1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
marusya05 [52]
3 years ago
5

Chris bought a home for $225,000, putting down 20%. The mortgage is at 6 1/2% for 30 years. Determine his monthly payment

Business
1 answer:
azamat3 years ago
8 0

Since you are paying 20% up front, you are paying $45000 up front (.20*225000) which means you are borrowing

225000-45000 = $180,000.

 

Hopefully, you've learned the formula for figuring out the payment for an amortization problem. It is as follows:

 

A=P [(1+R/n)nt *R/n]  / [(1+R/n)nt -1] A is the amount for each payment, P is the principal, r is the rate, n is the number of payments per year and t is the time in years

 

So A = 180000 [(1+.065/12)12*30 * .065/12] / [(1+.065/12)360 -1]

   A  = 180000 [ .037872239/5.991797982]

   A  = 1137.72

 

So you will have 360 payments of 1137.72. So over the 30 years, you will pay 360 * 1137.72 = $409,579.20 and you only borrowed 180,000, which means when you subtract them, you'll have 229,579.20 in interest.

 

Hope this helped.



You might be interested in
The nurse in a maternity unit is providing emotional support to a client and her significant other who are preparing to be disch
Setler79 [48]

Answer: It might be "We want to attend a support group."

Explanation:

A support group can help the parents work through their pain by nonjudgmental sharing of feelings. The correct option identifies a statement that would indicate positive, normal grieving.

8 0
2 years ago
Your client has called for help with that bank fees in QuickBooks Online you began by asking them to open the bank and tab in th
viktelen [127]
This doesn’t make sense :(
3 0
3 years ago
: Typically required on ________ loans when the down payment is less than ______% and loan-to-value ratio is in excess of ____%.
BARSIC [14]

Answer:

Mortgage, 20%, 80%

Explanation:

Typically required on Mortgage loans when the down payment is less than 20% and loan-to-value ratio is in excess of 80%. Loans with higher LTVs don't conform to Fannie Mae/Freddie Mac guidelines, so a lender may require PMI to offset the risk.

3 0
3 years ago
Which statement WOULD NOT be true about the value of career research?
Rudiy27

Answer: There are many careers that would support your well-being. Career exploration allows you to find the one that pays the most so your well-being is enhanced to the highest degree

Explanation:

When making a career research, it's vital to consider the opinion of the people that already have that career as their occupation as they already have the required knowledge concerning the job.

Also, one should consider the availability of job, the skills, abilities that one has and the future prospects of the job.

Furthermore, we all have something we value about careers and our opinions regarding that might be different.

Therefore, the correct option is "There are many careers that would support your well-being. Career exploration allows you to find the one that pays the most so your well-being is enhanced to the highest degree". This is false.

7 0
2 years ago
A ____________ is a strategy in which firms share some of their resources and capabilities to create economies of scope and is s
Alina [70]

Answer:

<em>c. Synergistic Strategic Alliance</em>

Explanation:

Synergistic Strategic Alliance is <em>a two-way partnership where both of them collaborate with each other and share their core competencies with one another to make their total output more than mutual individual outputs.</em>

Therefore, through synergistic actions, both companies turn their vulnerabilities into strengths and thus become more effective on the marketplace.

7 0
3 years ago
Other questions:
  • Compute the present value of​ $46,000, invested for six years at​ 8%. Present value of​ $1: ​5% ​6% ​7% ​8% ​9% 3 0.864 0.840 0.
    10·1 answer
  • Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts. Determine the effect of each of
    6·1 answer
  • Consider a four-year project with the following information: initial fixed asset investment = $595,000; straight-line depreciati
    9·1 answer
  • Which of the following refers to a cluster of decisions concerning what organizational goals to pursue, what actions to take, an
    6·1 answer
  • The short run aggregate supply curve was constructed assuming that as the price of outputs increases, the price of inputs stays
    10·1 answer
  • An international distribution company has a shipping division, a warehouse division, and a computer hardware and software distri
    15·1 answer
  • Two differences between purchasing shares on the stock market and saving in a commercial bank
    6·1 answer
  • Exercise Answer the following questions 1. What is teaching? Write.​
    9·1 answer
  • An athletic trainer who recently became certified is planning on working summer camps for an area high school before he starts h
    7·1 answer
  • 30 POINTS! My package says Package is "Out for Delivery" since 9AM today but the scheduled delivery date is tomorrow. Usually wh
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!