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11Alexandr11 [23.1K]
3 years ago
5

Ben and carla covington plan to buy a condominium. they will obtain a $220,000, 30-year mortgage at 5 percent. their annual prop

erty taxes are expected to be $1,800. property insurance is $480 a year, and the condo association fee is $220 a month. based on these items, determine the total monthly housing payment for the covingtons. use exhibit 7-7. (round your intermediate calculations and final answer to 2 decimal places.) total monthly housing payment $
Business
1 answer:
shtirl [24]3 years ago
3 0

Answer: The total using monthly housing payment is 1371.01.

The monthly payment on a house usually comprises of four parts - principal, interest, taxes and insurance. Even though taxes and insurance are due only once a year, most home loan lenders require that these amounts be deposited in an escrow account . They then transfer the amounts to the respective agency when the amounts fall due. So, the value of monthly payment is:        

Monthly Housing Payment = Principal + Interest + Taxes + insurance

We need to calculate the EMI on the housing loan. This will cover the monthly payment on principal and interest

EMI = \frac{PV}{\frac{1-(1+r)^{-n}}{r}}

EMI = \frac{220000}{\frac{1-(1+\frac{0.05}{12})^{-30*12}}{\frac{0.05}{12}}}

EMI = \frac{220000}{\frac{1 - 0.22382659564135}{0.0042}}

EMI = \frac{220000}{186.28}

EMI = 1181.01

Next we calculate the monthly property taxes and insurance

Monthly property taxes       \frac{1800}{12} = 150

Property insurance             \frac{480}{12} = 40

Hence the total housing payment is : 1181.01 + 150 +40 = 1371.01

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Enter a logical function in cell F5 that calculates employee FICA withholding. If the employee is full-time and has at least one
mixer [17]

Answer:

the formula in cell F5 =IF(AND(B5="FT",C5>0),0.07*(D5-E5),0.05*(D5-E5))

Explanation

Check attachment for the given data and solution data

3 0
3 years ago
You plan to make a series of deposits in an interest-bearing account. You will deposit $1,000 today, $2,000 in 2 years, and $8,0
solniwko [45]

Answer:

$5,641

Explanation:

DEPOSIT NOW  

$1000 * FVIF 9%,8 PERIODS

= $1000 * 1.9926

= $1992.6

IN 2 YEARS

= $2000 * FVIF 9%,6 PERIODS

= $2000 * 1.6771

= $3354.20

IN 5 YEARS

= $8000 * FVIF 9%, 3 PERIODS

= $8000*1.2950

= $10360

WITHDRAWAL: IN 3 YEARS

= ($3000) * FVIF 9%, 5 PERIODS

= ($3000) * 1.5386

= ($4615.80)

IN 7 YEARS

= ($5000) * FVIF 9%, 1 PERIOD

= ($5000) * 1.0900

= ($5450)

Total value = $1992.6  + $3354.20 + $10360  - $4615.80 - $5450

Total value = $5,641

So, the total future value after eight years is $5,641

7 0
2 years ago
"______, a key feature of a customer relationship management system, is the ability to aid customer service representatives so t
Kobotan [32]

Answer:

Customer support

Explanation:

Customer support offers various customer services to help customers in making cost effective and correct use of a product. Through customer support, customers requests and issues can be resolved through answering questions and providing help on onboarding, while collecting and storing data about those interactions

5 0
2 years ago
What’s the answer .......
ohaa [14]

If i am correct it is A. Yep, I googled it

4 0
3 years ago
You were hired as a consultant to Quigley Company, whose target capital structure is 35% debt, 10% preferred, and 55% common equ
san4es73 [151]

Answer:

8.1%

Explanation:

Firstly, let look at the formula for calculating weighted average cost of capital (WACC):

WACC = (D/A) x r_D x (1-t) + (E/A) x r_E + (PE/A) x r_PE, where:

A: Market value of company asset;

D: Market value of company debt;

E: Market value of company equity;

PE: Market value of company preferred equity;

r_D: cost of debt;

r_E: cost of equity/retained earnings;

r_PE: cost of preferred equity;

t: tax rate

Putting all the numbers together, we have:

WACC = 35% x 6.5% x (1-25%) +  55% x  10.5%  + 10% x 6% = 8.1%

8 0
2 years ago
Read 2 more answers
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