Comparing the horizontal analysis of McDonald's financial statements to the horizontal analysis of Burger King's financial sta
1 answer:
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Answer:
c. $1,934.85
Explanation:
given data
selling price is $320,000
down payment = 20 %
APR r = 6% = 0.005 monthly
Insurance amount i = $1,800 per year
taxes T = $3,000 per year
Total time period n = 30 year = 360 months
solution
first we get here Principal Amount on the Loan that is
P = $320,000 - 20% down payment
P = $320,000 - $64,000 = $256,000
and now we get here Monthly PITI Payment that is express as
C = ...............1
C =
so The Monthly Payment is $1934.85.
correct answer is c. $1,934.85