Your dad bought a house for you 10 years ago. He took out a $200,000 mortgage then. The mortgage has a 15-year term with monthly payments and has an APR of 8.00%. He paid monthly mortgage for 10 years or 120 months. On October 1, 2019, you became the owner of the house and started to be responsible for the rest of the mortgage payments. (Hint: If you continue with the mortgage, you will pay the monthly payment for another 60 months with the first payment due on November 1, 2019.) You are thinking about refinancing the mortgage. On October 1, 2019, how much is the balance of this mortgage?
Answers
Answer:
The answer is "$1064.90".
Explanation:
Mortgage balance after 10 years Only at end of the 10th year, we must first calculate the amount of credit outstanding.
\(\to PV= \$ \ 200,000\\\\\to N= 15 \times 12 = 180\\\\\to M= 10 \times 12 = 120\\\\\to R= \frac{8 \%}{12} = 0.006667\\\\\)
Amount repaid = \(PV \times \frac{(1+r)^m -1}{(1+r)^n -1}\)
\(= \frac{200,000 \times ((1+ 0.0066667)^{120} -1)}{(1+0.0066667)^{180} -1}\\\\= \frac{200,000 \times 1.219649054}{2.3069411}\\\\ = 105,737.34\)
Amount of outstanding \(= 200,000 - 105,737.34\)
\(= 94262.66\)
The balance of mortgage = $94262.66
Refinancing :
\(\to N= 10 \times 12 = 120\\\\\to R= \frac{1.50 \%}{12} = 0.00125\\\\\to PV = 94262.66\)
\(pmt= \frac{PV \times r}{1-(1+r)^{-n}}\\\)
\(=\frac{94262.66 \times 0.00125}{1-(1+0.00125)^{-120}}\\\\=\frac{117.828325}{0.1392114}\\\\=846.40\)
The monthly payment = 846.40
\(\text{Monthly savings = earlier monthly payment - current monthly payment}\)
\(= 1911.30-846.40 \\\\= \$ \ 1064.90\)
Related Questions
Given that bearclaws chooses the profit-maximizing price and quantity, what profit level will it obtain? a. $980. B. $490. C. $700. D. $280
Answers
Given that bearclaws chooses the profit-maximizing price and quantity, yhe profit level will it obtain is D. $280
How to calculate the amountA monopoly maximizes its profit at the quantity where marginal revenue (MR) = marginal cost (MC). As shown in the diagram, the MR curve intersects the MC curve at Q* = 70. The total revenue is calculated as follows: TR = P × Q. At Q* = 70, the price that Bearclaws can charge is P = $14.
Hence, the total revenue at the quantity where Bearclaw maximizes profit is given by: TR = 14 × 70
= $980.
The total cost is calculated as follows: TC = ATC × Q. At Q* = 70, we can see on the diagram that it is where average total cost (ATC) = $10 (draw a straight line from ATC curve at Q = 70 to the P axis to see this value). Hence, the total cost at the quantity where Bearclaw maximizes profit is given by: TC = 10 × 70 = $700.
The profit is calculated as follows:
Profit = TR - TC = 980 - 700
= $280.
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Holding all else constant, insurance premiums should be ___ associated with deductibles and ___ associated with out-of-pocket maximums. positively; negatively positively; positively None of the listed is correct. negatively; negatively negatively; positively
Answers
Option (b), Holding all else constant, insurance premiums should be negatively associated with deductibles and positively associated with out-of-pocket maximums.
Insurance premiums are inversely related to the cost-sharing that a patient pays. As the out-of-pocket costs rise, the health insurance premium decreases. As the out-of-pocket costs fall, the health insurance premium increases. When consumers choose to accept a higher deductible, they are accepting some of the cost-sharing responsibility, which can reduce the premium cost. For example, an individual who chooses a plan with a higher deductible of $5,000 rather than a $1,000 deductible plan will see a significant decrease in their monthly premium.
