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STALIN [3.7K]
3 years ago
10

You've decided to buy a house that is valued at $1 million. You have $150,000 to use as a down payment on the house, and you tak

e out a mortgage for the rest. Your bank has approved your mortgage for the balance amount of $850,000 and is offering you a standard 30-year mortgage with 8% fixed nominal interest rate (called the annual percentage rate, or APR). According to this proposal, what will be your monthly mortgage payment?
a. $6,237.
b. $8,420.
c. $9,667.
d. $7,796

Business
1 answer:
Sergeeva-Olga [200]3 years ago
3 0

Answer:

a. $6,237.

Explanation:

We use the PMT formula i.e shown in the attachment below:

Data provided in the question

Present value = $850,000

Future value = $0

Rate of interest = 8% ÷ 12 months = 0.66666%

NPER = 30 years × 12 months = 360 months

The formula is shown below:

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

The present value come in negative

So, after solving this, the  monthly mortgage payment is $6,237

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Answer:

The SAE programs could be extended even diversified using the following techniques.  

Explanation:

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8 0
3 years ago
Emily had an excellent year as a salesperson in 2015, earning $97,000. she paid $37,000 for necessities such as mortgage, food,
ycow [4]

Discretionary income is the amount of money remaining from her income after paying federal taxes, other mandatory charges, and necessary expenditures for living. In this situation, Emily is earning a gross income of $97,000. When you deduct her necessary expenditures for mortgage, food, and clothing in the amount of $37,000 and her federal income taxes in the amount of $24,000 from her gross income, you can get her discretionary income which is $36,000.

4 0
3 years ago
JK Company can sell all of the plush and supreme products it can produce, but it has limited production capacity. It can produce
shepuryov [24]

Answer:

$3,418,800

Explanation:

Contribution margin per hour:

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Hope this helps!

8 0
3 years ago
Read 2 more answers
An artist would like to protect one of his original oil painting from being sold as original prints. He may protect his painting
IRINA_888 [86]

Answer:

copyright

Explanation:

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This is a legally guaranteed way for artists, scientists and scholars to protect their intellectual property from fraudulent reproductions that do not grant them due copyrights.

Therefore, copyright motivates individuals to produce intellectual content relevant to society, with the certainty that the author's rights will be maintained, even after the death of the creator, copyright guarantees the security of rights after 50 to 100 years.

3 0
3 years ago
If information processing was perfect, many studies conclude that individuals would tend to make __________ decisions using that
blondinia [14]

Answer: a. less than fully rational; behavioral biases

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4 0
3 years ago
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