Since they filed bankruptcy in the past, a couple ends up paying a 12% fixed rate for a 30 year mortgage. With a better credit rating, they could have gotten the loan at a rate of 8%. If their loan amount is $140,000, how much more per month will the couple be paying for their mortgage as a result of their bankruptcy?

Monthly payment = $1,402.65

Explanation:

Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.  

The monthly equal installment is calculated as follows:  

Monthly equal installment= Loan amount/Monthly annuity factor  

Loan amount = 140,000

Monthly annuity factor =  

=( 1-(1+r)^(-n))/r  

r- Monthly interest rate (r)  

= 12/12= 1%  

n- Number of months ( n) = 30 × 12= 630

Annuity factor  

= ( 1- (1.01)^(-630)/0.01= 99.8105

Monthly installment= 140,000 /99.8105  = $1,402.65

Monthly installment = $1,402.65

Monthly payment = $1,402.65

hello the answer is d

hi,

henry is an economist and wants to understand the relationship between inflation and consumer spending habits. for his research, he needs the consumer price index for 2014 and the inflation rate. based on the prices of goods given, what will he find to be the cpi and inflation rate for 2014? assume that a consumer’s basket for three consecutive years consists of the following:

you dont privide answer choices.

answer - 15% of a inflatation rate is 15% less in cpi