Suppose you are buying your first condo for $160,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30-year, monthly payment, amortized mortgage at a 6.5% nominal interest rate, with the first payment due in one month. What will your monthly payments be?A.$971.49 B.$962.32 C.$925.66 D. $769.86 E. $916.50

E. $916.50

Explanation:

We use the PMT function that is to be shown in the attachment

Given that,  

Present value = $160,000 - $15,000 = $145,000

Future value or Face value = $0

Rate = 6.5% ÷ 12 months = 0.5417%

NPER = 30 years × 12 months = 360 months

The formula is shown below:  

= -PMT(Rate;NPER;PV;FV;type)  

So, after solving this, the  monthly payments is $916.54 approx

Purpose of business is to increase general well being of people by selling goods and services.

Explanation:

The main purpose of business is to increase well being of people, make profits for its stakeholders and offering value for money to its customers or clients through products and or services. The products and services provided by the company should not harm its customers and clients instead these products and services should provide benefits to its users and satisfy their needs. While making profits a company should keep scarce resources in mind so the needs of the future generation is not compromised also it does not harm the environment by its poisonous wastage. Every business requires some form of investment as an input though which quality output can be provided to its customers and clients.