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
India specializes in business process outsourcing and does this more efficiently than any other country. It buys agricultural co
uysha [10]

Answer:

Ricardo’s Theory of Comparative Advantage

Explanation:

Comparative advantage is the term used to define the ability of an individual, firm or country to produce a particular good or service at a lower opportunity cost than that if it’s competitors or trade partners. Opportunity cost is the benefit lost from the second best alternative.

When a country can produce a product more efficiently (i.e maximum output using minimum resources) than that of its trade partners, it is known as that it has absolute advantage in that product. India tends to have absolute advantage in both business processes outsourcing as well as producing agricultural commodities as it is mentioned that it can produce both of these more efficiently than the United States.

However, although it has absolute advantage in both, it is still less efficient in producing agricultural commodities when compared to business process outsourcing. In other words, if it attempts to produce agricultural commodities in-house, the benefit lost from the second best alternative: business process outsourcing is high. The opportunity cost is higher when it produces agricultural commodities than it is when it does business process outsourcing. Hence, due to the law of comparative advantage, it chooses to specialize in business process outsourcing and imports agricultural commodities.

5 0
2 years ago
Discuss the rationale of organizing an industrial strike in resolving employee dispute with the state, focusing on the detriment
WINSTONCH [101]

Answe

Explanation:

Discuss the rationale of organizing an industrial strike in resolving employee dispute with the state, focusing on the detrimental effects strikes has on various stakeholders in an economy

6 0
3 years ago
Why is a savings account better than a checking account for saving money?<br> Read More &gt;&gt;
kotegsom [21]

Answer:

A checking account is a type of bank deposit account that is designed for everyday money transactions. ... Savings accounts have higher interest rates than checking accounts, meaning it is better to let large sums of money (e.g., an emergency fund) sit in savings instead of checking.

Explanation:

Checking accounts are better for everyday transactions such as purchases, bill payments and ATM withdrawals. ... Savings accounts are better for storing money and earning interest, and because of that, you might have a monthly limit on what you can withdraw without paying a fee.

6 0
2 years ago
Read 2 more answers
Which of the following is part of a sustainable economy? ANSWER a) Unselected It will value and preserve ecosystem services and
elena-14-01-66 [18.8K]

Answer:

Letter e is correct. All of the listed responses are parts of a sustainable economy.

Explanation:

In a sustainable economy, people are much more aware of the preservation of nature's depleted resources, and the well-being of current and future generations, which induces companies to meet the demands of new conscious consumers by creating " green products "and the use of new technologies to reduce the negative impacts of production on the environment.

8 0
3 years ago
When people are employed but are treated differently once employed, receiving few job-related rewards, resources, or opportuniti
Dafna1 [17]

Answer:

treatment discrimination

Explanation:

Treatment discrimination is a discrimination against people. It is also known as Disparate treatment and may be defined as one type of the unlawful discrimination in the United States labor law. In US, this discrimination means any unequal behavior towards some employee because of a particular caste, color, race, region or gender which is provided under the Title VII of the United States Civil Rights Act.

Treatment discrimination is the discrimination shown to the people especially the blacked people as they are paid less for equal work as compared to whites.

5 0
3 years ago
Other questions:
  • A customer owns 210 shares of ABC common stock. ABC declares a rights offering, with the terms being that for every 20 rights te
    10·1 answer
  • ​Beef Burgers, Inc. contracts to buy five hundred steers from Fattening Feedlots. Before Fattening Feedlots can deliver the stee
    12·1 answer
  • I am Stuck Please Help
    9·1 answer
  • The City of Matthews has been given a $1,000,000 gift that is restricted by the donor, Rebecca Smith. Ms. Smith’s gift agreement
    13·1 answer
  • g Last year Thomson Inc's earnings per share (EPS) were $3.50, and its growth rate during the prior 5 years was 6.6% per year. I
    6·1 answer
  • Matthew is a divisional manager at Venus Inc. and reports to the CEO of the company. The CEO delegates resources and authority t
    10·1 answer
  • Currently, Bruner Inc.'s bonds sell for $1,250. They pay a $120 annual coupon, have a 15-year maturity, and a $1,000 par value,
    15·1 answer
  • Good Y is a normal good. If the average income of those who buy good Y rises, the _____________ curve for good Y will shift ____
    8·1 answer
  • Gradwell, Inc., manufactures and sells two products: Product K8 and Product I4. Data concerning the expected production of each
    13·1 answer
  • As lynn is working on writing the text that will be incorporated into a new magazine ad for her company’s line of handbags, she
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!