishes B. Afte
Tamiku [17]
The correcto answer for this question is the letter c
7 0
3 years ago
Read 2 more answers
What is an emotional motive?
Usimov [2.4K]

Answer: Emotional motivations cause consumers to buy on the grounds of their thoughts, desires, or urges. Such motivations, mostly motivated by marketing and popular trends, may not even be known to consumers.

The forces that derives emotional decision could be adventure, affection, appearance and fear etc. These decisions might not be economical for the consumers from the money point of view but it generally results in mind satisfaction for the consumer.

 

4 0
3 years ago
Daniel, an entrepreneur, is planning to open a fast-food restaurant. He wants to cash in on the huge population of busy professi
Karo-lina-s [1.5K]

Answer:

the answer is none of these

8 0
3 years ago
Other questions:
  • Renee operates a proprietorship selling collectibles over the web, and last year she purchased a building for $24 million for he
    13·1 answer
  • A. On 8/6/10 the company purchased some additional equipment from a restaurant that closed the previous month. The equipment was
    5·1 answer
  • An accreditation agency counterpart to the joint commission for managed care organizations is
    15·1 answer
  • Interview any local business owner and request him/her to identify any business problem that they are experiencing. Apply the De
    14·1 answer
  • Why would a free market never operate at a quantity greater than the equilibrium quantity? Hint: What would be required for a tr
    15·1 answer
  • Which of the following is a true statement? Multiple Choice a) Meals are never deductible as a business entertainment expense. b
    14·1 answer
  • Ziva is an organic lettuce farmer, but she also spends part of her day as a professional organizing consultant. As a consultant,
    8·1 answer
  • Freehan Company’s accounting records has the following information about its inventory:
    13·1 answer
  • Digit designs manufactures high-quality gloves and other accessories. it already uses both computer-aided design and computer-ai
    8·1 answer
  • True or False: A company should capitalize advertising expenses if they are expected to produce long term benefits. Group of ans
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!