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grin007 [14]
3 years ago
14

You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on

the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. What will your remaining balance after 9 years.
Business
1 answer:
inysia [295]3 years ago
4 0

Answer:

$258077.04

Explanation:

The cost of the house is $350,000

Apply compound interest formula

A=P(1+r/n)^nt

where

A=amount of loan after the period has elapse=?

P=principal deposit amount=$50,000

r=rate of interest in decimal form=0.07%

t=time taken for the loan to mature

n=1

A=$50,000(1+0.07)^9

A=$50,000*(1.07)^9

A=$91922.96

Remaining balance =$350000-$91922.96=$258077.04

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Which kind of feasibility is concerned with whether the organization has the skills needed to properly apply a given technology
tino4ka555 [31]

Answer: technical feasibility

Explanation:

Technical feasibility shows how s company or an organization will deliver the goods and service to the customers. Technical feasibility is vital as companies will be able to know whether the technical resources that the company possesses will meet its capacity.

It should also be noted that technical feasibility is concerned with whether the organization has the skills needed to properly apply a given technology.

7 0
3 years ago
Pendleton Company, a merchandising company, is developing its master budget for 2015. The income statement for 2014 is as follow
Amanda [17]

Answer:

<u>Budgeted functional income statement for 2015</u>

Gross sales ($2,000,000  × 1.04 × 1.06)                                       $2,204,800

Less: Estimated uncollectible accounts ($2,204,800 × 2 %)         ($44,096)

Net sales                                                                                        $2,160,704

Cost of goods sold (1,100,000 × 1.03)                                          ($1,133,000)

Gross profit                                                                                     $1,027,704

Operating expenses (475,000 × 1.10)                                            ($522,500)

Depreciation                                                                                     ($25,000)

Net income                                                                                       $480,204

Explanation:

Make the adjustments stated on the 2014 Income Statement.

For Operating Expenses, it is wise to first remove the depreciation expense and apply the increment of 10% to reflect Operating Costs for 2015.

Treat Depreciation Expense separately and at the same amount as for 2014, since depreciation is calculated on straight line method.

3 0
3 years ago
According to the FTC, how does the ECOA empower individuals?
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<span>Credit cannot be denied based on unrelated factors.</span>
5 0
3 years ago
Read 2 more answers
During a presidential campaign, the incumbent argues that he should be reelected because GDP grew by 12 percent during his 4-yea
KengaRu [80]

Answer: The real GDP per person grew by 8%. Option C is the correct option

Explanation:

To calculate the real GDP per person, we have to calculate the real GDP growth rate in respect to the growth in population and deflator rate, then multiply it with the GDP growth.

GDP deflator = Nominal GDP ÷ Real GDP

The nominal GDP which includes the addition of population will grow by 4% since the population growth was 4%

GDP deflator increase by 6%

Therefore;

Real GDP = 4% ÷ 6% = 0.66667

THE REAL GDP PER PER PERSON

12% × 0.66667 = 8.00004%

Therefore the the real GDP per person is 8%, which is less than what he said.

8 0
3 years ago
Barry and his wife mary have accumulated over $4 million during their 45 years of marriage. they have three children and five gr
jolli1 [7]

Answer:

49

Explanation:

You just add them together

6 0
3 years ago
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