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You are in the process of buying a house. Your mortgage lender reviewed your credit score, employment history, debt-to-income ratio, and available funds you’ve set aside for the down payment. He quoted you a 2.75% interest rate for a 15-year loan, and a 3.50% rate for a 30-year mortgage loan. The house you want is $200,000 and you can make a 10% down payment. Using Excel, construct an amortization schedule for the amount you need to borrow from your mortgage lender for each loan option. Which of the two is a better financing decision, and why? Show all formulas required to perform these calculations and fully explain your decision making process.
A new six speed automatic transmission for automobiles offers an estimated 4% improvement in fuel economy compared to traditional four speed transmissions. If a four speed transmission car averages 30 MPG and gasoline costs $4.00 per gallon, how much..
A stock has a beta of 0.9, the expected return on the market is 16 percent, and the risk-free rate is 8.8 percent. What must the expected return on this stock be?
“Before there was Paris Hilton, there was Consuelo Vanderbilt Balsan – a Gilded Age heiress and socialite, re-nowned for her beauty and wealth. Now Ms. Balsan’s onetime Hamptons home is slated to hit the market priced at $28 million with Tim Davis of..
Bayou Okra Farms just paid a dividend of $3.30 on its stock. The growth rate in dividends is expected to be a constant 6 percent per year indefinitely. Investors require a return of 15 percent for the first three years, a return of 13 percent for the..
A stock has yielded returns of 6 percent, 11 percent, 14 percent, and -2 percent over the past 4 years, respectively. What is the standard deviation of these returns?
Before finalizing these plans, two stores were remodeled as a test. Lisa Lee, assistant controller, was asked to oversee the financial reporting for these test stores, and she and other management personnel were offered bonuses based on the sales gro..
You are about to purchase your first home for a purchase price of $323,210 and would like to know the amount of money needed at closing. You will place a 17% down payment and will pay 2 points on the loan. Other miscellaneous closing costs (appraisal..
One of the basic financial principles is that the value of any asset (whether it be a stock, a bond, or a firm as a whole) is the present value of that asset’s future cash flows. As you learned in this chapter, finding present values requires determi..
How do you define the marginal tax rate? is the tax on the last dollar of income, 2. is the tax on the first dollar of income 3. is the same as the average tax rate. 4. has little impact on investment decision making
Joanne invested $15,000 six years ago. Her arithmetic average return on this investment is 8.72 percent, and her geometric average return is 8.50 percent. What is Joanne's portfolio worth today?
Annual default frequencies are shown. LGD is 40 percent and the risk-free rate is 2.5 percent. What is the implied credit spread on the pool?
An investment opportunity promises a stated interest rate of 6 percent with semi-annual compounding. Which of the following statements is most correct?
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