18. $240,000 is borrowed at 7.25%. Compare the monthly payment and total interest to pay off the mortgage for a 25- year amortization and a 30-year amortization. (5 marks) 19. You need a $230,000 mortgage and have a great credit rating. The posted interest rate for the term you want is 7.95%. If you amortize this mortgage over 25 years, and negotiate the rate down to 7.1%, compare the monthly payments and the total interest with each interest rate. (5 marks) 20. a. Search the internet and find the current minimum wage. b. If you were to work 40 hours a week at the current minimum wage, what is your gross pay for the week? c. Search the internet to find what your tax deduction would be for this gross pay. d. Determine your weekly net income.
18. $240,000 is borrowed at 7.25%. Compare the monthly payment and total interest to pay off the mortgage for a 25- year amortization and a 30-year amortization. (5 marks) 19. You need a $230,000 mortgage and have a great credit rating. The posted interest rate for the term you want is 7.95%. If you amortize this mortgage over 25 years, and negotiate the rate down to 7.1%, compare the monthly payments and the total interest with each interest rate. (5 marks) 20. a. Search the internet and find the current minimum wage. b. If you were to work 40 hours a week at the current minimum wage, what is your gross pay for the week? c. Search the internet to find what your tax deduction would be for this gross pay. d. Determine your weekly net income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:18. $240,000 is borrowed at 7.25%. Compare the monthly payment and total interest to pay off the mortgage for a 25-
year amortization and a 30-year amortization. (5 marks)
19. You need a $230,000 mortgage and have a great credit rating. The posted interest rate for the term you want is
7.95%. If you amortize this mortgage over 25 years, and negotiate the rate down to 7.1%, compare the monthly
payments and the total interest with each interest rate. (5 marks)
20.
a. Search the internet and find the current minimum wage.
b. If you were to work 40 hours a week at the current minimum wage, what is your gross pay for the week?
c. Search the internet to find what your tax deduction would be for this gross pay.
d. Determine your weekly net income.
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