If you buy a mobile home for $3000, resell it for $5000 with $750 down, and carry the balance at 11% for 4 years, how much will you make on your money?
(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to http://www.facebook.com/pages/Gary-Johnston-Seminars/111368472221424 for the answer.)
Answer to 01-17-2011 problem:
31.46% (N=24, PV= -50,000, PMT= 2833.33, FV=0)