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3 years ago

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.

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On August 10, a credit card account had a balance of $325. A purchase of $56 was made on August 15, and $157 was charged on Augu

igomit [66]

Answer:

The finance charge on the September 10 bill is $5.08.

Explanation:

Note: See the attached excel file for the calculation of the sum of total amount owed each day (in bold red color).

From the attached excel file, we have:

Sum of total amount owed each day = $11,675

Average daily balance = Sum of total amount owed each day / Number of days in the billing period = $11,675 / 31 = $376.61

Finance charge = Average daily balance * Interest rate per month = $376.61 * 1.35% = $5.08

Therefore, the finance charge on the September 10 bill is $5.08.

Download xlsx

6 0

3 years ago

At the beginning of the year, managers at King Industries estimated $400,000 in manufacturing overhead, 20,000 direct labor hour

zaharov [31]

Answer:

Allocated Overhead= $440,000

Explanation:

Giving the following information:

The estimated overhead= $400,000

Estimated direct labor hours= 20,000

Actual direct labor hours= 22,000 direct labor hours

First, we need to calculate the estimated overhead rate. Then, allocate overhead based on actual direct labor hours:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= 400,000/20,000= $20 per direct labor hour

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH=20*22,000= $440,000

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3 years ago

Country Homes Corporation just recorded a transaction in its books. If this transaction increased the total liabilities by $ 18

diamong [38]

Answer:

Total assets increased by $18,000

And, equity is decreased by $18,000

Explanation:

We know that

Total assets = Total liabilities + total owners equity

This above equation is known as the accounting equation

Since in the question, it is mentioned that the transaction increased the total liabilities by $18,000 which increases the total assets by $18,000 and decreases the owner equity by $18,000 so this above equation should be equal and balanced.

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3 years ago

Strong brand names: multiple choice 1 are easy to create. guarantee brand loyalty. guarantee product quality. act as a signal of

Sladkaya [172]

Answer:

1. Strong brand names:

guarantee brand loyalty.

2. A negative impact of branding is that:

it may create false perceptions about product differences.

Explanation:

Brand names differentiate the products and services of competitors providing similar goods and services. It is usually represented as a logo. To make the brand name strong, the brand should reflect the style of customer services, marketing materials, and advertising chosen by a particular company in a competitive market.

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3 years ago

A business’ efforts to sustain the planet and their participation in ecological movements are part of a firm’s ________. Select

7nadin3 [17]

Answer:

The correct answer would be option D, The firm's Social Responsibility.

Explanation:

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4 years ago