1. You are currently living in an apartment that costs $1445/month and has utilities that cost $755/month. Show your work for full marks. a) Determine your monthly cost of living. 1445 + 755 = $2,200 b) Determine your yearly cost of living. 2,200x12: $26.400 will cost yearly payment. (K-2) (K-2)
1. You are currently living in an apartment that costs $1445/month and has utilities that cost $755/month. Show your work for full marks. a) Determine your monthly cost of living. 1445 + 755 = $2,200 b) Determine your yearly cost of living. 2,200x12: $26.400 will cost yearly payment. (K-2) (K-2)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hi I’m confused about these questions can you help me please?
Transcribed Image Text:Name: Sari Alalge
KU
MAP4C1-Culminating Task Part 1
17 TH
/11 AP
Date:
16 COM
1. You are currently living in an apartment that costs $1445/month and has utilities
that cost $755/month. Show your work for full marks.
a) Determine your monthly cost of living.
1445 + 755 = $2,200
(K-2)
b) Determine your yearly cost of living.
2,200x12: $26.400 will cost yearly payment.
(K-2)
/3
2. You decide it is time to buy a place so you decide to figure out what you can afford.
You know you can only afford $1750 per month at a maximum of 4% per year.
You figure you could amortize your mortgage over 25 years. Determine how much
money the bank will loan you. (A-3)
3. You find a place for $425 000 and realize you were able to save 10% for a down
payment. Show your work for full marks.
a) Determine how much your down payment will be. (K-2)
b) Determine how much money you will need to borrow from the bank. (K-2)
c) Calculate your monthly mortgage payment at an interest rate of 3.2% per
year amortized for 25 years. (A-3)
K= /8 A = /6
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