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Viefleur [7K]
3 years ago
15

Let’s suppose you would like to buy a home for $250,000. But like most U.S. citizens, you don’t have enough cash on hand to pay

for the full house. But we’re in luck! Signature Bank has agreed to offer you a 30-year mortgage loan, but requires that you pay 20 percent down ($50,000 = 20% of $250,000) to qualify for their mortgage loan of $200,000 in this way:
$250,000 Cost of home
50,000 Required 20% down payment ($50,000 = 20% of $250,000) (The cash you need to have available to pay when closing on the home)
$200,000 Amount of the bank loan
1. Calculate the monthly payment for a 30-year mortgage loan.2. Calculate the amount of interest that you’d pay for a 30-year mortgage loan.3. How much interest do you pay over the life of a 30-year mortgage?
4. To compute the mortgage payments, we’ll need to know a few things:A. The size of the mortgage loan.B. The interest rate.
C. The length of the loan (number of months).
Business
1 answer:
noname [10]3 years ago
8 0

Answer:

1. Calculate the monthly payment for a 30-year mortgage loan.

we can do this by using the present value of an annuity formula

the loan's interest rate is missing, so I looked for a similar question and found that it is 6%

present value = monthly payment x annuity factor

monthly payment = present value / annuity factor

  • present value = $200,000 (loan's principal)
  • PV annuity factor, 0.5%, 360 periods = 166.79161

monthly payment = $200,000 / 166.79161 = $1,199.101082 ≈ <u>$1,199.10</u>

2. Calculate the amount of interest that you’d pay for a 30-year mortgage loan.

total interests paid during the 30 years = (monthly payment x 360) - principal = ($1,199.10 x 360) - $200,000 = <u>$231,676</u>

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$664,000

Explanation:

The computation of the budgeted total manufacturing cost is shown below:

Budgeted total manufacturing costs is

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= $24,000 + $640,000

= $664,000

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shepuryov [24]

Answer:

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Explanation:

Canadian economist Alex Tabarrok (born in 1966) explains social surplus as the sum of consumer surplus, producer surplus, and bystanders surplus. Tabarrok takes an integrative approach in consumer surplus by stating <em>social surplus encompasses every economic trade in the market rather than only consumers and producers surplus.</em>

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4 0
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The five concept of Total Quality Management includes:

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