Assume that Jimmy Cash has $2000 in his checking account at Folsom Bank and uses his checking account card to withdraw $200 of c
1 answer:
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Answer:
1003
Explanation:
Given:
Period= 30 years, Loan amount= $200,000,
Payments- Monthly,
Teaser rate for first 2 years = 4%,
Annual payment cap=5%, Composite rate on reset date= 6%
Annual rate for 2 years =4%
Monthly rate will be 4/12 = 0.3333% = 0.003333
n=30years=360 months
Monthly payment for first 2 years =
=
= 954.83
or by Excel function = PMT(0.003333,360,200000,0) = 954.83
Loan balance after 2 years = PV(0.003333,336,-954.83,0) = 192,812.36 or
Balance=
=
= 192,812.36
Composite rate is 6% but payment is capped at 5%. So new payment from year 3 is 954.83×1.05=1002.57=1003
The standard deviation of sample equals: 11
Explanation:
Given:
variance of sample () = 121
no, of observations made = 441
standard deviation = ?
By using the formula:
Standard deviation (S) =
=
=
= 11
Hence the standard deviation is equal to 11.