you need a 20-year, fixed-rate mortgage to buy a new home for $210,000. Your mortgage bank will lend you the money at a 7.1 percent APR for this 240 month loan. However, you can afford monthly payments of $1,000, so you offer to pay off any remaining balance at the end of the loan in the form of a single balloon payment. HOw large will this balloon payment have ot be for you to keep your monthly payments at $1000

$337,869.73

Explanation:

Find out the future value of $1,000 given an interest rate of 7.1%. If this amount is less than the future value of $210,000, the difference is added to the final payment to come up with the balloon payment.

The APR needs to be made periodic:

= 7.1% / 12

The $1,000 payment is an annuity so this can be calculated as:

= Annuity * ( ( 1 + rate) ^ number of periods - 1) / rate

= 1,000 * ( ( 1 + 7.1/ 12%) ²⁴⁰ - 1) / 7.1/12%

= $527,297.83

Future value of $210,000

= 210,000 * ( 1 + 7.1/ 12%) ²⁴⁰

= $865,167.56

Balloon payment will be:

= 865,167.56 - 527,297.83

= $337,869.73

General mental ability

Explanation:

The job role in this scenario is for Assistant manager position requires someone that can learn quickly and rapidly acquire, process, and synthesize information.

This requires someone with general mental ability.

General mental ability is the skill one posses to easily understand verbal information, process numbers and information, and ability to see logical relationships between different concepts.

Other intelligence types include Spatial-visual intelligence, Logical-mathematical intelligence, Bodily-kinesthetic intelligence