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Nezavi [6.7K]
3 years ago
10

You are thinking of purchasing a house. The house costs $ 200 000. You have $ 29 comma 000 in cash that you can use as a down pa

yment 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 5 % per year. What will be your annual payment if you sign this​ mortgage?

Business
1 answer:
Marizza181 [45]3 years ago
7 0

Answer:

$15,189.49

Explanation:

In order to determine the annual payment we have to use the PMT formula i.e to be shown in the attachment below:

Given that,  

Present value = $200,000 - $29,000 = $171,000

Future value = $0

Rate of interest = 5%

NPER = 30 years

The formula is shown below:

= PMT(Rate;NPER;-PV;FV;type)

The present value come in negative

So after applying the formula, the annual payment is $15,189.49

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Usually, marginally attached workers refers to individuals who are not actively seeking for a job or employment at a particular point in time,which is the case of both Tim and Bev. However, for an individual to be classed as a marginally attached worker, He or she must be willing and able to work and worked or sought for a job at any point within the last twelve months. Bev has searched for a job within the last year and Tim's environment has very few openings to accommodate employees.

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"Bishop, Inc., is obligated to pay its creditors $6,500 during the year. (Leave no cells blank - be certain to enter "0" whereve
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It is given that there is a liability to creditors of 6,500

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Agatha has worked for ten years in the public relations department of a large firm. she has been promoted to several higher payi
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A 20-year loan of 2,500 is repaid with payments at the end of each year. Each of the first ten payments equals 175% of the amoun
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4 years ago
The following information is for the Jeffries​ Corporation: Product​ A: Revenue ​$18.00 Variable Cost ​$14.00 Product​ B: Revenu
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Jeffries Corporation's Operating Income from the two products is <em>A. ​$35,000.</em>

The operating income is the difference between the revenue and operating costs (variable and fixed costs).

Data and Calculations:

                             Product A     Product B     Total

Revenue                 $18.00           $21.00

Variable cost            14.00              13.00

Contribution            $4.00             $8.00

Fixed costs                                                 $143,000

Total sales units                                            35,600

Sales mix                  3                        1               4

Sales units             26,700           8,900      35,600

Total contribution$106,800      $71,200  $178,000

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Operating income                                      $35,000

Thus, the operating income is $35,000.

Read more: brainly.com/question/14815746

 

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