Doris Wade purchased a condominium for $50,000 in 1988. Her down payment was $26,000. She financed the remaining amount as a $24,000, 30-year mortgage at 99 payments are $190. It is now 2003 (15 years later) and Doris has sold the condominium for $90,000, immediately after making her 180th payment on the unit. Find her this investment. Choose the closest answer below. OA. 5.2% B. 9% C. 1.6% 200
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![Doris Wade purchased a condominium for $50,000 in 1988. Her down payment was $26,000. She financed the remaining amount as a $24,000, 30-year mortgage at 9%, compounded monthly. Her monthly
payments are $190. It is now 2003 (15 years later) and Doris has sold the condominium for $90,000, immediately after making her 180th payment on the unit. Find her effective annual internal rate of return on
this investment.
Choose the closest answer below.
OA. 5.2%
O B. 9%
O C. 1.6%
OD. 3.8%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb46cf3fa-fc84-49b3-a2aa-fc44143a83d0%2F76d091a9-9640-41ea-b58d-88ccb19ff6c0%2Fmmw5r8c_processed.png&w=3840&q=75)
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- Mia Sato purchased a new condominium for $225,000. The bank required a $40,000 down payment. Assume a rate of 6% on a 30-year mortgage. What is Mia’s monthly payment? What is Mia's total interest cost if she pays each payment as scheduled for 30 years? Explanation of how to determine the solution to the problem and the correct answer, please.DorisWade purchased a condominium for $50,000 in 1987. Her down payment was $20,000. She financed the remaining amount as a $30,000, 30-year mortgage at 7%, compounded monthly. Her monthly payments are $200. It is now 2007 (20 years later) and Doris has sold the condominium for $100,000, immediately aftermaking her 240th payment on the unit. Her effective annual internal rate of return on this investment is closest to which answer below? (a) 3.6% (b) 8.5% (c) 5.3% (d) 1.5%Shelley purchased a home in Maryland Heights, MO, for $204,000. Her down payment was 20% of the cash price, and she obtained a mortgage for 20 years at 7%. What are Shelley's monthly payment and total interest cost? (Round your answers to the nearest cent.) a)Monthly payment b) Total interest cost
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