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 117 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
Thanks for the timely response, appreciate it

raili21

  • Member
  • Posts: 324
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

ACTH levels are normally highest in the early morning (between 6 and 8 A.M.) and lowest in the evening (between 6 and 11 P.M.). Therefore, a doctor who suspects abnormal levels looks for low ACTH in the morning and high ACTH in the evening.

Did you know?

The longest a person has survived after a heart transplant is 24 years.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

Drugs are in development that may cure asthma and hay fever once and for all. They target leukotrienes, which are known to cause tightening of the air passages in the lungs and increase mucus productions in nasal passages.

Did you know?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

The Black Death spread over much of Europe in a three-year period in the middle of the fourteenth ce The Black Death spread over much of Europe in a three-year period in the middle of the fourteenth ce
Martha Rosler, Gladiators, from the series House Beautiful: Bringing the War Home. 2004 Martha Rosler, Gladiators, from the series House Beautiful: Bringing the War Home. 2004
During my research in India, I interviewed this 8-year-old girl. Mahashury is a bonded laborer who ... During my research in India, I interviewed this 8-year-old girl. Mahashury is a bonded laborer who ...
Biology Forums Home Page (Feb. 2022) Biology Forums Home Page (Feb. 2022)
A non-interest-bearing five-year note for $54600.00 issued May 1, 2015, is discounted April 1, ... A non-interest-bearing five-year note for $54600.00 issued May 1, 2015, is discounted April 1, ...
One year ago, Christos bought 1000 units of the Dominion Aggressive Growth Fund at $20.35 per ... One year ago, Christos bought 1000 units of the Dominion Aggressive Growth Fund at $20.35 per ...
Video: Rods and Cones Animation

For a complete list of videos, visit our video library