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timurjin [86]
2 years ago
10

A borrower took out a 30-year fixed-rate mortgage of $2,250,000 at a 7.2 percent annual rate. After 10 years, he wishes to pay o

ff the remaining balance. Interest rates have by then fallen to 7 percent. How much must he pay to retire the mortgage (to the nearest dollar)? Group of answer choices $2,015,678 $2,122,426 $1,939,766 $2,225,330 $2,212,041
Business
1 answer:
Nastasia [14]2 years ago
5 0

Answer:

$2,122,426

Explanation:

The computation of the amount that must to pay for the retirement of the mortgage is given below:

But first we have to determine the monthly payment i.e. PMT by using excel function

PV=-$2,250,000

RATE = 7.2% ÷ 12 = 0.6%

N = 12 × 30 = 360

FV = 0

PMT = $15,272.73

Now we have to determine the future value  

Given that

PV=-$2,250,000

RATE = 7.2% ÷ 12 = 0.6%

N = 12  × 5 = 60

PMT = $15,272.73

So,  FV  = $2,122,425.62

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$110,000 revenue will Saar recognise in 2021 under this arrangement

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Second, in exchange for $90,000

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3 years ago
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r-ruslan [8.4K]

Answer:

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Explanation:

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A <u>Distributive justice</u> is the principle that dictates that managers should receive a raise in pay based upon their contributions to the organization, and not based on their gender.

<h3>What is the Distributive justice?</h3>

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In an organization setting, the principle occurs when all employees believe that outcomes are equitable, that is, the outcomes are either tangible such as pay or intangible such as positive feedback.

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