$43,000
To avoid paying PMI, you need to pay a minimum 20% down payment.
.2*215,000 = 43,000
The answer to this question is "product invention". Kho Khao's coffee house is currently involved in product invention when it is the first coffee house that introduced a flavored coffee locally and in the global market. It also sells coffee in several and different flavors such as blueberry, cinnamon, and cranberry. It was based on the flavors preferred in the target country.
<u>Explanation:</u>
One may ask: what is a credit card? In simple words, a credit card is a payment instrument (plastic card) that allows the cardholder to spend money they don't personally own in their account.
Hence, A typical credit card statement would inform me that I made a purchase worth $500, stating
- The Payment Due Date: For example, it may be written that I must have made the credit balance by 31/12/XX. (Note, Failure to do so would in most cases lead to accruing of interest)
- The Minimum payment due: In this case, the $20 signifies a minimum payment that is significant enough to be recorded till the entire $500 balance is covered. However, it is not intended that only that amount be paid each month. If it were to be it would take me 25 months or 2 years 1 month ($500/$20) to complete the balance; which is not the best option likely considering the accrued interest to be paid.
