Lars is planning to purchase a home. He has been approved for a $420,000, 20-year mortgage with an APR of 5.125%.
1 answer:
Answer:
Wow - you are asking a LOT of questions. The Monthly Payment Formula is really tricky so I'll solve that for you.
The time of the loan = 20 years * 12 = 240 months
We have to convert the annual rate to a monthly rate and that is done by:
monthly rate = 5.125 / 1,200 = 0.00427083333333333
Monthly pmt = 0.00427083333333333 + [0.00427083333333333 / (1.00427083333333333^240) -1 ] * 420,000
Monthly pmt = 0.00427083333333333 + [0.00427083333333333 / 2.7810190076 -1] * 420,000
Monthly pmt = (0.00427083333333333 +0.0023979718) * 420,000
Monthly pmt = 2,800.90
A calculator to double check is here: https://www.1728.org/calcloan.htm
Step-by-step explanation:
You might be interested in
Answer:
Workland has lower productivity but higher real GDP per person than Laborland.
Step-by-step explanation:
Consider the provided information.
Workland has a population of 10,000, of whom 7,000 work 8 hours a day to produce a total of 224,000 final goods.
Productivity = Output / Input
For Workland productivity is:
Laborland has a population of 5,000, of whom 3,000 work 7 hours a day to produce a total of 105,000 final goods.
For Laborland, productivity is:
Thus, Laborland has higher productivity .
To figure real GDP per person, divide output by population:
For Workland,
for Laborland,
Thus, Workland has a higher real GDP per person.