Bernie Madeoff pays $220 comma 000 for a new four-bedroom 2,400-square-foot home outside Tonopah, Nevada. He plans to make a 20% down payment, but is having trouble deciding whether he wants a 15-year fixed rate (6.398%) or a 30-year fixed rate (6.872%) mortgage. a. What is the monthly payment for both the 15- and 30-year mortgages, assuming a fully amortizing loan of equal payments for the life of the mortgage? b. Assume that instead of making a 20% down payment, he makes a 10% down payment, and finances the remainder at 7.122% fixed interest for 15 years. What is his monthly payment? c. Assume that the home's total value falls by 25%. If Bernie sells the house at the new market value, what would be his gain or loss on the home and mortgage, assuming all of the mortgage principal remains? Use the same assumptions as in part a. a. What is the monthly payment for both the 15- and 30-year mortgages

What is the difference between a public and a private corporation?

Suppose that the world price of steel is $100 a ton, india does not trade internationally, and the equilibrium price of steel in india is $60 a ton. suppose that india now begins to trade internationally. the price of steel in india the quantity of steel produced in india a. does not change; does not change b. falls; increases c. falls; decreases d. rises; decreases e. rises; increases the quantity of steel bought by india india steel. a. increases; exports b. decreases; imports c. decreases; exports d. does not change; neither imports nor exports e. increases; imports

Ummit record company is negotiating with two banks for a $157,000 loan. fidelity bank requires a compensating balance of 24 percent, discounts the loan, and wants to be paid back in four quarterly payments. southwest bank requires a compensating balance of 12 percent, does not discount the loan, but wants to be paid back in 12 monthly installments. the stated rate for both banks is 9 percent. compensating balances will be subtracted from the $157,000 in determining the available funds in part a. a-1. calculate the effective interest rate for fidelity bank and southwest bank. (do not round intermediate calculations. input your answers as a percent rounded to 2 decimal places.) a-2. which loan should summit accept? southwest bank fidelity bank b. recompute the effective cost of interest, assuming that summit ordinarily maintains $37,680 at each bank in deposits that will serve as compensating balances