Therefore, insurance premiums should be negatively associated with deductibles and positively associated with out-of-pocket maximums. Hence, the main answer is "negatively associated with deductibles and positively associated with out-of-pocket maximums."
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List 4 of the 6 most common Artificial Intelligence Processing Models and briefly explain them.
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Supervised learning, unsupervised learning, reinforcement learning, and deep learning are the four most common AI processing models, each with its own unique characteristics and applications.
What are four of the most common AI processing models, and how would you briefly explain each of them?The four most common artificial intelligence (AI) processing models are supervised learning, unsupervised learning, reinforcement learning, and deep learning.
In supervised learning, the AI system learns from labeled data to make predictions or classifications.
Unsupervised learning deals with unlabeled data and focuses on discovering patterns and structures within the data.
Reinforcement learning involves an AI agent learning through interaction with an environment and receiving feedback in the form of rewards or penalties.
Deep learning utilizes neural networks with multiple layers to process and learn from data, enabling it to capture complex patterns and relationships.
These models play significant roles in various AI applications and contribute to advancements in the field.
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Please HELPPP this is for interior design
What is the difference between form and shape? How could you use each of these elements in a design project?
Explain two different color schemes that a color wheel could help you find. When would it be good to use each of these color schemes?
Why is good communication essential for successful designers? What might happen if a designer is NOT a good communicator?
What is the difference between the elements of design and the principles of design? Define at least two of the principles and two of the elements. Which do you feel is more important to your design work: the principles of design or the elements of design?
Describe the three communication styles. Give an example from your life when you have witnessed each communication style.
Answers
Answer:
below
Explanation:
Form and shape are two key elements in design. Shape refers to a two-dimensional outline or silhouette, while form refers to a three-dimensional object. Form can be created by combining multiple shapes to create a structure with volume and depth. In a design project, form and shape can be used to create visual interest, balance, and hierarchy.
A color wheel can help you find two different color schemes: complementary and analogous. Complementary color schemes consist of colors that are opposite each other on the wheel, such as blue and orange. Analogous color schemes consist of colors that are next to each other on the wheel, such as blue, green, and yellow. Complementary color schemes are good for creating high contrast, while analogous color schemes are good for creating a harmonious and cohesive look.
Good communication is essential for successful designers as it helps them understand their client's needs and expectations. Poor communication can lead to misunderstandings and misaligned expectations, leading to dissatisfaction and project failure.
The elements of design are the basic components that make up a design, such as line, shape, color, texture, and value. The principles of design refer to the ways in which the elements are used, such as balance, contrast, proportion, and rhythm. Both elements and principles are important, but the principles of design play a larger role in determining the overall success of a design.
The three communication styles are assertive, aggressive, and passive. Assertive communication is confident and direct, while aggressive communication is confrontational and disrespectful. Passive communication is indirect and avoids conflict. An example of assertive communication is speaking up for oneself in a group setting, an example of aggressive communication is raising one's voice during a argument, and an example of passive communication is avoiding a confrontation by not speaking up.
Upscale men's and women's clothing stores like nordstrom, neiman marcus, or saks fifth avenue are more likely to appeal to consumers' ________ needs.
Answers
Upscale men's and women's clothing stores like Nordstrom, Neiman Marcus, or Saks Fifth Avenue are more likely to appeal to consumers' full-long needs.
These needs typically include high-quality and luxurious clothing, exceptional customer service, and a wide selection of designer brands. These stores cater to individuals who are seeking a premium shopping experience and are willing to invest in high-end fashion items. Esteem needs are a part of Maslow's hierarchy of needs, which is a psychological theory that categorizes human needs into a hierarchical structure.
According to Maslow, once lower-level physiological and safety needs are met, individuals strive to fulfil higher-level needs, including esteem needs. Esteem needs to involve the desire for recognition, respect, and a sense of accomplishment. Consumers who are drawn to upscale clothing stores often seek to satisfy their esteem needs by acquiring fashionable and prestigious clothing brands.
