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The Johnsons have accumulated a nest egg of $50,000 that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a relatively high tax bracket, they have decided to invest a minimum of $2100/month in monthly payments (to take advantage of the tax deduction) toward the purchase of their house. However, because of other financial obligations, their monthly payments should not exceed $2700. If local mortgage rates are 5.5%/year compounded monthly for a conventional 30-year mortgage, what is the price range of houses that they should consider? (Round your answers to the nearest cent.)
least expensive?
most expensive?
Your oldest daughter is about to start kindergarten at a private school. Tuition is $10,000 per year, payable at the beginning of the school year. You expect to keep your daughter in private school through high school. What is the present value of th..
From each of the events of the financial crisis, consider how an MNC with investments in that country would be affected and how the MNC might best react.
A firm has a return on equity of 12.4 percent according to the dividend growth model and a return of 18.7 percent according to the capital asset pricing model. The market rate of return is 13.5 percent. What rate should the firm use as the cost of eq..
Explain the automobile insurance (listed below) and provide an appropriate example of this type of insurance. Discuss the relationship between risk and this type of insurance. Describe the risk management tools. Discuss the legal principles of risk a..
Your firm has an average receipt size of $145. A bank has approached you concerning a lockbox service that will decrease your total collection time by one day. You typically receive 7,100 checks per day. The daily interest rate is 0.017 percent. What..
You have been asked to estimate the value of General Communications, a telecomm firm. General Communications has a debt to capital ratio of 30%, a beta of 1.10 and a pre-tax cost of debt of 7.5%. Assuming that the firm is in stable growth, and that ..
Better Mousetraps has come out with an improved product, and the world is beating a path to its door. As a result, the firm projects annual dividend growth of 40 percent for the next two years, and then 20 percent for the following three years. Calcu..
Grace Hesketh is the owner of an extremely successful dress boutique in downtown Chicago. Although high fashion is Grace’s first love, she’s also interested in investments, particularly bonds and other fixed income securities. Using one or more of th..
The price of silver in the U.K. is £12.00/oz. The price of silver in the U.S. is $18.00/oz. a. What should the $/£ spot exchange rate be according to the Law of One Price (LOP)? For an arbitrage trade with 100,000 ounces of silver, calculate and repo..
A firm has current assets that could be sold for their book value of $32 million. The book value of its fixed assets is $70 million, but they could be sold for $100 million today. The firm has total debt with a book value of $50 million, but interest..
The Cell Phone Shop sells protective covers for all the popular smart phone brands. The company has determined that it needs a 60% mark up on retail price in order to be profitable. It believes that this mark up will satisfy the company's profit obje..
The December 31, 2013, balance sheet of Schism, Inc., showed long-term debt of $1,400,000, $140,000 in the common stock account and $2,650,000 in the additional paid-in surplus account. What was the firm’s operating cash flow during 2014?
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