You purchase a mobile home for $4000 cash and sell it for $9000 with $1000 down and the balance financed over 4 years at 13%. What is the return on your investment?
(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 06/06/2011 problem:
(N=360,I=4.625,PV= 112,500,FV=0) PMT=578.41