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Setler [38]
3 years ago
10

Marcus can afford a monthly mortgage payment of $900. If he is eligible for a 30-year, 5% mortgage (where the mortgage factor is

5.37), how much of a mortgage loan can he afford?a. $324,000.00
b. $150,000
c. $167,597.77
d. $200,100.75
e. $510,015.00
Business
1 answer:
tigry1 [53]3 years ago
7 0

Answer:

option (c)  $167,597.77

Explanation:

Data provided in the question:

Monthly mortgage payment = $900

Duration of loan, n = 30 years = 360 months

Interest rate = 5%

Monthly rate of interest = 5% ÷ 12 = 0.4167% = 0.004167

Now,

Mortgage loan can he afford

= Monthly mortgage payment × [ (1 - ((1 + r)ⁿ)⁻¹ ) ÷ r ]

= $900 × [ (1 - ((1 + 0.004167)³⁶⁰)⁻¹ ) ÷ 0.05 ]

= $167,597.77

Hence,

The answer is option (c)  $167,597.77

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<u>Answer:</u> a. Negative externality  

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d.Positive externality  

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American Gas Products manufactures a device called a Can-Emitor that empties the contents of old aerosol cans in 2 to 3 seconds.
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Answer:

$157,986.11

Explanation:

Given that

Amount = $75,000

Number of years = 3

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The computation of the present value is shown below:-

Here we will use the P/A factor which is here

Present value = Amount × (1 + Interest rate)^number of years - 1 ÷ (Interest rate × (1 + Interest rate)^Number of years

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= $75,000 × (0.728  ÷ 0.3456)

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or

= $157,986.11

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