Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. a house price of $235,000 can be financed with the

A house price of $235,000 can be financed with the two loans with monthly payments: Loan Amount Term (years) Interest Rate Loan 1 $ 180,000 30 5% Loan 2 $ 20,000 30 7% What is...

80.2K

Verified Solution

Question

Finance

A house price of$235,000 can be financed with the two loans with monthlypayments:

LoanAmountTerm(years)InterestRate
Loan1$180,000305%
Loan2$ 20,000307%

What is the annualcost if there are no costs associated with the two loans and theborrower will hold the loan for entire term?

5.21%

5.81%

6.21%

6.81%

Answer & Explanation Solved by verified expert
4.5 Ratings (953 Votes)
SEE THE    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

A house price of$235,000 can be financed with the two loans with monthlypayments:LoanAmountTerm(years)InterestRateLoan1$180,000305%Loan2$ 20,000307%What is the annualcost if there are no costs associated with the two loans and theborrower will hold the loan for entire term?5.21%5.81%6.21%6.81%

Other questions asked by students

Q

Refer to Figure 7 On September 26th the water temperature in 2002 was Select the...

Biology
Q

Determine the carburizing time (in s) necessary to achieve a carbon concentration of 0.44 wt% at...

Mechanical Engineering
Q

Answer all three of the following Roman Numeral Questions (I, II, III). Equal credit. I. Suppose a...

General Management
Q

Directions Select the correct answer from each drop down menu During times of poverty or...

Biology
Q

Endocrine System Explain the functions of the organ system List and explain the major organs...

Biology
Q

What are the categories of organic mole lipids nucleic acids proteins carbohydrates sulfur carbon water

Biology
Q

20 Find the percentage decrease in the acceleration due to gravity when a body is...

Physics
Q

Find the mean of the given probability distribution 1 2 3 X 0 p x...

Statistics
Q

It has been reported in a national newspaper that 78 of American households own a...

Statistics
Q

Question 6 of 9 6.52 / 7 The following are selected ledger accounts...

Accounting
Q

Variances, Entries, and Income Statement A summary of Glendale Company's manufacturing variance report for May...

Accounting
Q

A company with 825,000 shares outstanding that sell for $120 per share has announced a...

Finance