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malfutka [58]
3 years ago
6

Ben and Carla Covington plan to buy a condominium. They will obtain a $225,000, 30-year mortgage at 7.5 percent. Their annual pr

operty taxes are expected to be $2,050. Property insurance is $530 a year, and the condo association fee is $245 a month. Based on these items, determine the total monthly housing payment for the Covingtons. Use Exhibit 7-7. (Round your intermediate calculations and final answer to 2 decimal places.)
Business
1 answer:
lana66690 [7]3 years ago
7 0

Answer:

<u>Monthly housing payment 2,033.22</u>

Explanation:

We need to calculate the monthly cuota of the mortgage

It will be the cuota of a 30 year annuity at 7.5 rate

PV \div \frac{1-(1+r)^{-time} }{rate} = C

We should convert the year in month and the rate in monthly, because the payment are monthly.

time= 30 year so 30 x 12 = 360 months

rate = 0.075 / 12 = 0.00625 monthly

Present Value = 225,000

225,000 \div \frac{1-(1+0.00625)^{-360} }{0.00625} = C

C = $1,573.23

Now we will calculate the propert taxes, insurance per month

2,050 /  12 = 170.83

530   /   12  =   44.16

1,573.23 + 170.83 + 44.16 + 245 = 2,033.22

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Bob goes to the store to buy food.
garri49 [273]

Answer:

We always go to the store to buy food.

Explanation:

Yet somehow come out with a hole new wardrobe, new furniture, and a pet snake. This is because of the store's market. They make prices look phenomenal even if they really aren't great. They make the items look like things that you absolutely cannot live with out. Making you basically buy the whole store!

Hope this helped <3! Brainliest? :)

5 0
2 years ago
If individuals pursue their own interests when participating in the markets, per Adam Smith, those individuals are being guided
docker41 [41]

Answer:

Self Interest & Invisible Hand of Laissez Faire Policy

Explanation:

Adam Smith Laissez Faire Policy - suggests that free markets are the best approach for welfare maximisation of a society, based on self interest guiding best decisions by individuals, and individual wealth & welfare maximisation implies society wealth & welfare maximisation.

The Invisible Hand of free markets corrects all the discrepancies (if any), re-guides self interest forming the basis of over all social interest. Government intervention is unnecessary & distortionary as per the theory

7 0
3 years ago
Skippy loves peanut butter. Skippy reads on the internet that 75 percent of the peanut crop in the South has been wiped out by d
Bingel [31]

Answer:

d. ​ Skippy’s demand for peanut butter increases today.

Explanation:

The taste and preferences of the consumers are one of the factors affecting the demand for the goods. The demand for goods increases according to tastes and preferences. Another factor of an increase in demand is the expectation of a consumer regarding the future prices of the goods.

In the given scenario, Skippy's demand for the peanut butter will increase because of the above mentioned two reasons. Since he is very much fond of the peanut butter, the demand will remain constant. At the same time, after reading about the future unavailability of the peanut butter and the increase in the price of it, the demand for the peanut butter will rise the present day.

6 0
3 years ago
The market demand curve A. is found by vertically adding the individual demand curves. B. represents the sum of the quantities d
timama [110]

Answer:

B. represents the sum of the quantities demanded by all the buyers at each price of the good

Explanation:

The market demand curve is found by horizontally adding the individual demand curves.

The market demand curve slopes downward.

I hope my answer helps you

5 0
3 years ago
To maximize profit, the perfectly competitive firm charges a price equal to __________ while the monopolist charges a price ____
belka [17]

To maximize profit, the perfectly competitive firm charges a price equal to the marginal cost while the monopolist charges a price greater than the marginal cost.

The monopolist will select the profit-maximizing level of output where MR = MC, and then charge the price for that quantity of output as determined by the market demand curve. If that price is above average cost, the monopolist earns positive profits.

In a monopolistically competitive market, the rule for maximizing profit is to set MR = MC and the price is higher than marginal revenue, not equal to it because the demand curve is downward sloping.

Learn more about monopolists at

brainly.com/question/13113415

#SPJ4

5 0
1 year ago
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