Question

6. 29 total points. You have decided that you will start a savings plan. You will deposit $20 per week into an account that you think will pay 8% per year. A. 10 points. How much will you have in 15 years? 12 points. Suppose that, with your savings, you will buy a house after 15 years. In addition to your down payment, you will borrow $400,000. If the interest rate is 3.6% on your 30-year mortgage. What will be your monthly payment? C. 2 points. Suppose that the down payment is equal to what you will have in your saving account. How much does your home cost? D. 5 points. How much total interest will you have paid once your mortgage is paid off?
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Answer 1

C 8% GIVEN DATA RATE SAVING yearly $20.00 1,040.00 weekly yearly period 15 years A total saving in 15 years =FV(8%,15,-1040,0) $28,238.20 note is assumed that the saving is done annually borrow interest rate $400,000.00 3.60% 0.30% annually montly period 30 years months 360 monthly payment $1,818.58 =PMT(C16,C19,-C14,0) total cost of the house $428,238.20 =+C14+C10 total amount of intest paid 254,689.30 --CUMIPMT(C16,C19,014,1,360,0)

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