This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: You have just taken out a 30-year mortgage on your new home for $120,000. This mortgage is to be ... (Read 100 times)

Haya94

  • Hero Member
  • *****
  • Posts: 558
on: Apr 25, 2021

Question 1

You have just take out a 30-year, $120,000 mortgage on your new home. This mortgage is to be repaid in 360 equal end-of-month installments. If each of the monthly installments is $1,500, what is the effective annual interest rate on this mortgage?
◦ 15.87%
◦ 14.75%
◦ 13.38%
◦ 16.25%
◦ 16.49%

Question 2

You have just taken out a 30-year mortgage on your new home for $120,000. This mortgage is to be repaid in 360 equal monthly installments. If the stated (nominal) annual interest rate is 14.75 percent, what is the amount of each of the monthly installments? (Round to the nearest whole dollar.)
◦ $1,515
◦ $1,472
◦ $1,493
◦ $1,522
◦ $1,440
Corporate Finance Online ¦ Eakins, McNally ¦ 2nd Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by Haya94 on Apr 25, 2021

trampas

  • Sr. Member
  • ****
  • Posts: 320
Reply #1 on: Apr 25, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 55% of students answer this correctly


Haya94

  • Member
  • Posts: 558
Reply 2 on: Apr 25, 2021
:D TYSM

bitingbit

  • Member
  • Posts: 323
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

Never take aspirin without food because it is likely to irritate your stomach. Never give aspirin to children under age 12. Overdoses of aspirin have the potential to cause deafness.

Did you know?

Immunoglobulin injections may give short-term protection against, or reduce severity of certain diseases. They help people who have an inherited problem making their own antibodies, or those who are having certain types of cancer treatments.

Did you know?

The first documented use of surgical anesthesia in the United States was in Connecticut in 1844.

Did you know?

People who have myopia, or nearsightedness, are not able to see objects at a distance but only up close. It occurs when the cornea is either curved too steeply, the eye is too long, or both. This condition is progressive and worsens with time. More than 100 million people in the United States are nearsighted, but only 20% of those are born with the condition. Diet, eye exercise, drug therapy, and corrective lenses can all help manage nearsightedness.

Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r Defibrillator. Defibrillators are devices that supply a voltage charge to the heart in the hope of r
How to calculate monthly mortgage payments at varying amortization periods (Question 1) How to calculate monthly mortgage payments at varying amortization periods (Question 1)
Use a graphical method to find the length of the loan to the nearest year Use a graphical method to find the length of the loan to the nearest year
A batter hits a home run in which the ball travels 110 m horizontally with no appreciable ... A batter hits a home run in which the ball travels 110 m horizontally with no appreciable ...
home work question home work question
Video: Stretch reflex & Tendon reflex

For a complete list of videos, visit our video library