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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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6 0
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Answer:

1) False

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2) Gains

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de else

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Companies can use ________ to identify and capitalize on market opportunities that are contained in large, complex, or dynamic s
OLga [1]

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As a new employee in the Lottery Commission, your first job is to design a new prize. Your idea is to create two grand prize cho
mrs_skeptik [129]

Answer:

a.  $265,336

Explanation:

we are told to calculate which amount will make both payments equal:

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