Historically, schools in Tempe Arizona close 3 days each yea…

Historically, schools in Tempe Arizona close 3 days each year due to excessive heat. What is the probability that schools in Tempe Arizona will close for 4 days next year? (Provide your answer with four decimal places) . What is the distribution of the number of closed school days in Tempe Arizona?

What is the effective borrowing cost (EBC)—rounded to two pl…

What is the effective borrowing cost (EBC)—rounded to two places to the right of the decimal–on a $125,000 fixed rate, level payment mortgage, originated at 7.50 percent (annual) and amortized monthly over 30 years. Assume that the total up-front costs of debt financing (including payments to 3rd party service providers) were $2,500, and that the loan is expected to be held outstanding for 5 years and does not require PMI.

Considering the following information. Original amount of th…

Considering the following information. Original amount of the existing loan: $600,000Term of the original mortgage: 30 yearsContract interest rate on existing mortgage: 7.50%Current loan mortgage payment: $4,195.29Remaining term on current mortgage: 25 yearsCurrent loan balance on existing mortgage that would be refinanced: $567,704.62Contract interest rate on new (refinanced) mortgage: 6.0%Loan term on new (refinanced) mortgage: 25 yearsCost of refinancing: 3% of the current $567,704.62 loan balance  What is the payback period in months associated with refinancing today?