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An real estate agent is comparing the average price for 3-bedroom, 2-bath homes in Chicago and Denver: Samples from each city provide the following data: Chicago: Xc " 5148,000, 0 <= 512,000,n2 20 Denver: Xo 5142,500, 00 S10,000,np= 18 Suppose he is conducting test to see if there evidence to prove Chicago has higher average price than Denver. State the proper null and alternate hypothesis Click the answer you think is right
Answers
To maintain your standard of living in Denver, CO, you'll need a household income of: $46,267. The cost of living is 7% lower in Denver, CO.
What is cost of living?The Cost of Living Index - COLI from of the Council for Communities and Economic Research provides the fundamental information on cost of living. Price collection is done by cities at designated times and in strict accordance with established standards. The cost of living in a new city or town is one of the most crucial decisions you must make before moving there. The "cost of living" is the sum of money required to support a specific way of life in a particular location.
Determining the cost of living would reveal how expensive it is to live in a particular location because the cost of products and services vary from city to city.
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a firm sells two products. product a sells for $100; its variable cost is $40. product b sells for $150; its variable cost is $75. product a accounts for 70 percent of the firm's sales, while b accounts for 30 percent. the firm's fixed costs are $1 million annually. assume the firm operates 300 days per year. how many dollars of sales does the firm need to generate per day to break even?
Answers
The dollars of sales that the firm would need to generate per day to break even, can be found to be $5, 848.
How to find the break even point?First find the profit percentages for the products:
Product A profit percentage:
= ( Selling price - Variable cost ) / Selling
= ( 100 - 40) / 100
= 60%
Product B profit percentage:
= (150 - 75) / 150
= 50%
The profit percentage for the two products is:
= (0. 7 x 60%) + ( 0.3 x 50%)
= 57%
If the fixed costs are $1 million then the breakeven point can be x which is:
57%x = 1, 000, 000
x = 1, 000, 000 / 57%
= $1,754,385.97
The daily break even is:
= 1,754,385.97 / 300 days per year operating days
= $5, 848
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Uniontown Books began operating in 2011. The company lost money its first three years of operations, but has had an operating profit during the past two years. The company's operating income (EBIT) for its first five years was as follows: Year EBIT 2011 -$2,200,000 2012 -$2,000,000 2013 -$1,000,000 2014 $1,200,000 2015 $7,000,000 The company has no debt, and therefore, pays no interest expense. Its corporate tax rate has remained at 34% during this 5-year period. What was Uniontown's tax liability for 2015
Answers
Answer: $1,020,000
Explanation:
Uniontown's tax liability for 2015 will be calculated thus:
Firstly, we'll calculate the loss to be adjusted in 2015 which will be:
2011 = $1,000,000
2012 = $2,000,000
2013 = $1,000,000
Total = $4,000,000
The profit after the adjustment of loss will be:
= EBIT in 2015 - Adjusted loss
= $7,000,000 - $4,000,000
= $3,000,000
Since Corporate tax rate is 34%, then. The tax liability for 2015 will be:
= $3,000,000 × 34%
= $1,020,000
Therefore, Uniontown's tax liability for 2015 is $1,020,000.
Note that from the total loss of $2,200,000 in 2011, $1,000,000 is adjusted in later years as $1,200,000 is adjusted in 2014.
A stock has an expected return of 10. 5 percent, its beta is 1. 15, and the risk-free rate is 5 percent. What must the expected return on the market be
Answers
To determine the expected return on the market, given a stock's expected return of 10.5 percent, a beta of 1.15, and a risk-free rate of 5 percent, we can use the Capital Asset Pricing Model (CAPM). The expected return on the market must be 10.65 percent.
