Gerry is buying 80 acres of farmland that cost $250,000. He will take out a 20-year loan with a 1.9% annual interest rate, and he can afford a $1,150 monthly payment. What minimum down payment must Gerry make to keep his monthly payment at or below $1,150? (Answers are rounded to the nearest 10 dollars.) O $26,000 O $4,360 O $3,310 O $20,530

Q: John's annual premium is $1004.  If he pays semi-annually, there is a $1 per payment surcharge.…

A: See the detailed solution below.

Q: Jerry has been promoted to the position of regional sales manager for Marlin Enterprises. As a perk…

A: According to the Maximax rule, Jerry should choose the option that maximizes the best possible…

Q: The Browns have taken out a $50,000, 20-year, 8 percent mortgage on their home. How much will they…

A: Given data: Principal, P=$50,000 Time= 20 years Interest rate= 8% a) The formula for monthly…

Q: 2. John es

A:

Q: Jane needs to pay for car repairs and, to do so, decides to pawn her bicycle. The pawn broker…

A: The simple interest, I is calculated using the formula, I=Prt , where, P is the principal amount, r…

Q: Lewis figured out that the difference in cost between renting an apartment for 30 years at a fixed…

A: The objective of this question is to find out the difference in the monthly cost of renting versus…

Q: Thank you! I have a follow-up question, how much will the loan cost him?

A:

Q: Suppose that you decide to borrow $17,000 for a new car. You can select one of the following loans,…

A:

Q: The hire purchase price of a table is $700.00 dollars. Mark buys the table by making a down payment…

A:

Q: The price of a home is $220,000, financed at 7% with a 30 year fixed rate. 20% down and 3 points…

A: The down payment is = Price of Home × percentage of down payment = $( 220,000 × 20%)…

Q: Suppose you obtain a 30-year mortgage loan of $194,000 at an annual interest rate of 7.9%. The…

A: We have to find out answer of given question....

Q: Nicole Lieu received $25,000 from the sale of an investment on April 1. She will need $8,441 on…

A:

Q: If a car priced  at $17,305 is offered for nothing down with 60 monthly payments of $397.63, what is…

A: Given Information -  Cost of the car = $17,305 Monthly payments to clear the debt = $397.63 Number…

Q: A couple can afford to make a monthly mortgage payment of $650. If the mortgage rate is 9% and the…

A:

Q: A young entrepreneur is starting a landscape business in one of the most exclusive neighborhoods in…

A:

Q: You just received a new Visa credit card with a $5,000 limit and a 19% interest rate. You then…

A:

Q: $320 per year. They are requesting a conventional loan from the local bank. The bank is currently…

A: (a) The required down payment is 15% therefore, the down payment is calculated on the total loan…

Q: If your credit card balance is $ 410.35, what would be the minimum payment on your bill if you are…

A: Money owed  =  $410.35    3% of this money is  =3100×410·35  =$12.3105    As 3% of $410.35 =…