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1. You need a 30-year, fixed-rate mortgage to buy a new home for $305,000. Your mortgage bank will lend you the money at an APR of 6 percent for this 360-month loan. However, you can only afford monthly payments of $1,450, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $1,450?

2. A firm had sales of $2, 500, cost of goods sold of $1, 800, change in retained earnings of $200, dividends paid of $80, interest expense of $105, and a tax rate of 35%. Find the firm's depreciation expense.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92653386

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