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fenix001 [56]
3 years ago
6

You want to buy a house and will need to borrow $295,000. The interest rate on your loan is 6.37 percent compounded monthly and

the loan is for 30 years. What are your monthly mortgage payments?
Business
1 answer:
svetlana [45]3 years ago
4 0

Answer:

$1,839.45

Explanation:

PV =  P * [1-(1+r)^-n / r]

n = 30*12=360 months, r = 6.37%/12 = 0.5308% (monthly)

295,000 = P*[1 - (1+0.005308)^-360 / 0.005308}

295,000 = P * $160.3739

P = $295,000 / $160.3739

P = $1,839.45

So, the monthly mortgage payments is $1,839.45.

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Explain the importance of reconciling the bank at set dates
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8 0
3 years ago
Stagflation might be caused by a increase in the money supply. b increase in the price of raw materials. c decrease in the money
just olya [345]

Answer:

increase in the price of raw materials

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I hope my answer helps you

8 0
3 years ago
How long will it take you to triple your money if you have your money invested on a trust that promises a guaranteed 7% annual r
eduard

Answer:

the number of years for triple the money is 15.74 years

Explanation:

The computation of the number of years for triple the money is shown below:

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8 0
3 years ago
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