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A homeowner spends $3,000 to insulate his home. His energy bills will drop by an average of $85 each month. What is the payback time of this investment? Round, if necessary, to the nearest 0.1 year.
A homeowner spends $3,000 to insulate his home. His energy bills will drop by an average of $85 each month. What is the payback time of this investment? Round, if necessary, to the nearest 0.1 year.
Multiple Choice: If you can afford to pay $900 per month, and you have $50,000 in debt in an interest-only loan which charges an annual interest rate of 9% (compounded monthly), it will take you 6 years to pay off your debt. If you owe $150,000 rather than $50,000 (and the loan type, interest rate and how much you can afford to pay each month remain the same), then to pay off your debt it will take you
a) Less than 18 years. b) Exactly 18 years.
c) More than 18 years, but it will be paid off. d) The loan will never be paid off.
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