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 203 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
Gracias!

diana chang

  • Member
  • Posts: 288
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

As the western states of America were settled, pioneers often had to drink rancid water from ponds and other sources. This often resulted in chronic diarrhea, causing many cases of dehydration and death that could have been avoided if clean water had been available.

Did you know?

People about to have surgery must tell their health care providers about all supplements they take.

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Did you know?

The average adult has about 21 square feet of skin.

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Drake - Hold On Were Going Home Drake - Hold On Were Going Home
U.S. Life Expectancy by Year of Birth U.S. Life Expectancy by Year of Birth
CT imaging of glioblastoma in a 6-year-old girl. CT imaging of glioblastoma in a 6-year-old girl.
Age-standardized disability-adjusted life year (DALY) rates from hepatitis B by country (per 100 000 ... Age-standardized disability-adjusted life year (DALY) rates from hepatitis B by country (per 100 000 ...
Hospitalization per year Hospitalization per year
Portrait of Typical 12-year-old Boy and Girl, 1981 and 2007-2009 Portrait of Typical 12-year-old Boy and Girl, 1981 and 2007-2009
Video: The Lagging Strand in DNA Replication and Replication in Action

For a complete list of videos, visit our video library