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Brrunno [24]
3 years ago
15

You have contracted to buy a house for​ $250,000, paying​ $30,000 down and taking out a fully amortizing loan for the​ balance,

at a​ 5.7% annual rate for 30 years. What will your monthly payment be if they make equal monthly installments over the next 30 years​ (to the nearest​ dollar)?
Business
1 answer:
NeTakaya3 years ago
6 0

Answer:

$ 1252

Explanation:

Since we have been given the annual rate, but we have been asked for monthly payments, the first thing we should do is calculate the monthly rate.

R = (1+ APY) ^ 1/12 -1  

Where:

R: monthly rate

APY: annual rate

R= (1+0.057)^1/12-1

R= 0.0046

Then, having monthly rate data, we can calculate the monthly payments. For that, we will use the formula for the present value of an ordinary annuity.

PMT= (P*R) / (1-(1+R)^(-n))  

Where:

PMT: Monthly payments

R: monthly rate

P: Present value

n: Period  

PMT= (220,000 * 0.0046) / (1-(1.0046)^-360))

PMT= 1,252

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yanalaym [24]

Answer:

                   

Explanation:

3 0
2 years ago
Hercules Workout World gains a client who prepays $ 660 for a package of six physical training sessions. Hercules Workout World
Sergeu [11.5K]

Answer:

Service revenue of $ 440

Explanation:

When the customer prepays, the revenue is yet to be earned hence the entries required would be a debit to cash account and a credit to unearned or deferred revenue.

As the service is rendered and revenue is earned, debit the deferred revenue account and credit the revenue account with the amount earned.

Since $660 was collected for 6 training sessions

Revenue from a training session

= 1/6 × $660

= $110

After 4 training sessions, revenue earned and to be recognized in the income statement

= 4 × $110

= $440

8 0
2 years ago
Select the correct answer. According to Maslow’s hierarchy of needs, which need consists of an individual striving for importanc
shutvik [7]

Answer:

According to Maslow's hierarchy of needs, self esteem consists of an individual striving for importance.

Explanation:

  • Maslow's hierarchy of needs suggests that people have various needs, and they must satisfy the basic needs before moving on to satisfy advanced needs.
  • There are five different levels of needs according to Maslow.
  • They are:
  1. Physiological needs-
  2. Security and safety needs
  3. Social needs
  4. Self esteem
  5. Self actualization
  • The lower four needs are deficiency needs that arise due to deprivation. Satisfying the physiological,social,security and esteem needs is important to feel content.
  • The highest level of need is growth need.They arise from the desire to grow as an individual.
4 0
3 years ago
The practice of setting prices deliberately below ________ costs in an effort to drive a competitor out of the market is known a
snow_tiger [21]

Answer:

c. average variable

Explanation:

The options for the question are;

. a) marginal

b. average total

c. average variable

d. average fixed

Predatory pricing can be regarded as

pricing strategy which is an illegal act whereby dominant firm in an particular industry set their price low so that compitition can be eliminated, this act usually aid Monopoly in the market. It should be noted that The practice of setting prices deliberately below average variable costs in an effort to drive a competitor out of the market is known as predatory pricing.

5 0
2 years ago
Suppose that the price of labor (PL) is $10 and the price of capital (PK) is $20. What is the equation of the isocost line corre
gayaneshka [121]

Answer:

$100 = $10PL + $20PK

Explanation:

Computation for the equation of the isocost line

Using this formula to compute the equation of the isocost line

Total cost=Price of labor (PL)+Price of capital (PK)

Where,

Total cost=$100

Price of labor (PL)=$10

Price of capital (PK)=$20

Now Let plug in the formula to compute the equation of the isocost line

$100 = $10PL + $20PK

Therefore the equation of the isocost line corresponding to a total cost of $100 will be $100 = $10PL + $20PK

8 0
2 years ago
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