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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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3 years ago
Whenever Congress has a perceived need for ongoing control of an economic activity, it has tended to create a a. regulatory agen
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7 0
1 year ago
Values are a. acceptable behavior as defined by the company and industry. b. enduring beliefs and ideals that are socially enfor
Mrrafil [7]

Answer:

b. enduring beliefs and ideals that are socially enforced.

Explanation:

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The common belief of a common individual to take the decision of good or bad by his own, with some values related to ethics is all in context of values.

It impacts individuals in very significant manner as is clearly visible in an individual what kind of values does he carry.

Therefore, correct answer is:

b. enduring beliefs and ideals that are socially enforced.

3 0
3 years ago
Marvel Woodcraft makes furniture. Marvel’s expected sales are 20,000 bookcases for the quarter. The company begins the quarter w
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Answer:

Total production= 20,600 units

Explanation:

Giving the following information:

Marvel’s expected sales are 20,000 bookcases for the quarter. The company begins the quarter with an inventory of 3,000 bookcases and wants to have enough finished bookcases on hand at the end of the quarter to provide for 15% of the next quarter’s expected sales of 24,000 bookcases.

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Beginning inventory= 3,000 (-)

Total production= 20,600 units

5 0
4 years ago
Tax cuts _________.A) and increases in government expenditures shift aggregate demand right.B) and increases in government expen
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Answer: A. and increases in government expenditures shift aggregate demand right.

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3 years ago
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