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Mr. Lopez bought a house in Laredo for $250,000 in January 1990. The first payment is due February 1, 1991. He got a mortgage rate of 5 percent. The mortgage was for 30 years. He made a down payment of 15 percent. The PMI interest is 0.75 percent.
1. What was his payment in February 1991? Make sure you add the PMI. (Hint: First calculate the mortgage payment, then add the PMI, PMI=(interest on PMI*loan outstanding)/12)
2. Had he got a mortgage for 15 years, the interest rate would have been 3.5 percent. If that's what he did, what would have been the payment for February 1991? (Hint: First calculate the mortgage payment, then add the PMI, PMI=(interest on PMI*loan outstanding)/12)
As reported by the Bureau of Labor Statistics, the CPI for Airfare in 2263 was 583.9 (using a base year of 1914 = 100). The CPI for Airfare in 2264 was 615.8. Based on this data, what was the inflation rate of airfare from 2263 to 2264?
A balance sheet shows a total of no callable $41 million long-term debt with a coupon rate of 8.10% and a yield to maturity of 8.50%. This debt currently has a market value of $52 million. The balance sheet also shows that the company has 9 million s..
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Carter's Home Supply has a $35 million bond issue outstanding with a coupon rate of 8.5 percent. The tax rate is 38 percent. What is the present value of the tax shield?
When interest is compounded continuously, the amount of money increases at a rate proportional to the amount S present at time t, that is, dS/dt = rS, where r is the annual rate of interest.
Victor has a $10,000 cash-value policy purchased 15 years ago when he was 25 years old. The policy will be paid at age 65. Find the cash value of insurance. Jim is a 53 year old. He is in the 28% marginal tax bracket and earned 6.25% this year on th..
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