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kirill115 [55]
3 years ago
13

You need a 35-year, fixed-rate mortgage to buy a new home for $295,000. Your mortgage bank will lend you the money at an APR of

5.9 percent. However, you can only afford monthly payments of $1,350, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $1,350

Business
1 answer:
Anika [276]3 years ago
8 0

Answer:

$434,780.69

Explanation:

The computation of the large the ballon payment would be is determined by using the future value formula i.e. to be shown in the attachment

Provided that

Present value = $295,000

Rate of interest = 5.9% ÷ 12 months  = 0.49166%

NPER = 35 years × 12 months = 420 months

PMT = $1,350

The formula is shown below:

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

So, after applying the above formula, the future value is $434,780.69

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elena-s [515]

Answer:Inventory on hand Balance at the end = $4620

Explanation:

The question is unclear with regards to the requirements. however having dealt with questions of this nature in the past, I will assume the question requires us to calculate the cost of inventory on hand.

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Inventory on hand Balance = 5040+ 8700 - 14520 + 7820 - 2420

Inventory on hand Balance at the end = 4620 = $4620

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Answer:

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This falls under the published category because these advertisements are generally found in the form of published media such as books, magazines and even movies.

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At a price of $4.00 each, shape magazine sells 1.25 million copies of its magazine targeted to young women seeking a healthier l
ivann1987 [24]
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