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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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<h3>Manufacturing trend in developed countries </h3>
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As a result of these jobs being shipped abroad, manufacturing jobs in developed countries are suffering and will decrease in the next few years.

In conclusion, option B is correct.

Find out more on manufacturing jobs at brainly.com/question/25553251.

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Extent to which the demand<span> for a good changes when income changes.</span>
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Cash flows from investing do not include cash flows from: Multiple Choice lending money to another corporation. the sale of equi
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<h3><u>Explanation:</u></h3>

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Answer:

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