Business
01.05.2020 06:35
140
495
8
Solved by an expert
A homebuyer wishes to finance the purchase with a $95,000 mortgage with a 20-year
A homebuyer wishes to finance the purchase with a $95,000 mortgage with a 20-year term. What is the maximum interest rate the buyer can afford if the monthly payment is not to exceed $900?
Show Answers
gamer85
4,7(83 marks)
0.811% per month is the amximum rate it can affor
or 9.732% annual rate with monhly compounding.
Explanation:
We have to solve for the rate at which the monthly payment equals 900 dollars.
C900.00
time240
rater
PV$95,000.0000
Given the complexity of the formula we solve using excel or a financial calcualtor
we write on a1 =PV(A2;240;95000)
on a2 we write any number between 0 and 1
then we use goal seek tool adn define that we want A1 to be 95,000 by changing A2 (which is the argument for rate)
the value of A2 after this is our
PV$95,000.0000
venny23
4,8(48 marks)
FAA
Explanation:
Stands for Federal Aviation Administration, they regulate aviation safety and pilot certification.
Popular Questions about the subject: Business
Within a perceptual map, a(n) represents where a particular market...
Business
27.02.2021 16:00
If profit per unit equals (price - cost per unit) and costs are temporarily...
Business
25.06.2022 07:40
Skipping a credit card payment once or twice a year will not hurt...
Business
18.10.2020 18:17
On a recreational boat, the location of emergency equipment (life...
Business
02.06.2020 19:41
A(n) is money set aside by formal action for a specific use. appropriation...
Business
05.04.2021 15:07
Penn foster says it has tracking cookies does that mean they can track...
Business
10.08.2022 02:10
In a market economy the factors of production are allocated by ?...
Business
19.06.2023 15:37
Example of a product that has saturated its market...
Business
27.08.2022 02:08
How much money you could save monthly in a retirement account to become...
Business
19.06.2022 19:44
Which of the following business opportunities allows a business to...
Business
01.04.2021 23:25
New questions by subject
HURR! You want to raise at least $300 for a charity walk. So far,...
Mathematics
24.02.2023 20:29
2 cup 1 1 A recipe says it produces the best summer drink. The recipe...
Mathematics
15.02.2021 16:38
One Friday night, two large groups of people called Oxford Taxi Service....
Mathematics
19.01.2022 08:58
A specific type of flower comes in red, white and pink colors. What...
Biology
08.12.2020 20:45
During a school carnival, students from the middle school raised money...
Mathematics
29.07.2020 23:44
What aspects of the image can you connect to your own life? Check...
English
19.01.2021 16:23
State whether the verb shown is conjugated or in the command form....
Spanish
22.05.2023 20:35
Predict how much money can be saved without having a negative actual...
Mathematics
02.12.2021 21:01
Find out answers to questions
from an AI-bot
from an AI-bot
Get full access
Answers
