Ryan wants to take out a $520,000 loan with an APR of 4.15% for 20 years. He
Question:
Ryan wants to take out a $520,000 loan with an APR of 4.15% for 20 years. He can purchase a discount point for 1% of his principal that will decrease his APR by 0.125%. If Ryan purchases 3 points, after how many months will he breakeven?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
Let formula1 be the initial principal The monthly payment is formul...View the full answer
Answered By
Brian Otieno
I'm Brian , an experienced professional freelancer with countless hours of success in freelancing many subjects in different disciplines. Specifically, I have handled many subjects and excelled in many disciplines. I have worked on many Computer Science projects and have been able to achieve a lot in that field. Additionally, I have handled other disciplines like History, Humanities, Social Sciences, Political science, Health care and life science, and Religion / Theology. My experience generally in these subjects has made me able to deliver high-quality projects in a very timely fashion. I am very reliable at my job and will get the work done in time, no matter what. In Addition, I have managed to ensure that the work meets my client's expectations and does not cause an error. I am a hard-working and diligent person who is highly responsible for everything I do. Generally, Freelancing has made me more accountable for doing my job. Additionally, I have had a passion for writing for the last seven years in this field.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
Question Posted:
Students also viewed these Mathematics questions
-
A bank offers a 24-month installment loan with an APR of 10.5%. Martha wishes to use the loan to finance a sofa for $1,000. After using Table 13-1 from your text to find the finance charge, calculate...
-
Juliana is taking out an $8,700, 3-year loan with an APR of 2.31%. What will be the monthly payment for this loan? Round to the nearest cent.
-
Rachel has a $10,000, three-year loan with an APR of 7.25%. a. What is the monthly payment? b. What is the total amount of the monthly payments? c. What is the finance charge?
-
In MySQL, Useing ClassicModels database below, how do I script it to display ProductLine total_sales by region like this; a. Region-1 i. Productline-1 ---- Total Sales ii. Productline-2 ---- Total...
-
A random sample of the miles driven by 20 rental car customers is shown as follows: Develop a box and whisker plot for the sample data. 100 50 50 100 90 85 80 90 125 35 100 50 125 100 50
-
Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates...
-
Write a Monte Carlo code for a system of \(N\) hard spheres of diameter \(D\) on a one-dimensional ring of length \(L\) with periodic boundary conditions. Calculate the pair correlation function and...
-
1. Why is the operations function important in implementing the strategy of an organization? Explain why the changes put in place by Victoria Chen and her team could either hurt or help the bank. 2....
-
what is meant by the term functionality of a database management system? Explain the responsibility of any two functionalities of a database management system. Discuss how a database transaction is...
-
In 2017, Caitlyn Smith's husband Ben passed away. The next year she moved from Louisiana to Texas. Caitlyn has not remarried as of the end of 2019 and currently lives in Portland, TX with her three...
-
Millie is considering a zero closing cost loan. She wants to borrow $600,000. Her lending institution is offering her a 3.49% loan for 25 years. She has the option of purchasing negative points,...
-
Michelle took out a $370,000, 30-year, adjustable-rate mortgage with a 2.8% initial 6-month rate. The amortization table for the initial rate period is shown. After the first 6 months, the rate went...
-
The executeQuery() method returns an integer that equals the number of rows that have been returned, and the executeUpdate() method returns a ResultSet object containing the run results. (True/False)
-
Choose a country of interest to you. (The GLOBE study rankings for 62 countries are at https://globeproject.com/study_2004_2007# surveyed.) Analyze the country in terms of the following cultural...
-
Write your own mission statement, including a code of conduct. Consider the following steps as you create the statement: Find several companies you admire. Use their code of conduct statements to...
-
Review the Commonly Misspelled and Confused Words section in Appendix A. Then, rewrite each sentence to make any needed corrections. A. We want your advise on the affects of this monetary policy. B....
-
Lloyd C. Blankfein, chair and CEO of Goldman Sachs, was asked, What would you like business schools to teach more of, or less of? He responded: Look, I think its very important to teach people to...
-
In July 2015, Stephen Elop announced major changes at Microsoft. Read the message at http://news.microsoft.com/2014/07/17/stephenelops- email-to-employees/. Analyze this message for ease of reading...
-
The financial impact of IT systems downtime is a concern of plant operations management today. A survey of manufacturers examined the satisfaction level with the reliability and availability of their...
-
Read the Forecasting Supply Chain Demand Starbucks Corporation case in your text Operations and Supply Chain Management on pages 484-485, then address the four questions associated with the...
-
State the hypotheses that we can use to answer this question? The standard deviation of daily iron intake in the larger population of 9- to 11-year-old boys was 5.56 mg. We want to test whether the...
-
Carry out the test in Problem 7.38 using the critical value method with an level of .05, and summarize your findings? The standard deviation of daily iron intake in the larger population of 9- to...
-
What is the p-value for the test conducted in Problem 7.39? The standard deviation of daily iron intake in the larger population of 9- to 11-year-old boys was 5.56 mg. We want to test whether the...
-
= 2. Assume one equation for a good is P = 5000-300Q and a second equation for that good is P 2000+ 150Q. Assume Q is the quantity and P is price. Remember you must show all your math work. a....
-
The evolution of the long-term interest rate following the reduction in gt. Does the government's policy help to reduce the long-term interest rate and make the mortgage market more affordable?
-
What is the Federal Reserve and who is the current Chair of the Fed? What are the discount rate and federal funds rate?
Study smarter with the SolutionInn App