Assume you just bought a new home and now have a mortgage on the home. The amount of the principal is $200,000, the loan is at 4.75% APR, and the monthly payments are spread out over 25 years. What is the loan payment?
Use a calculator to determine your answer.
A) $1,225.36
B) $1,206.58
C) $1,157.63
D) $1,140.23
Answer: D
Explanation: D) With Mode of P/Y = 12 and C/Y = 12, N = 300, I/Y = 4.75, PV = $200,000, and FV = 0, we get $1,140.23 as the monthly payment.
You might also like to view...
WD40 offers a Smart Straw version of its popular multipurpose lubricant with a built-in straw that pops up for use. This is an example of which of the following main strategies for growing the core of the business?
A) Make the core of the brand as distinctive as possible. B) Drive distribution through both existing and new channels. C) Offer the core product in new formats or versions. D) Increase costs and revenue. E) Expand to another geographic region.
Which of the following would NOT be considered (in addition to delivery speed) when choosing a mode of transportation?
A) on-time delivery B) coordinating shipments to maintain a schedule C) getting new products to market D) keeping a customer happy E) All of the above may be considered.