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Scorpion4ik [409]
3 years ago
9

Kathy fields wants to buy a condominium selling for $95,000. The bank is requiring 20% down and is charging 9.5% interest for a

25 year loan. determine the amount required down payment and the amount of the monthly payment for the principal and interest.
Business
1 answer:
tatuchka [14]3 years ago
3 0

Answer:

The down payment is 19000 and monthly payment is 664.009

Explanation:

The purchase price of condominium = $95000

Down payment = 20%

Interest charged  = 9.5 %

Time period = 25 years

Down payment amount =  95000 × 20% = 19000

Remaining loan amount = $76000

Below is the calculation of monthly payment:

\text{Present vlaue of annuity} =\frac{A(1-(1+r)^{-n})}{r} \\A = monthy \ installment \\76000 = \frac{A(1-(1+ 0.095/12)^{-25\times 12})}{ 0.095/12} \\A(0.906112) = 601.667 \\A = 664.009

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Answer:

The impacts of the fur trade on society in terms of economics, culture, technology, nature, and the government changed over the time.

Rockefeller never act unethically by the standards of his day or today´s.

There is nocontradiction between his personal and business ethics.

Explanation:

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6 0
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To build wealth is a gamble; the wealthy people are lucky and become rich overnight. True or false
klasskru [66]

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5 0
2 years ago
A private not-for-profit entity receives three large cash donations: One gift of $75,000 is restricted by the donor so that it c
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Answer:

$310,000

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Calculation to determine the increase in the current year in net assets with donor restrictions

Using this formula

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8 0
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A normal profit is:______
katen-ka-za [31]

Answer:

b. revenues minus accounting and opportunity costs.

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