Johnson negotiated a $20,000 loan to purchase his home. He was charged four points to get the loan. The loan required 2% of the original amount as a prepayment penalty. Monthly payments were $163, including interest at 8% per annum. Five years later, Johnson sold his home and paid the loan in full. If, during the time he had it, the loan had an average outstanding balance of $18,500, what was the lender's gross earnings:
A: $6,750;
B: $6,840;
C: $7,140;
D: $8,600.
Answer: D: $8,600.
Business
You might also like to view...
The asset turnover ratio measures the amount of net sales generated for each average dollar of total assets invested
Indicate whether the statement is true or false
Business
From the seller's perspective, what is the status of a project when the project team has completed all the work specified in the procurement statement of work and the final deliverable has been sent to the customer?
A. The project is completed. B. The project is in the Validate Scope proecess. C. The project is at the end of project executing. D. The project is in the closing process.
Business