Homework Answers
The monthly payment is calculated using the PMT function as follows:-
=PMT(rate,nper,pv)
=PMT(7%/12,30*12,49500000*70%)
=230527
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Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for $49,500,000. If Oprah...
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.)
Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for $48,800,000. If Oprah...
Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for $48,800,000. If Oprah puts 25% down and finances at 7.5% for 30 years, what would her monthly payment be? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
13 Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for $49,700,000. If...
13 Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for $49,700,000. If Oprah puts 25% down and finances at 75% for 30 years, what would her monthly payment be? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) points Monthly payment eBook Priet References
Harriet Marcus is concerned about the financing of a home. She saw a small cottage that...
Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $38,000. Assuming that she puts 25% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption? (Use the Table 15.1(a) and Table 15.1(b)). (Round intermediate calculations to 2 decimal places. Round your final answers to the nearest cent.) e. What is the savings in interest cost between 11% and 14.5%?...
Pat Radigan is planning to buy a Toyota hybrid for $18,969 with $2,300 down and plans...
Pat Radigan is planning to buy a Toyota hybrid for $18,969 with $2,300 down and plans to finance the car. Citizens' Financial Bank quoted a finance charge at 8% for 48 months; Charter One Bank quoted him a finance charge at 7.5% for 60 months. a. What would be his monthly payment to Citizens' Financial Bank? (Do not round intermediate calculations. Round your answer to the nearest cent.) & Answer is complete but not entirely correct. Monthly payment $ 456.43...
Rick Rueta purchased a $99,000 home at 9% for 30 years with a down payment of...
Rick Rueta purchased a $99,000 home at 9% for 30 years with a down payment of $20,000. His annual real estate tax is $1,908 along with an annual insurance premium of $1,068. Rick's bank requires that his monthly payment include an escrow deposit for the tax and insurance. What is the total payment each month for Rick? (Round your answer to the nearest cent.) Answer is complete but not entirely correct. Total monthly payment $ 844.94
zoom if needed, please. Missing the last question, the system says I have it wrong Sharon...
zoom if needed, please. Missing the last question, the system
says I have it wrong
Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $287,000. Her bank requires a 30% down payment. Sue Willis, an attorney, has notified Sharon that besides the 30% down payment there will be the following additional costs: (Use Table 15.1.). Recording of the deed A credit and appraisal report Preparation of appropriate documents $42.00 167.00 60.00 Other closing expenses include a transfer tax...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,044,000 5, 256,000 2,170,000 1,885,000 2022 2023 $2,628,000 $2,890, 800 2,628,000 2,502,0005, 328,000 2,600,0005,515,000 Westgate recognizes revenue over time according to percentage of completion....
Kimberly Jensen of Storm Lake, Iowa, wants to buy some living room furniture for her new...
Kimberly Jensen of Storm Lake, Iowa, wants to buy some living room furniture for her new apartment. A local store offered credit at an APR of 16 perce with a maximum term of four years. The furniture she wishes to purchase costs $3,900, with no down payment required. Using Table 7-2 or the Garman/Forgue companion website, make the following calculations (round all intermediate calculations to two decimal places): a. What is the amount of the monthly payment if she borrowed...
George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible...
George (age 42 at year-end) has been contributing to a traditional IRA for years (all deductible contributions) and his IRA is now worth $28,600. He is planning on transferring (or rolling over) the entire balance into a Roth IRA account. George’s marginal tax rate is 24 percent. (Leave no answer blank. Enter zero if applicable. Round your intermediate calculations and final answers to the nearest whole dollar amount.) a. What are the tax consequences to George if he takes $28,600...
13 Oprah Winfrey has closed on a 42-acre estate near Santa Barbara, California, for $49,700,000. If Oprah puts 25% down and finances at 75% for 30 years, what would her monthly payment be? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.) points Monthly payment eBook Priet References
Pat Radigan is planning to buy a Toyota hybrid for $18,969 with $2,300 down and plans to finance the car. Citizens' Financial Bank quoted a finance charge at 8% for 48 months; Charter One Bank quoted him a finance charge at 7.5% for 60 months. a. What would be his monthly payment to Citizens' Financial Bank? (Do not round intermediate calculations. Round your answer to the nearest cent.) & Answer is complete but not entirely correct. Monthly payment $ 456.43...
Rick Rueta purchased a $99,000 home at 9% for 30 years with a down payment of $20,000. His annual real estate tax is $1,908 along with an annual insurance premium of $1,068. Rick's bank requires that his monthly payment include an escrow deposit for the tax and insurance. What is the total payment each month for Rick? (Round your answer to the nearest cent.) Answer is complete but not entirely correct. Total monthly payment $ 844.94
zoom if needed, please. Missing the last question, the system
says I have it wrong
Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $287,000. Her bank requires a 30% down payment. Sue Willis, an attorney, has notified Sharon that besides the 30% down payment there will be the following additional costs: (Use Table 15.1.). Recording of the deed A credit and appraisal report Preparation of appropriate documents $42.00 167.00 60.00 Other closing expenses include a transfer tax...
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2021 $2,044,000 5, 256,000 2,170,000 1,885,000 2022 2023 $2,628,000 $2,890, 800 2,628,000 2,502,0005, 328,000 2,600,0005,515,000 Westgate recognizes revenue over time according to percentage of completion....
Kimberly Jensen of Storm Lake, Iowa, wants to buy some living room furniture for her new apartment. A local store offered credit at an APR of 16 perce with a maximum term of four years. The furniture she wishes to purchase costs $3,900, with no down payment required. Using Table 7-2 or the Garman/Forgue companion website, make the following calculations (round all intermediate calculations to two decimal places): a. What is the amount of the monthly payment if she borrowed...
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