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Vladimir [108]
3 years ago
15

This morning, you borrowed $150,000 to buy a house. The mortgage rate is 7.35 percent. The loan is to be repaid in equal monthly

payments over 20 years. The first payment is due one month from today. How much of the second payment applies to the principal balance
Business
1 answer:
NeTakaya3 years ago
4 0

Answer:

$277.61 is applies  to the principal balance of the second payment.

Explanation:

Loan is provided to purchase any asset and pay it back on easy installment with some interest amount yearly.

Use following formula to calculate monthly installment:

P = (PV x r) / ( 1 - ( 1 + r )^-n )

P = ( $150000 x 7.35%/12 ) / ( 1 - ( 1 + 7.35% / 12 )^-240

P  = 1194.669

1st payment

Payment = $1,194.67

Interest = 150,000 x 7.35/12 = $918.75

Principal Payment = $1,194.67 - $918.75 = $275.92

Outstanding balance = $150,000 - $275.92 = 149,724.08

2nd Payment

Payment = $1,194.67

Interest = 149,724.08 x 7.35/12 = $917.06

Principal Payment = $1,194.67 - $917.06 = $277.61

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Answer:

Promotion

Explanation:

The four Ps of of the marketing mix are Pricing, Promotion, Place, and Product.

Integrated marketing communications is part of promotion.

Promotion is defined as the act of increasing awareness about a product or service to the target market with a view of increasing sales. It involves communication beneficial information of a product to the buyer.

Integrated marketing communications which is the process of employing all promotional tools to work in harmony.

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Answer:

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Explanation:

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If more of one good is to be produced, more of the second good would be given up to increase the production of the first good.

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I hope my answer helps you

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