Midterm Exam

Option 2: A 15-year fixed rate mortgage with two points and an APR of 4.5%, compounded monthly.

Equator - imaginary line at 0° latitude that divides the earth into the northern and southern hemispheres

Besides the president having too much power another thing that has the American people buzzing is bureaucracy. Bureaucracy is a hierarchical authority structure, in which power flows from the top down and responsibility flows from the bottom up; it uses task specialization so that experts instead of amateurs perform technical jobs; and it develops extensive rules, which may seem extreme at times but which allow similar cases to be handled similarly instead of capriciously (Edwards, Wattenberg, & Lineberry, 2008).

This is a take-home exam. The exam is to be handed out on July 26, 2012 and returned on July 31, 2012 on the final exam time. The group leader will assign each group member a question and each group member will answer the question and return the answer to the group leader. The group leader will grade each member in terms of cooperation and totality of the answer. The group leader will submit a final draft on exam date (July 31, 2012). The final draft must be done in a professional manner.

At an interest rate of 15% per year (3.75% for three months, the amount to borrow equals

Borrower found a home . Its new construction with D. R Horton dba Express Homes. Builder will pay title commitment if borrower chooses their preferred Lender. I can sell the customer on parcel help with title commitment as long as we can help her get 3.75 with any discount. She’s has been shopping for interest rate. Wells Fargo is offering 3.875 with any discount. Can we get her .875 or $1977.54 total

The answer is true if the card has a grace period, but if there is no grace period (and some cards don’t offer one), she would have paid the $3 interest charge regardless and would have saved only on the cash advance of $4.

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Homework Set 2 MGT 240, Spring 2015 Inflation, Real and Nominal Cash Flows This problem set is due January 29th at the beginning of class. To solve this problem set, the material in classes 1-5 and RWJ Chapters 5 and 6 are particularly useful. Students may work in groups of up to 4 people and each group submits one write-up. 1. (5 points) Your bank offers four savings products. All products pay interest at the end of the compounding period. Product Annual pays an APR of 12.00% compounded annually, Product Semi pays an APR of 11.80% compounded semi-annually, Product Quarterly pays an APR of 11.60% compounded quarterly and Product Monthly pays an APR of 11.40% compounded monthly. If you have savings of $100,000 to deposit and will not make

o 20% immediately, 20% at the end of the first year, remaining 60% at a 2% per month

The provided data indicate that the original mortgage was a 30 year of $121,000 at a rate of 5.75 percent. Checking the figures, the monthly payment of $706.12 is correct as is the balance left after the first five years ; $112,242.47.

2. Considering the minimum payment you just calculated, determine the amount of interest and the amount that was

Simple interest vs. Compound interest: o Simple interest amount = Principal * annual interest rate * period o Compound interest amount includes interest not only on the initial investment but also on the accumulated interest in previous periods. Example: Assume we will save $1,000 for three years and earn 6% interest compounded annually.

How large an equal annual end‑of‑year deposit must be made into an account paying an annual rate of interest of 13 percent in order to buy the beach house upon retirement? (Time/Marks 3)