CourseWork

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About CourseWork

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Applied Sciences,Chemistry See all
Applied Sciences,Chemistry,Communications,Economics,Engineering,Environmental science Hide all
Teaching Since: Apr 2017
Last Sign in: 363 Weeks Ago, 6 Days Ago
Questions Answered: 352
Tutorials Posted: 351

Education

  • MBA,PHD in Psychology
    Northwest Florida State College
    Jun-1992 - May-1997

Experience

  • Professor
    Northwest Florida State College,
    Aug-2006 - Nov-2015

Category > Economics Posted 08 May 2017 My Price 9.00

Consider the following advertisement

Consider the following advertisement seeking to sell a beachfront condominium at SunDestin, Florida:

 

                                          95% Financing 81/8 % interest!

 

5%Down Payment. Own a Gulf-Front Condominium for only $100,000 with a 30-year variable-rate mortgage. We’re providing incredible terms: $95,000 mortgage (30 years), year 1 at 8.125%, year 2 at 10.125%, year 3 at 12.125%, and years 4 through 30 at 13.125%.

 

(a) Compute the monthly payments for each year.

 

(b) Calculate the total interest paid over the life of the loan.

 

(c) Determine the equivalent single-effect annual interest rate for the loan.

Answers

CourseWork
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Status NEW Posted 08 May 2017 11:05 AM My Price 9.00

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