Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Economics Posted 06 May 2018 My Price 4.00

national retail chain

Mr. and Mrs. Smith, who both work for a national retail chain, purchased a house with a price of $400,000. They paid a down payment of $40,000 using their savings and took a 30-year loan from the local bank at an interest rate of 9% per year. What is their monthly payment? After living five years in this house, they were transferred by their employer to another division in a different state, and they wanted to sell the house.

a. How much of the principal is left at the end of the fifth year?

b. If their MARR is 10%, what should be their minimum asking price for the house?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 06 May 2018 09:05 PM My Price 4.00

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