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2. After several years of hard wor er several years of hard...
(3 pts) Bob would ike to have $20,000 in 4 years to use as a down...
(3 pts) Bob would ike to have $20,000 in 4 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositine 5375 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1) Periodic Nominal APR) (3 pts) Sue has $30,000 to use as a down...
1) (3 pts) Bob would like to have a total savings of $30,000 in 6 years...
1) (3 pts) Bob would like to have a total savings of $30,000 in 6 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositing $350 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1 Periodic *.ㅡ I Nominal (APR)- % 2) (3...
2. You want to buy a house. You can make an initial payment of $200,000 and...
2. You want to buy a house. You can make an initial payment of $200,000 and can afford monthly payment of $1,800. If the APR of the mortgage loan is 4.8% and you finance the purchase over 30 years (360 months), what is the maximum price you can pay for the house?
(3 pts) Sue has $30,000 to use as a down payment on a house and can...
(3 pts) Sue has $30,000 to use as a down payment on a house and can afford to pay $1000 per month for a mortgage. If the interest rate on a 15-year mortgage is 4.2% (this is an APR) compounded monthly. What is the highest price house she can afford using a 15-year mortgage? 2) s. (2 pts) Larry would like to retire in 20 years. He currently has $300,000 in his retirement account and is planning on depositing an...
You wish to buy a house five years from now, which will expectantly cost $550,000 after...
You wish to buy a house five years from now, which will expectantly cost $550,000 after five years. You will pay parts of this price from your personal deposit. You will cover the rest of the purchase price by taking two types of loans at the time of purchase: a 4-year fixed-interest personal loan of $20,000 - a 25-year fixed-interest house loan for the rest of the house price (.e. after paying from the personal deposit and the $20,000 taken...
1.Your auto insurance premium of $2200 is due today. You insurance company is giving you the...
1.Your auto insurance premium of $2200 is due today. You insurance company is giving you the "easy financing" option of making 12 monthly payments, with the 1st payment starting today. The interest rate on this financing option is 17.00% with monthly compounding. What's the monthly payment amount? Final answer would be 197.85. 2.A young couple decide to take advantage the current first-time home buyer credit and buy a new house. With their combined income, they can afford to make a...
EBook 1. You have saved $5,000 for a down payment on a new car. The largest monthly payment you ...
eBook 1. You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $400. The loan will have an 11% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the most expensive car you can afford if you finance it for 60 months? Do...
eBook 1. You have saved $5,000 for a down payment on a new car. The largest...
eBook 1. You have saved $5,000 for a down payment on a new car. The largest monthly payment you can afford is $400. The loan will have an 11% APR based on end-of-month payments. What is the most expensive car you can afford if you finance it for 48 months? Do not round intermediate calculations. Round your answer to the nearest cent. $ What is the most expensive car you can afford if you finance it for 60 months? Do...
You are buying a home and have saved $45,000 for a down payment. The house costs...
You are buying a home and have saved $45,000 for a down payment. The house costs $360,000. You are given a choice by the mortgage banker. You can use your entire $45,000 for the down payment, and borrow $315,000 at a 4.2% annual rate with monthly payments of about $1540 per month for 30 years (360 monthly payments). Or you can buy down the interest rate by paying an upfront fee to the lender of $8,000. This will reduce the...
How much car can I afford? Before buying a car, it is critical that you determine...
How much car can I afford? Before buying a car, it is critical that you determine both the complete price of the vehicle and what you can afford to spend. This information is essential in deciding whether to pay cash or finance the vehicle with a loan. The difference between these two methods of payment, however, is the difference between paying the car's full price versus making a much smaller down payment and fitting the monthly payments into your budget....
(3 pts) Bob would ike to have $20,000 in 4 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositine 5375 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1) Periodic Nominal APR) (3 pts) Sue has $30,000 to use as a down...
1) (3 pts) Bob would like to have a total savings of $30,000 in 6 years to use as a down payment on a future house purchase. He has no money saved up now, but plans on depositing $350 per month at the end of every month to save for this goal. What is the periodic interest rate Bob must earn to reach his goal? What is the Annual Percentage rate? 1 Periodic *.ㅡ I Nominal (APR)- % 2) (3...
(3 pts) Sue has $30,000 to use as a down payment on a house and can afford to pay $1000 per month for a mortgage. If the interest rate on a 15-year mortgage is 4.2% (this is an APR) compounded monthly. What is the highest price house she can afford using a 15-year mortgage? 2) s. (2 pts) Larry would like to retire in 20 years. He currently has $300,000 in his retirement account and is planning on depositing an...
You wish to buy a house five years from now, which will expectantly cost $550,000 after five years. You will pay parts of this price from your personal deposit. You will cover the rest of the purchase price by taking two types of loans at the time of purchase: a 4-year fixed-interest personal loan of $20,000 - a 25-year fixed-interest house loan for the rest of the house price (.e. after paying from the personal deposit and the $20,000 taken...
How much car can I afford? Before buying a car, it is critical that you determine both the complete price of the vehicle and what you can afford to spend. This information is essential in deciding whether to pay cash or finance the vehicle with a loan. The difference between these two methods of payment, however, is the difference between paying the car's full price versus making a much smaller down payment and fitting the monthly payments into your budget....
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