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goblinko [34]
3 years ago
9

Rob Grier, a friend of yours, has recently purchased a home for $125,000, paying $25,000 down and the remainder financed by a 10

.5%, 20-year mortgage, payable at $998.38 per month. At the end of the first month, Rob receives a statement from the bank indicating that only $123.38 of principal was paid during the month. At this rate, he calculates that it will take over 67 years to pay off the mortgage. Is he right?
Business
1 answer:
KonstantinChe [14]3 years ago
7 0

Answer:

No

Explanation:

Rob is considering their principal payment will be 123.38 everytime.

<u>It will increase through time while interest payment decrease.</u>

Month  Beg Cuota Rate Interest Principal payment Ending

1 100,000 998.38 0.00875 875                 123.38 99,877

2 99,877 999.38 0.00875 873.92           125.46 99,751

3 99,751 1000.38 0.00875 872.82          127.56 99,624

4 99,624 1001.38 0.00875 871.77          129.67 99,494

5 99,494 1002.38 0.00875 870.57           131.81 99,362

6 99,362 1003.38 0.00875 869.42           133.96 99,228

<u>The cuota and rate keep at the same level.</u>

But the interest decrease, because each time the principal is lower, giving place to a higher repayment.

The loan will repay at 20 year as state in the mortgage

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An objective in this context is a goal that an enterprise aspires towards achieving.

In every enterprise each section is tasked with producing outputs within each department, and deliver to customers. The intention is to of achieve the overall objectives set by the enterprise. Functions are designed to operate cohesively, with the aim of achieving these 2 aspects and ensuring that the enterprise runs smoothly and generates the best possible outcome.

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The process of providing focus for employees and motivating them to achieve organizational gool's. Select one a. Effective b. Di
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Answer:

directing

Explanation:

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5 0
3 years ago
Shelby Corporation was organized in January to operate an air-conditioning sales and service business The charter issued by the
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Answer: Please refer to Explanation

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This is how the stockholders' equity section of the balance sheet at December 31 should look like,

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If you need any clarification do comment.

8 0
2 years ago
Haver Company currently produces component RX5 for its sole product. The current cost per unit to manufacture the required 66,00
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