The Capital Asset Pricing Model (CAPM) is a widely used model for calculating expected returns on investments. It takes into account the risk of an investment relative to the overall market. The formula for CAPM is:
Expected Return on Stock = Risk-free Rate + Beta * (Expected Return on Market - Risk-free Rate)
In this case, the stock has an expected return of 10.5 percent, a beta of 1.15, and a risk-free rate of 5 percent. To find the expected return on the market, we rearrange the formula and solve for it:
Expected Return on Market = (Expected Return on Stock - Risk-free Rate) / Beta + Risk-free Rate
Plugging in the given values, we get:
Expected Return on Market = (10.5% - 5%) / 1.15 + 5% = 10.65%
Therefore, the expected return on the market must be 10.65 percent to match the stock's expected return of 10.5 percent, given its beta of 1.15 and the risk-free rate of 5 percent.
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A flour manufacturer is more likely to use process costing than job-order costing whereas a manufacturer of customized leather jackets is more likely to use job-order costing than process costing. Group startsTrue or False
Answers
Answer:
It is TRUE that a flour manufacturer is more likely to use process costing than job-order costing whereas a manufacturer of customized leather jackets is more likely to use job-order costing than a process costing.
Explanation:
This is because typically, a Job-order costing process is best suited for a production system whereby there are several different products or services and. And these products are tailored to individual consumers or customer specifications.
On the other hand, process costing is a form of cost that is best suited for manufacturing homogenous products and can be produced massively. Hence, flour manufacturer in the uses Process costing while customized leather Jacket producers would opt for Job order costing process
What is the richest person in the world right now?
What is the best money making job in the U.S?
Can you get your job back after getting fired?
Answer all please.
Brainliest included.
Thank you.
Answers
2: I would say a doctor or pilot?
3: Yes you can. However, it will be difficult trying to convince your employer.
Who is responsible for reporting all taxable income even if it does not appear on a W-2 form?
Answers
Answer:
IRS
Explanation:
ricardo's restaurant is currently located between two subdivisions. the restaurant has been in business for over forty years. currently, the area no longer allows any commercial activity. the zoning board ruled ricardo's may continue to operate unless it is sold, destroyed, or used for any other commercial purpose. which zoning exception applies to ricardo's?
Answers
Based on the information provided, it appears that Ricardo's restaurant is located in an area that no longer allows any commercial activity. However, the zoning board has made an exception for Ricardo's to continue operating as long as it is not sold, destroyed, or used for any other commercial purpose. This exception can be categorized as a nonconforming use or a grandfathered use.
Nonconforming use refers to a property or business that existed before new zoning regulations were put in place and no longer conforms to the current zoning requirements. In this case, Ricardo's restaurant has been in operation for over forty years, predating the change in zoning regulations. Therefore, it qualifies as a nonconforming use.
The zoning board has granted an exception for Ricardo's to continue operating, which means that it can continue its commercial activities even though commercial activity is no longer permitted in the area. However, if Ricardo's is sold, destroyed, or used for any other commercial purpose, it would lose its nonconforming use status and would no longer be allowed to operate.
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I invested on January 1st 2013 10.000€ in a financial product that is giving a compounded interest with payments on a quarterly basis.
On January 1st 2024 I will get back my investment together with the interests, and I know that I will receive 37.411€.
It was a good investment, but I can´t remember the rate.
Could you tell me?
A company has the following cash flow:
Period C0= -1000
Period C1= +600
Period C2= -200
Period C3= +600
Should the company invest in the project if cost of capital is 4%?
Answers
For the first question, we can use the formula for compound interest with quarterly payments to find the rate:
A = P(1 + r/4)^(4n)
Where A is the final amount, P is the principal, r is the rate, and n is the number of years. Plugging in the given values:
37,411 = 10,000(1 + r/4)^(4*11)
3.7411 = (1 + r/4)^44
Taking the 44th root of both sides:
1.0213 = 1 + r/4
Solving for r:
r/4 = 0.0213
r = 0.0852
So the rate of the investment is 8.52%.
For the second question, we can use the net present value (NPV) formula of the cash flows to determine if the company should invest in the project:
NPV = C0 + C1/(1 + r)^1 + C2/(1 + r)^2 + C3/(1 + r)^3
Plugging in the given values:
NPV = -1000 + 600/(1 + 0.04)^1 + (-200)/(1 + 0.04)^2 + 600/(1 + 0.04)^3
NPV = -1000 + 576.92 + (-184.66) + 528.14
NPV = -79.6
Since the NPV is negative, the company should not invest in the project.
