A binding price floor on engines sold to a major customer.
<h3>What is
customer?</h3>
A client is the recipient of a good, service, product, or idea gained from a seller, vendor, or supplier through a financial transaction or exchange for money or some other valuable consideration.
A client is defined as someone who purchases goods or services from a store, restaurant, or other retail seller. A customer is someone who goes to an electronics store and purchases a television. (informal) A person, particularly one who is interacting with others.
Customers that shop regularly yet make their purchasing decisions mostly based on markdowns. Need-based clients are those who intend to purchase a specific product. Customers who wander: Customers who are unsure of what they want to buy.
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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
