1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
S_A_V [24]
3 years ago
9

g- Tom and John are excited to purchase a new house. Based on where they live they can find a good house for $800,000. They need

15% of the total cost of the home available as a down payment and the rest they will take out a mortgage loan. Tom commits to saving $1,050 a month and John $490 a month. They will put their savings into an account that earns 3.4% compounded monthly. a) How many years will they need to continue to save to purchase an $800,000 home
Business
1 answer:
Aleksandr [31]3 years ago
3 0

Answer: 5.9 years

Explanation:

The amount they need to save is the down payment for the house:

= 800,000 * 15%

= $120,000

They are saving a total of:

= 1,050 + 490

= $1,540 per month

Interest is 3.4%/12 as it is monthly.

On excel, insert the details as shown in the attachment.

You should get 70.5 months.

In years this is:

= 70.5/12

= 5.9 years

You might be interested in
I need some help with this homework.
Eddi Din [679]

Answer:

I can help you with this homework just

6 0
3 years ago
Lula thinks that people who discipline their children by spanking should be sent to jail and says she would be glad to go to jai
Igoryamba

Answer:

a. Kantianism

Explanation:

Kantianism -

This theory was given by Immanuel Kant.

According to this theory ,

Good deeds and duty are the crucial elements  in order to determine the action which need to be taken .

Any activity is considered to be good , only if it is morally correct .

Hence , from the question , spanking children is not a good activity and it not accepted ethically  .

Hence , in the given scenario Kantianism is applicable .

5 0
3 years ago
What is important to know about yourself when making a career choice?
yaroslaw [1]
It’s important to know your limits and your strengths.
The goal is to do your best in the job you have, so before making that important choice, it’s good to think about maybe your talents or hobbies that you have.
You could ask yourself questions such as:

Do I communicate well with people?

What am I best at?

Am I able to fulfill the tasks that are included in this career?

And I’m sure there are more questions, but it is a good thing to know yourself that way when you apply for a job, you know what you’re getting into.

I hope this helps!
~Brooke❤️
5 0
3 years ago
Jose is an up and coming entrepreneur working on solidifying his business plans. After meeting with his mentor, he learns that h
dybincka [34]

Answer:

This is important for Jose because as a business owner you want to know what type of business you are running

Explanation:

hope this helps :D

4 0
2 years ago
Suppose the price of rice increases and you view rice as an inferior good. The substitution effect results in a ________ change
notka56 [123]

Answer:

B. negative, positive

Explanation:

Substitution effect : Price rise of a good makes it relatively expensive, decreases its demand. Price fall of a good makes it relatively cheap, increases its demand.

So: Substitution Effect is always negative as per above explanation.

Income Effect : Price rise of a good decreases real income/ real purchasing power of consumer & reduces demand of all goods. Price fall increases real purchasing power & increases demand of all goods.

Income effect is positive in case of Normal Goods, normal good demand is positively related to income. The effect is negative in case of inferior goods, inferior good demand is negatively related to income.

Hence: Price rise of rice - Substitution effect results in negative change  in rice consumption.  {∵substitution effect always negative}

Income Effect leads to positive change in rice consumption {∵price rise reduces real income & income effect is negative for inferior goods}

5 0
3 years ago
Read 2 more answers
Other questions:
  • Under Treasury Circular 230, which of the following actions of a CPA tax advisor is characteristic of a best practice in renderi
    13·1 answer
  • Samuel has $20 and wants to buy a notebook. He buys the first one he finds, costing him $6. Evaluate Samuel's financial literacy
    7·1 answer
  • Quiz week 3 - 401(k) & investing a 6. if a person starts investing $100 per month starting at age 21, and that money earns a
    12·2 answers
  • Since bond market values are expressed as a percentage of their bond value, a $1,000 bond that is being sold at 93 would be trad
    12·1 answer
  • Which of the following is considered to be an accrued expense?
    8·1 answer
  • Vibrant Company had $1,020,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased merchandise costing $560,000 in
    14·1 answer
  • A. Suppose there is a surge in consumer confidence that creates an increase in aggregate demand in the economy. The Federal Rese
    14·1 answer
  • An income statement reports the revenues earned minus expenses incurred by a business over a period of time.
    6·2 answers
  • Record the information you found for steps 2 and 3 here. Make sure you discuss how the company got money to start the business,
    15·1 answer
  • Because accepted practice for establishing rapport, greetings, and even the exchange of business cards can vary widely around th
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!