Question: MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER A lending agency advertises in the paper an APR of 12% on a home mortgage with a term

MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER A lending agency advertises in the paper an APR of 12% on a home mortgage with a term of 30 years. The ad claims that the monthly payment on a principal of $260,000 will be $26,740. Is this claim reasonable? What should the ad have said the payment would be to the nearest dollar)? The ad should have said that the monthly payment is $2,000. The claim is reasonable. The ad was correct to say that monthly payment is $26,740, The ad should have said that the monthly payment is $260,000. The ad should have said that the monthly payment is $2,674

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

K owns office equipment that has been used for personal purposes since it was purchased last year for $1,600. During the current year K began using the equipment exclusively for his business. The...

3. [0/3 Points]DETAILSPREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER You invest $2600in an account that pays an APR of3%. The numbers of times the investment is compounded each year...

MY NOTES DETAILS ASK YOUR TEACHER PRACTICE ANOTHER [-/3 Points) To buy you borrow $26.000 with a term of five years at an APRO 5. What is your monthly payment (Round your answer to the nearest cant)...

5. [-/3.5 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The following steps illustrate how we determine a maximum recommended monthly mortgage payment. You will do a very similar...

SHOW IN EXCEL NOT LIKE THE FIRST PICTURE. ONLY EXCEL Ans. Annual Percentage Ratio (APR). A standard calculation used by lenders, it is designed to help borrowed compare different loom options. For...

Answer each question correctly A metallurgist purchases a car for total cost including tax and license of $39,595.66. If the metallurgist obtains a 4-year loan at an annual interest rate of 4.6%...

is this better $12470 is the month payment? (Round your answer to the nearest ont.) 5. (-/0.83 Points) DETAILS CRAUDQL3 4.2.0316 MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Over the past 40 years,...

9. [-/2 Points] DETAILS FAPP10 22.3.029. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER In a 2/28 "hybrid" adjustable-rate mortgage (ARM), the initial interest rate is fixed for 2 years and then is...

\f\f\fed Cars Online | Touchless [ x Bb Finance 2: Borrowing Money ar X WA WA Finance 2 - Borrowing Mon. X N Netflix C a webassign.net/web/Student/Assignment-Responses/last?dep=28685023 x | + [-/6.5...

Help please I have some answers just need help 9. [0.811 Points] DETAILS PREVIOUS ANSWERS WANEFMAC? 8.2.027. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The following chart shows the results of a...

In Canada, 50% of an individual's capital gains or losses are taxed or deducted respectively at the individual's current tax rate. Tammy has a tax rate of 12.76%. She just purchased a $120,000 face...

Although your project management skills are quite good, you do occasionally run into unforeseen circumstances that lead to less-than-ideal results. Halfway through the installation of a new resume...

A common mistake with using time-out as a punishment occurs when: he time-out area is punishing or the time-out area is reinforcing or the time-out is ended too quickly or time-out is used more than...

Creative images Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year, the following balances...

Gershwin plc obtained a franchise from Sonic Hedgehog Inc. for a cash payment of 120,000 on April 1, 2022. The franchise grants Gershwin the right to sell certain products and services for a period...

Which one or more of the following statements apply to earthquake P waves? a. They are back-and-forth vibrations like sound waves. b. They are transverse vibrations like waves in a taut string. c....

Go to www.commerce.gov. Click on Bureau of Economic Analysis. Click next on National and then on the latest GDP release. Look through the report. Which of the components of aggregate expenditure...

Use a primary function with a subfunction to compute the zeros of the function 3x 3 - 12x 2 - 33x + 80 over the range $10 x 10.

If you were in Sonia ' s position , how would you feel and what would you do ? By dragging and dropping , please RANK ORDER the options below , with 1 being what you would be most likely to do and 5...

Understand the impact of institutional factors and labor laws, in particular, on HRM.

In your opinion, why and to what extent could having a B Corp certification help an SME in attracting and retaining skilled and talented workers?

In your opinion, which are the main obstacles that a family-owned SME may encounter in getting a B Corp certification? And what are the facilitating factors? Please answer these questions both in...