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A home mortgage with monthly payments for 30 years is available at 6% interest. The home you are buying cost $120,000, and you have saved $12,000 to meet the requirement for a 10% down payment. The lender charges "points" of 2% of the loan value as a loan origination and processing fee. The is fee is added to the initial balance of the loan.
a) What is your monthly payment?
b)If you keep the mortgage until it is paid off in 30 years, what is your effective annual interest rate?
c) If you move to a larger house in 10 years and pay off the loan, what is your effctive annual interest rate?
d) If you are transferred in 3 years, what is your effective annual interest rate?
Each month, an airline sells 1,500 business-class tickets from London to Paris at $200 a ticket, and 6,000 economy-class tickets at $80 a ticket. Use this information to construct the demand curves of business travelers and tourists respectively, ..
If an investor deposits $1000 now, $3000 three years from now, and $600 per year for 5 years starting 4 years from now, how much money can be withdrawn every year forever beginning 12 years from now, if the rate of return on the investment is 8%.
This question refers to the estimated regressions in table 1 computed using data for 1988 from the United States Current Population opinion poll.
An immediate problem was that the Treasury didn't really know what most of these mortgages actually were worth (25 percent of their face value, 75 percent, or somewhere in between?), nor did it know the condition of all of these houses, some of wh..
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Suppose a depositor comes to the bank and withdraws $200 in cash. Show the banks new balance sheet assuming the bank obtains the cash by drawing down its reserves. Does the bank now hold excess reserves Is it meeting the required reserve ratio
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