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Artist 52 [7]
3 years ago
6

Mika wants to buy a condominium. He has the choice of buying it now or renting it with the option to buy at the end of 3 years.

If he buys now, he could put $0 down, but he must pay closing costs of $7,100. His monthly mortgage payment will be $675. Mika decides to rent instead of buy because it is the cheapest option over the first 3 years. His move-in costs are one month's rent and a $750 security deposit, and he would still need to pay his first month's rent on top of these move-in costs. To the nearest dollar, what is the maximum amount of monthly rent payment he could pay? a. $636 b. $654 c. $828 d. $851 Please select the best answer from the choices provided A B C D
Business
1 answer:
lara31 [8.8K]3 years ago
3 0

Answer:

C) $828

Explanation:

in three years Mika will pay:

closing costs + 36 monthly payments = $7,100 + ($675 x 36) = $7,100 + $24,300 = $31,400

his move in costs are $750 + 1 month rent, so:

$750 + 37R = $31,400            where R = rent per month

37R = $30,650

R = $30,650 / 37 = $828

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Nutka1998 [239]

Answer:

If her purpose was to rehabilitate Sam so that the community would benefit by removing his need to commit crimes, this would be consistent with the idea of: Community based program such as Prisoner Reentry Initiative (PRI).

Explanation:

in 2004, US congress enacted the Prisoners Reentry Initiative (PRI). The program was managed by the Department of Labor,a sum of $300 million dollar was voted for to execute the project which includes transitional housing, job training and job placement for convicted criminals.

This initiative also incorporates the use of peer mentoring and faith based interventions to help with the transition from prison to the community.

mental health services, substance abuse treatment and skill acquisition programs was also introduced.

This idea stems from the belief that external factors can also affect a persons behavioral pattern.

This initiative was found to be effective as it was truly devoted to meeting the need of individuals and impacting the community in general.

8 0
3 years ago
Present and future value tables of $1 at 3% are presented below
Molodets [167]

Answer:

B. $228,122.

Explanation:

Number of quarters = 3 * 4 = 12

Quarterly interest rate = 12%/4 = 3%

From the table, the correct discounting factor for the future value (FV) = 1.42576

We then have:

FV = $160,000 * 1.42576 = $228,122

Therefore, the maturity value of the CD is $228,122.

5 0
4 years ago
What report shows which web pages get the most traffic and highest engagement?.
Lubov Fominskaja [6]

The web pages get the most traffic and highest engagement can be gotten from the all pages report.

<h3>All pages report</h3>

The All Pages report is used to display data using different engagement metrics such as <em>number of page views, average time on page, entrances, bounce rate, and exit rate</em>. Therefore the web pages get the most traffic and highest engagement can be gotten from the all pages report.

The All Pages report displays the top pages on your website based on traffic.

Find out more on all pages report at: brainly.com/question/405739

4 0
3 years ago
If productivity increases, prices charged to consumers will tend to increase as well. true or false
Ilia_Sergeevich [38]
The answer is true trust the process
6 0
3 years ago
Joan is saving up money for a down payment on a motorcycle. She currently has $2744, but knows she can get a loan at a lower int
12345 [234]

Answer:

Approximately 71 .11 months

Explanation:

This is a Future Value question. However we are solving for the Number of periods to determine how long it would take Joan to accumulate $3688.

Interest compounded monthly means Joan will be paid interest on her deposit on an annual basis prorated. she gets to earn interest on the accumulation of interest + principal monthly.

The formular for calculating Future Value is

FV = PV ( 1 + R )ⁿ

Our R which is the Rate(5%) will be adjusted to 12 months. =

\frac{0.05}{12}

However we need to solve for the N since we already have our FV. Therefore the revised formular is :

\frac{log(\frac{FV}{PV})}{log(1+R)}

Continuing with the formular

\frac{log(\frac{3688}{2744})}{log(1+0.00417)}

Which is equals to 71.11 months approximately 6 years.

4 0
4 years ago
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