What would be the maximum mortgage

Assignment Help Mathematics
Reference no: EM131126300

Two friends want to purchase a new house and can afford to make monthly payments of $1000.00. They go to the bank and obtain a mortgage for $195 000.00 compounded semi-annually and amortized over 25 years.

They wonder if it would be wise to find a less expensive house to reduce the amortization period to 20 years. What would be the maximum mortgage they could afford assuming that only the amortization period changes?

Reference no: EM131126300

Questions Cloud

How many kilograms of the chemical should be added : If a certain pool contains 2.5 million liters of water, how many kilograms of the chemical should be added each week?
Which of the following hormones does not enhance lipolysis : Which of the following statements is consitent with protein catabolism in the fasted state?- Insulin mediated glucose uptake by muscle and adipose tissue is a result of which of the following mechanisms?
State a figure that represents the grazing area of the cow : If the rope is 50 feet long, State a figure that represents the grazing area of the cow inside the fence in square feet?
How do you think marketers can use this information : Review the descriptions of your VALS types, how accurate do you feel it describes you? How do you think marketers can use this information.
What would be the maximum mortgage : They wonder if it would be wise to find a less expensive house to reduce the amortization period to 20 years. What would be the maximum mortgage they could afford assuming that only the amortization period changes?
Identify the financial statement in which each item : Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear.
Develop a strategy for attracting the target audience : Discuss at least three potential methods of measuring customer satisfaction and loyalty, with examples of the types of questions that might be explored if a conversation or survey were to be one of your options.
What is the interest rate of the mortgage : They go to the bank and obtain a mortgage for $195 000.00 compounded semi-annually and amortized over 25 years - What is the interest rate (to 2 decimal places) of the mortgage?
Why sandel thinks actual contracts may lack moral force : According to Sandel, what would Kant say if a murderer came to your door looking for your friend and asks is your friend in your house?

Reviews

Write a Review

Mathematics Questions & Answers

  What dosage maximizes dd sensitivity

What dose maximizes the temperature change? DT (b) The sensitivity of the body, at dosage D, to the drug is defined to be . What dosage maximizes dD sensitivity?

  Program a monte carlo model for options on energy

Program a Monte Carlo model for options on Energy. It should be mean-reverting and include spikes. Give several alternative structures. How much would be issued in each tranche and what coupon would each tranche pay

  How tall is the flagpole

A flagpole casts a shadow of 20 ft long. If a man 6ft tall casts a shadow 4.3 ft long at the same time, how tall is the flagpole?

  How tall is the cellphone tower

a 6 ft vertical post casts a 10 in shadow at the same time a nearby cell phone tower casts a 115 ft shadow. How tall is the cellphone tower.

  A regression analysis

A regression analysis

  What is the vertex of a parabola

What is the vertex of a parabola? How do you determine the vertex of the parabola? Demonstrate with an example.

  The corners to form the box with maximum capacity

You have a rectangular piece of cardboard that you want to fold into a box. It occurs to you that you can cut out an equal square from each corner of the rectangle, make a crease along each side and fold them up.

  Show that the schur complement s of a11 is invertible

Show that the Schur complement S of A11 is invertible.

  A monotone decreasing sequence

Prove that the sequence bn=(1+1/n)^(n+1) is a monotone decreasing sequence.

  What is the significant difference between the two

Provide an appropriate response. Histograms and Pareto charts are both bar charts. What is the significant difference between the two?

  Find the rate at which the water is rising in the basin

A faucet is filling a hemispherical basin of diameter 60 cm with water at a rate of 2 L/ min. Find the rate at which the water is rising in the basin when it is half full. [Use the following facts: 1 L is 1000 cm3.

  Commutative rings and nilpotents

Let R be a commutative ring. Recall that an element x in R is nilpotent if x^n=0 for some positive integer n. Prove that the set of nilpotent elements form an ideal.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd