Can you please calculate the assumption part and find:1) What will be the monthly payment of Edward?2) What will be the monthly payment amount of Jorge?3) How much does Edward pays more than Jorge in simple calculation?Please solve these by hand not excel. Thanks! Your FICO score makes a big difference in how lenders determine what interest rate to charge you.Consider the situation faced by Edward and Jorge. Edward has a fairly poor FICO score of 660 and, as aresult, pays 18.0% APR on the unpaid balance of his credit card. Jorge has a FICO score of 740 and paysonly 7.3% APR on the unpaid balance of his credit card. If both persons carry an average balance of $3,000on their credit cards for three years, how much more money will Edward repay compared with what Jorgeowes (moral: you want a high FICO score)? Assume monthly compounding of interest.Assume that Edward and Jorge makes constant monthly payment for the next 36 month to pay it off. Whatwill be the monthly payment amount for each? Also, in simple calculation (without regard tocompounding,) how much will Edward will pay more than Jorge? For example, if A pays $500/mo for ayear and B pays $400/mo for a year, A would be paying $1200 more in simple calculation.Please solve the question and the assumption. Thanks!

The monthly payment is the payment that is made by every month which includes the principal amount…

Can you please calculate the assumption part and find: 1) What will be the monthly payment of Edward? 2) What will be the monthly payment amount of Jorge? 3) How much does Edward pays more than Jorge in simple calculation? Please solve these by hand not excel. Thanks!

Can you please calculate the assumption part and find: 1) What will be the monthly payment of Edward? 2) What will be the monthly payment amount of Jorge? 3) How much does Edward pays more than Jorge in simple calculation? Please solve these by hand not excel. Thanks!

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 89TPC

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Concept explainers

Real Estate

Real estate means ownership of land along with the assets and natural resources that exist on the land. These properties are in real/physical form which is tangible. Real estate simply means land or addition made to land permanently like constructing a residence or different buildings. People invest in real estate to either reside or for wealth creation. Many people investing in real estate further lend the place for occupation or businesses in return for a monthly payment.

Question

Can you please calculate the assumption part and find:

1) What will be the monthly payment of Edward?

2) What will be the monthly payment amount of Jorge?

3) How much does Edward pays more than Jorge in simple calculation?

Please solve these by hand not excel. Thanks!

Your FICO score makes a big difference in how lenders determine what interest rate to charge you.
Consider the situation faced by Edward and Jorge. Edward has a fairly poor FICO score of 660 and, as a
result, pays 18.0% APR on the unpaid balance of his credit card. Jorge has a FICO score of 740 and pays
only 7.3% APR on the unpaid balance of his credit card. If both persons carry an average balance of $3,000
on their credit cards for three years, how much more money will Edward repay compared with what Jorge
owes (moral: you want a high FICO score)? Assume monthly compounding of interest.
Assume that Edward and Jorge makes constant monthly payment for the next 36 month to pay it off. What
will be the monthly payment amount for each? Also, in simple calculation (without regard to
compounding,) how much will Edward will pay more than Jorge? For example, if A pays $500/mo for a
year and B pays $400/mo for a year, A would be paying $1200 more in simple calculation.
Please solve the question and the assumption. Thanks!

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