A public relations specialist earns $54,000 salary each year. He/she wants to spend no more than three times his/her salary on a house. a) What is the maximum price of a home that he/she is willing to pay if they don't want to spend more than three times the salaray? b) If a 15% down payment is required and he/she buys a home for the amount in part a), what is the loan amount for the mortgage (after the 15% down payment)? c) If he/she buys a home for the maximum he/she can afford with a 15% down payment (answer from part b), what is the monthly mortgage payment for a 20 year fixed interest loan at 4.45% compounded monthly?

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.