The table shows the terms of a fixed-rate mortgage.
Which formula should be used to correctly calculate the
monthly mortgage payment?
Component
Cost
O M=p[R(1 – R)"
(P) Principal
$200,000
(1 + R)"
O M=p_[R(1 + R)")
(R) Monthly interest rate
.4%
[(1 + R)" - 1]
R
(n) Total number of
monthly payments (30-
year term)
360
0 M=p
[(1 + R)" – 1]
O M=p[R(1 + R)"}
(M) Monthly payment
$1059.85
(N + R)
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Which one of the following best describes pro forma financial statements? select one: a. financial statements expressed in a foreign currency b. financial statements where the assets are expressed as a percentage of total assets and costs are expressed as a percentage of sales c. financial statements showing projected values for future time periods d. financial statements expressed in real dollars, given a stated base year e. financial statements where all accounts are expressed as a percentage of last year's values