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true or false: crm refers to software that allows a company to automate and optimize digital marketing efforts across multiple channels. true false
Answers
CRM refers to software that enables a business to automate and maximize its multichannel digital marketing operations True.
Describe CRM.Customer relationship management refers to the strategies, tools, and technologies used by businesses to track, manage, and evaluate customer interactions and data over the duration of the customer lifecycle (CRM).
Customer service ties must be built if you want to boost sales and encourage client retention. CRM systems gather consumer data from a range of customer-company interactions, including phone calls, online chats, direct mail, marketing materials, and social media posts.
CRM systems can also give employees who interact with customers full knowledge about their identifying characteristics, past purchases, preferences, and problems.
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What are the factors of production in economics?
Answers
These are the factors of production in economics:
LandLaborCapitalEntrepreneurshipThe factor of production is resources that are what people or companies use to produce goods and services.
The factor of production in economics:
Land: natural resources used to produce services and goods including everything that comes from the land. Examples: water, oil, natural gas, forest, etc. Labor: efforts that people do to produce services and goods. Capital: tools, buildings, money, and machinery that are used to produce goods and services.Entrepreneurship: a person who can combine and use 3 other factors of production to produce goods and services.Learn more about factors of production at: https://brainly.com/question/20738491
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Spectrum Hair Salon is considering expanding its business, as it
is experiencing a large growth. The question is whether it should
expand with a bigger facility than needed, hoping that demand will
ca
Answers
While speculative expansion can be a high-risk, high-reward strategy, Spectrum Hair Salon should conduct market research and a cost-benefit analysis and have a contingency plan in place to mitigate the risk of the expansion.
Spectrum Hair Salon is considering expanding its business by moving into a bigger facility than they currently need. This move is based on the hope that demand for their services will continue to grow.What Spectrum Hair Salon is doing is called speculative expansion. This means that they are expanding their business based on the hope or speculation that demand will continue to grow. Speculative expansion is a high-risk, high-reward strategy because there is no guarantee that demand will actually grow as hoped. There is always the possibility that the demand will not grow as anticipated or even decrease, which could lead to the business being unable to sustain itself in the new facility.In order to mitigate this risk, Spectrum Hair Salon should conduct market research to determine if there is sufficient demand to support their expansion. They should also perform a cost-benefit analysis to determine if the potential benefits of the expansion outweigh the costs. This analysis should include a comparison of the costs of the new facility with the expected revenue growth from the expansion, as well as the expected return on investment.Spectrum Hair Salon should also have a contingency plan in case demand does not grow as anticipated. This could include a plan to reduce expenses, such as by downsizing or cutting costs, or to diversify their services to appeal to a broader customer base.
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A management approach in which supply chains are united through a single owner; each supply chain produces a different product or service for the overall goal.
Answers
How to calculate momentum?
Answers
Answer:
p=mv
Explanation:
the formula for momentum is
p=mv
Answer:
By multiplying mass and velocity
Explanation:
why is the audit team more concern with controlling the exposure to the risk of overreliance than the risk of underreliance?
Answers
The audit team is especially worried about the overreliance risk since it could ultimately lead to the issuance of an unqualified opinion on financial statements that are materially incorrect.
What is the role of audit team ?
An audit programme is a collection of guidelines that the auditor and its team members must adhere to in order to carry out the audit correctly. Following the creation of an audit plan, As a result, an auditor creates a program that includes comprehensive information about the numerous phases and audit techniques that will be used during the audit.
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Jay Harrod and 2 trainees were sent to a 2 day sales seminar. The registration fee was $165 per person. Training materials cost $35 per person. Harrod earns a yearly salary of $52,000 and the 2 trainees earn $14.50 per hour each for a standard 40 hour work week. What were the total training costs?
