Say that you purchase a house for $212,000 by getting a mortgage for $190,000 and paying a $22,000 down payment. If you get a 30-year mortgage with an interest rate of 8 percent, what are the monthly payments? What would the loan balance be in ten years?

1) Monthly payments:

2) Balance in ten years:

Explanation:

1. What are the monthly payments?

The formula to compute the monthly payment of a loan is:

Where:

Substitute and compute:

2. What would the loan balance be in ten years?

There is a formula to calculate the balance in any number of years:

Substitute with n = 10 × 12 and compute:

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.

a government agency or homeowner.- third choice