Can someone help pick 1, 2,or 3 ?

Vanessa bought a house for $268,500. She has a 30 year mortgage with a fixed rate of 6.25%. Vanessaâs monthly payments are $1,59

Musya8 [376]

Answer:

Ans. A) $9,314.45

Explanation:

Hi, first we have to bring to present value the monthly payments to be made for 30 years (360 months). In order for this to be useful, we have to convert this annua compounded monthly rate (6.25%) to an effective rate, that is 6.25% / 12 = 0.5208%. Now, when we find this present value, we are going to substract it from the price of the house and that is the value of the down payment. But let´s just go ahead and do it together.

We have to use this formula to bring to present value the $1,595.85 monthly payments, for 30 years (360 months) at a rate of 6.25% (0.5208% monthly).

$PresentValue=\frac{A((1+r)^{n}-1) }{r(1+r)^{n} }$

It should look like this

$PresentValue=\frac{1,595.85((1+ 0.005208 )^{360}-1) }{0.005208(1+0.005208)^{360} }$

$Present Value=259,185.55$

Now, let´s go ahead and find the down payment.

$DownPayment=Price-PresentValue$

$DownPayment=268,500-259,185.55= 9,314.45$

So, the answer is a). $9,314.45

Best of luck.

5 0

3 years ago

According to current law, for works created after 1976, what are the copyright durations for a creator and for a corporation?

Elenna [48]

Answer:
For the creator, the copyright duration is the lifetime of the author plus 50 years.
For a corporation, the copyright duration is 75 years.

Details:
The copyright Act of 1976 was a revision of the previous copyright Act of 1988.
Another revision enacted by the 1976 copyright law was to increase the extension of copyrighted material before 1978 that was not in the public domain. The increase was from 28 to 47 years or a total duration of 75 years.

5 0

3 years ago

Total costs for Locke & Company at 120 comma 000 units are $ 329 comma 000, while total fixed costs are $ 175 comma 000. T

Yuliya22 [10]

Answer:

For 260,000 units Variable Costs are = $ 154,000/120,000 * 260,000= $1.2833* 260,000= $ 333,667

Explanation:

Locke & Company

Total costs $ 329, 000

Less Fixed Costs $ 175, 000

Variable Costs $ 154,000 for 120,000 units

For 1 unit Variable Costs are = $ 154,000/120,000= $1.2833

For 260,000 units Variable Costs are = $ 154,000/120,000 * 260,000= $1.2833* 260,000= $ 333,667

The total Costs for 260,000 units would be determined by adding Variable Costs and Fixed Costs.

We Suppose the fixed costs are same then = 333,667 + 175,000= $ 508,667

3 0

3 years ago

Read 2 more answers

If the quantity supplied is the same regardless of price then the supply curve would be:___________

Eva8 [605]

Answer:

perfectly inelastic

Explanation:

A supply of the product is considered to be perfectly inelastic in situations whereby the changes in the price of a commodity do not affect the quantity supplied, then such a supply curve is termed as perfectly inelastic. It is often depicted as a vertical line at the quantity supplied against all the prices in a graphical representation form.

Hence, If the quantity supplied is the same regardless of price then the supply curve would be: PERFECTLY INELASTIC

7 0

3 years ago

In October, Pine Company reports 20,700 actual direct labor hours, and it incurs $124,200 of manufacturing overhead costs. Stand

mars1129 [50]

Answer:

$18,810 Unfavorable

Explanation:

The computation of the overhead volume variance is shown below:-

Overhead volume variance = Budgeted Overheads - Recovered Overheads

= (20,700 × $4.45 + $54,000) - (20,700 × $6.15)

= $92,115 + $54,000) - (20,700 × $6.15)

= $146,115 - $127,305

= $18,810 Unfavorable

Here, the budgeted overhead is more than recovered overhead so it becomes unfavorable.

7 0

3 years ago