Answers
Answer:
$1,232
Explanation:
the training costs include:
registration fees = $165 x 3 = $495
training materials = $35 x 3 = $105
trainees' wages = 2 x 8 x $14.50 = $232
Harrod's wage = ($52,000 / 52 weeks) x 2/5 days = $400
total training cost = $1,232
Employees must be paid their normal salary when they attend training sessions.
In a market economy, prices are set using a cost/benefit analysis
Answers
conclusion research finding
Answers
research finding means any result or output from a research and development activity and includes new or improved product, design, invention, innovation and development in any process, technique, apparatus or machine; Sample 1.
Monopolistic competitors in the food industry will often include a recyclable symbol on packaging used for their product as a means to be socially responsible. be environmentally responsible. differentiate their product. be perceived more favorably.
Answers
YES, BECAUSE WHETHER A BUSINESS DECIDES TO PROVIDE A POSITIVE LANDMARK STAMP ON THEIR PRODUCTS AND / OR SERVICES IS THEIR DECISION.
THE ONES THAT DECIDE TO MAKE THE DIFFERENCE ARE OFTEN REMARKABLE FROM THE COMPETITION, THIS OTHER ECONOMIC GROUP THAT DID NOT HAD THE INITIATIVE TO INNOVATE FOR A BETTER EXPERIENCE.
Kaylee's refrigerator suddenly breaks down. It's old and would be expensive to repair, so she decides to buy a new one. Kaylee chooses a refrigerator with a 12-month, no-interest financing offer. The sales agreement lists the sale price, the amounts and dates of payments, the APR that will apply if Kaylee doesn't pay off the refrigerator in 12 months, and a lot of other information. The law that requires sellers to provide this information to purchasers is
Answers
Kaylee's refrigerator suddenly breaks down. It's old and would be expensive to repair, so she decides to buy a new one. The law that requires sellers to provide this information to purchasers is "The Truth-in-Lending Act". This is further explained below.
What is The Truth-in-Lending Act?Generally, In 1968, Congress passed and President Nixon signed the Truth in Lending Act (TILA) to protect customers from dishonest lenders.
In conclusion, Kaylee's fridge has broken down unexpectedly. Being too old and costly to fix, she opts to replace it instead. The "Truth-in-Lending Act" is the piece of legislation that mandates vendors provide this data to buyers.
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Alicia would like to make important text in her spreadsheet stand out. Alicia should _____.
use light-green text on a yellow background
add some arrows to point to the cells
use underlining or bold text
use a fancy font
Answers
Kenneth films documentaries for a children’s learning channel. Kenneth’s career falls into what pathway of the Arts, AV Technology, and Communication cluster?
a. AV Technology and Film
b .Printing Technology
c. Journalism and Broadcasting
d. Performing Arts
It is C according to the test
Answers
Answer:
Answer is B.
Explanation:
Stomp me if im wrong
Answer:
Journalism and broadcast
Explanation:
i got 100% on the test
taking an entry-level position makes it difficult to advance in a career you want to explore. true or false?
Answers
False. taking an entry-level position makes it difficult to advance in a career you want to explore.
What is an entry-level position?Jobs classified as entry level often call for little in the way of education, experience, or training. There are entry-level positions accessible in every sector. Some of these might demand advanced academic training, while others might call for specific abilities, information, or methods.
In a sense, an entry-level position serves as the company's beginning point. Because it involves less competence, it often pays less than a higher-level position. However, it can offer priceless training and job experience that will enable you to succeed in your industry in the future.
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why is south africa regarded as a developing country
Answers
Answer:
This is due to the fact that South Africa is currently in a state of poverty and has very high unemployment rates, meaning there are a lot of poor people on the streets and it is uneasy/many do not have jobs either.
Explanation:
What is one disadvantage of using credit? A. It can be tempting to overspend. B. It is not convenient. C. It never offers special advantages. D. It is extremely difficult to find places that use credit.
Answers
Answer:
A. It can be tempting to overspend.
Explanation: