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Thank you for taking the time to answer the questions the last three pictures are the same question but i posted the options for the
Thank you for taking the time to answer the questions the last three pictures are the same question but i posted the options for the questions
You need a 30-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage bank will lend you the money at a 6.6 percent APR for this 360-month loan. However, you can afford monthly payments of only $900, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. Required: How large will this balloon payment have to be for you to keep your monthly payments at $900? Multiple Choice $517,524.22 $497,619.44 $482,690.86 $69,079.69 $43,874.67 You have just won the lottery and will receive $600,000 in one year. You will receive payments for 17 years, which will increase 4 percent per year. The appropriate discount rate is 11 percent Required: What is the present value of your winnings? Multiple Choice 0 $17,368,996 $5,739,193 O $5,509,625 $17,368,996 $101,780 Big Dom's Pawn Shop charges an interest rate of 17 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers. Required: (a) What rate should the shop report? (Click to select) (b)What is the effective annual rate? (Click to select) Big Dom's Pawn Shop charges an interest rate of 17 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers. Required: (a) What rate should the shop report? (Click to select) 199.92% 204.00% 208.08% nual rate? 193.80% 17.00% Big Dom's Pawn Shop charges an interest rate of 17 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers. Required: (a) What rate should the shop report? (Click to select) (b)What is the effective annual rate? (Click to select) 530.11% 204.00% 558.01% 18.39% 116.50%Step by Step Solution
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