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quester [9]
3 years ago
9

Suppose you buy a home and borrow $176,000 using a 30 year mortgage with an annual interest rate of 3.20% (compounded monthly).

You recall your FI 302 professor talking about how increasing your monthly payment can save you both time and money. You decided to pay 10% more each month than what the bank suggests your payment should be. Given this, in how many years will you pay off the loan
Business
1 answer:
kipiarov [429]3 years ago
5 0

Answer:

Explanation:

Rate of interest =  3.2 / 12 = .266667

No of terms = 12 x 30 = 360

amount = 176000

PMT = $ 761.14

Now the instalment is increased by 10% so

the instalment becomes = 761.14 + 76.11

= #837.25

No of years required from table

= 25.74 years.

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6 0
3 years ago
An investment will pay $202,000 at the end of next year for an investment of $182,000 at the start of the year. If the market in
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Answer:

The first investment is more profitable than the general market interest rate.

Explanation:

Giving the following information:

An investment will pay $202,000 at the end of next year for an investment of $182,000 at the start of the year. The market interest rate is 7.9% over the same period.

<u>To compare both options, we need to calculate the final value of investing the $182,000 in other investment that pays a 7.9% interest rate.</u>

We need to use the following formula:

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FV= 182,000*(1.079)= $196,378

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7 0
2 years ago
When Jenny Jimenez was attempting to pay off $37,000 in debt, how did she decide which cards to pay off first?
zlopas [31]

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8 0
3 years ago
The demand for capital by a firm is based on the demand for the product that the capital produces. this relationship is referred
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Land labor and capital
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3 years ago
Lein's net income is $200,000 and its operating cash flows are $240,000. The company reports total assets of $1.6 million and $1
yarga [219]

Answer:

14.1%

Explanation:

Cash return on assets is the ratio of a company's operating cash flow to its average total assets. It shows how a company is generating cash flow from its assets and compares a company’s profitability with other companies.

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Given that:

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6 0
2 years ago
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