Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for $49,800,000. If Oprah...
Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for $49,800,000. If Oprah puts 30% down and finances at 7% for 30 years, what would her monthly payment be? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
Homework Answers
| Monthly Payment | = | Loan amount | / | Present value of annuity of 1 | ||||
| = | $ 3,48,60,000 | / | 150.30757 | |||||
| = | $ 2,31,924 | |||||||
| Working: | ||||||||
| # 1 | ||||||||
| Loan amount | = | Cost of automobile | * | (1- Down Payment percentage) | ||||
| = | $ 4,98,00,000 | * | (1-0.30) | |||||
| = | $ 3,48,60,000 | |||||||
| # 2 | ||||||||
| Present value of annuity of 1 | = | (1-(1+i)^-n)/i | Where, | |||||
| = | (1-(1+0.005833)^-360)/0.005833 | i | = | 7%/12 | = | 0.005833 | ||
| = | 150.3075679 | n | = | 30*12 | = | 360 | ||
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