In: Finance
Express monetary answers to the nearest whole dollar. Express percentage answers to the nearest hundredth
22.Tiffanywould like to buy a delivery vehicle for hersmall business. Shecan afford to make a down payment of $7,500 and pay monthly (end-of-month) payments of $1,350. If the term is 48months and the loan rate is 5.24 percent(APR), then what is the maximum that Tiffanycan pay for the delivery vehicle?
23Geraldpurchases a house for $250,000 by getting a mortgage for $225,000 and paying a down payment of $25,000. It is a 20-year mortgage with a 4.92 percent interest rate and Geraldmakes a payment at the end of each month. Suppose the house appreciates at a 2.25 percent rate per year. If equity is the value of the house minus how much is owed on the house, then how much equity does Geraldhave at the end of ten years?