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ozzi
3 years ago
9

You plan to purchase a $330,000 house using either a 30-year mortgage obtained from your local savings bank with a rate of 8.00

percent, or a 20-year mortgage with a rate of 7.00 percent. You will make a down payment of 20 percent of the purchase price. a. Calculate the amount of interest and, separately principal paid on each mortgage. What is the difference in interest pald? b. Calculate your monthly payments on the two mortgages. What is the difference in the monthly payment on the two mortgages? (For all requlrements, do not round Intermediate calculations. Round your answers to 2 declmal places. (e.g. 32.16)) Interest under 20-year mortgage Interest under 30-year mortgage Difference in interest paid b Monthly payment under 20-year mortgage 1,937.14 Monthly payment under 30-year mortgage Diflerence in monthly payment

Business
1 answer:
neonofarm [45]3 years ago
4 0

Answer:

Please see attachment

Explanation:

Please see attachment

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[The following information applies to the questions displayed below The following financial statements and additional informatio
Andrej [43]

Answer:

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7 0
2 years ago
A bond has a face value of $1,000, a coupon of 4% paid annually, a maturity of 30 years, and a yield to maturity of 7%. What rat
Lelechka [254]

Answer:

-11.8%

Explanation:

the key to answer this question is to remember that valuation of a bond depends basically of calculating the present value of a series of cash flows, so let´s think about a bond as if you were a lender so you will get interest by the money you lend (coupon) and at the end of n years you will get back the money you lend at the beginnin (principal), so applying math we have the bond value given by:

price=\frac{principal*coupon}{(1+i)^{1} }+ \frac{principal*coupon}{(1+i)^{2} } \frac{principal*coupon}{(1+i)^{3} }+...+\frac{principal+principal*coupon}{(1+i)^{n} }

so in this particular case that one year later there are 29 years to maturity so we have:

price=\frac{1,000*0.04}{(1+0.08)^{1} }+ \frac{1,000*0.04}{(1+0.08)^{2} } \frac{1000*0.04}{(1+0.08)^{3} }+...+\frac{1,000+1,000*0.04}{(1+0.08)^{30} }

price=553.6638

so as we have a higher rate the investment has the next return:

return=\frac{553.66}{627.73} -1

return=-11.8\%

4 0
2 years ago
Tim babysits for three hours on the weekend. His current babysitting job pays him $7 an hour. He has a new babysitting job offer
weqwewe [10]
Before going to the cost and benefits, lets take a look first at the total of what Tim makes for the two jobs. In the first job, he is paid $7 per hour for 3 hours so that is $21 total for the first job. The second job offer is $10 per hour for two hours so that is $20 for the entire second job offer. If he is going to take the first job, he will have $1 more than the second job, however, he has to work an extra hour. However, if he takes the second job, he receives $1 less but has one hour more for himself. So if he were to take the second job, it will be more beneficial to him because he can get almost the same amount but doesn't need to work as hard
5 0
2 years ago
Read 2 more answers
Samantha is the store manager of a sporting goods store. A customer came in to return a fishing reel because the reel did not wo
Arturiano [62]
The type of account Samantha should recod the transaction is the contra account.
8 0
3 years ago
LAN security policies center on issues concerning connectivity; this includes determining how devices adhere to the network. Amo
Aloiza [94]

Answer:

The correct answer is controlled maintenance.

Explanation:

It is the maintenance whose mission is to maintain a certain level of service in the equipment, programming the interventions of their vulnerable points at the most appropriate time. It usually has a systematic character, that is, it intervenes even if the team has not given any symptoms of having a problem.

Some data transmission networks mess up the messages they send, so if the messages are sent in a certain sequence, they are not guaranteed to arrive in that same sequence. To solve this, the protocol must incorporate a mechanism that allows it to reorder the messages at the destination. This mechanism can be the numbering of the fragments, for example.

8 0
2 years ago
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