Answer:
Expected monthly payment is $244.13
Explanation:
We proceed as follows;
The amount financed is the PV of the 48. monthly installments to be paid
against it, when discounted at the rate of 8%/12.
Hence, using the formula for finding PV of an annuity [monthly installments
constitute an annuity], we have the equality:
10000 = PMT*((1+0.08/12)^48-1)/((0.08/12)*(1+0.08/2)^48),
where PMT is the monthly payment to be made.
So, PMT = 10000*(0.08/12) * (1+0.08/12)^48/((1+0.08/12)^48-1) = $244.13
When it is fresh off the cane
Answer:
$37,000
Explanation:
Data provided in the question
Initial construction cost = $17,000
Annual maintenance cost = $1,000
The discount rate = 5%
So, by considering the above information the withdrawn amount is
= Initial construction cost + Annual maintenance cost ÷ discount rate
= $17,000 + $1,000 ÷ 5%
= $17,000 + $20,000
= $37,000
The answer in the space provided, the answer is the numeric
keypad on the right side of the keyboard as this is what Lisa needs to use for
she may be able to input as much as many numbers possible as this is one of her
roles as an accountant.
Answer:
The answer is: Earnest money deposit (EMD)
Explanation:
An EMD or a good faith deposit is done in a real estate operation. Usually when the buyer doesn´t have all the money to buy the property they make a EMD when signing a sales contract. The EMD gives the buyer some time to get a loan, conduct the title search, a property appraisal and all the inspections necessary before closing the deal. The buyer gets his money back in case something goes wrong with the sell that isn´t his responsibility, i.e. the house has severe damage that was unnoticed until a further inspection was made. But when the sell isn´t carried out due to issues with the buyer, i.e. he couldn´t get his loan approved in time, then the buyer gets to keep the EMD. The contingencies must be stipulated in the contract, ether in favor of the buyer or the seller to establish in which cases a party can claim the EMD.