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To purchase a house for $80,000, a new couple has $12,000 available for down payment. They are considering two options:
Option 1: get a new standard mortgage with 10% APR interest compounded monthly for a 30-year term
Option 2: assume the seller’s old mortgage that has an interest rate of 8.5% APR compounded monthly, a remaining term of 25 years (from an original 30 years), a remaining balance of $35,394. You can obtain a second mortgage for the remaining balance from your credit union, at 12% APR compounded monthly, with a 25-year repayment period.
a) What is the effective rate for option 2 per year?
b) Compute the monthly payments for each option over the life of the mortgage
c) What APR charged by the credit union would make the two financing options equivalent?
The manager of a supermarket lowers the price of its 24-pack bottled water from $4.60 to $3.40 and as a result, sales of bottled water increases from 400-600 packs. What is the arc price elasticity of demand for bottled water? What are some of the ap..
argue the relationship among the marginal cost also the average variable cost also among marginal cost also average cost.
What common assumptions guide the Thucydides and Procopius readings regarding how a historian should chronicle a plague? What different assumptions do they possess about both human behavior and the role divine forces play in human history? How do bot..
The loss to consumers can be decomposed into three pieces: a transfer to domestic producers, a transfer to the government, and a deadweight loss. Use your diagram to identify these three pieces.
Bleacher tickets for the game were sold out and many fans would have attended if tickets were available? What is the main rationing mechanism to allocate tickets for the game?
In March 2010, Greece announced that it might have trouble in the future paying off the bonds it had sold to finance its huge government deficits. Use a demand and supply graph for the Greek bond market to illustrate why the interest rate on Greek go..
In principle, the government could impose separate minimum wages on distinct occupations. Suppose the government imposed a minimum wage of 20 percent over their respective market wages for ditch-diggers and university professors.
Prepare a recommendation for each company. Should your recommendations be the same for both companies
Organizational behavior-A strong social and physical work context means that environment is supportive. Give real examples of how this works.
As income levels rose moderately last year in the San Jose area, it was observed by local realtors that housing sales increased substantially. It is clear from this information that, everything else held constant, the income elasticity of demand for ..
The president of the United States explains that it is necessary to impose trade restrictions, such as a tariff, on the steel-rod industry to protect workers in the domestic steel-rod industry. The president claims that without trade protection, ther..
Evalute the shape of the indifference curves of the following utility functions and find MRS for each function.
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