Alice has $14,000 to invest. She want to have $20,000 for a down-payment on a home...

Question

Question

Alice has $14,000 to invest. She want to have $20,000 for a down-payment on a home...

Alice has $14,000 to invest. She want to have $20,000 for a down-payment on a home in 5 years. If the interest is compounded monthly, find the rate of interest r that Alice needs.

Answer:.......................

math algebra

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

For 5 yer She want 20,000 uton Compound inteest of Formy (a Ioo uhere, in the above Care 2rate Per month 20,000 ニ 14,000 (Ita The solution for the is question is enclosed above

Add a comment

Answer 2

Similar Homework Help Questions

2)Alice would like to save $19,006,000 for a down payment for her first house. She currently...

2)Alice would like to save $19,006,000 for a down payment for her first house. She currently has $19,00U. At what interest rate, compounded monthly, would she need to invest her in order to have required $19,006,000 in 3 years?
The Weidmans want to save $20,000 in 4 years for a down payment on a house.

4.The Weidmans want to save $20,000 in 4 years for a down payment on a house. If they make monthly deposits in an account paying 12%, compounded monthly, what is the size of the payments that are required to meet their goal? 5. (a) Patty Stacey deposits $2200 at the end of each of 5 years in an IRA. If she leaves the money that has accumulated in the IRA account for 25 additional years, how much is in her account at the...
Becky Lewis estimates that she will need $35,000 in five years for a down payment on...

Becky Lewis estimates that she will need $35,000 in five years for a down payment on a new home. What amount would she have to invest today at 2.1% interest, compounded monthly, in order to reach her goal? $31,514.25 $31,671.95 $27,012.21 $34,695.35

(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...
How much must Susie invest today to have $20,000 in 6 years in an account with...

How much must Susie invest today to have $20,000 in 6 years in an account with an interest rate of 10% compounded annually? How much less would she have to invest if the interest compounded monthly?
Suppose you want to purchase a $305,000 home, and you have the required $63,000 down payment...

Suppose you want to purchase a $305,000 home, and you have the required $63,000 down payment in savings. Complete the table below for a mortgage option presented by a mortgage broker. Principal: $242,000 Interest Rate: 3.255% Terms (years): 20 (Find) Payment: (Find) Total of Payments over Life of Loan: (Find) Total Interest Paid over Life of Loan:

If you want to save $60,000 for a down payment on a home in 7 years,...

If you want to save $60,000 for a down payment on a home in 7 years, assuming an interest rate of 4.7 percent compounded annually, how much money do you need to save each month? A. $714 B. $634 C. $620 D. $607
(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...
Mrs. Landingham recently purchased a new car. In addition to her down payment she will borrow...

Mrs. Landingham recently purchased a new car. In addition to her down payment she will borrow $10,000 to pay for the car, which she will pay back with 60 equal monthly payments over the next five years. The stated annual interest rate is 12%, compounded monthly. If she receives the loan today and makes her first payment one month from today, what will be the amount of her first payment? I've tried so many times and I don't have any...

You want to buy a $254,000 home. You plan to pay 5% as a down payment,...

You want to buy a $254,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 5% c) What will your monthly payments be if the interest rate is 6%?

Alice has $14,000 to invest. She want to have $20,000 for a down-payment on a home...

Homework Answers

Add Answer to:
Alice has $14,000 to invest. She want to have $20,000 for a down-payment on a home...

Post as a guest

Earn Coins

2)Alice would like to save $19,006,000 for a down payment for her first house. She currently...

The Weidmans want to save $20,000 in 4 years for a down payment on a house.

Becky Lewis estimates that she will need $35,000 in five years for a down payment on...

(3 pts) Bob would ike to have $20,000 in 4 years to use as a down...

How much must Susie invest today to have $20,000 in 6 years in an account with...

Suppose you want to purchase a $305,000 home, and you have the required $63,000 down payment...

If you want to save $60,000 for a down payment on a home in 7 years,...

(3 pts) Sue has $30,000 to use as a down payment on a house and can...

Mrs. Landingham recently purchased a new car. In addition to her down payment she will borrow...

You want to buy a $254,000 home. You plan to pay 5% as a down payment,...

Alice has $14,000 to invest. She want to have $20,000 for a down-payment on a home...

Homework Answers

Add Answer to: Alice has $14,000 to invest. She want to have $20,000 for a down-payment on a home...

Post as a guest

Earn Coins

Add Answer to:
Alice has $14,000 to invest. She want to have $20,000 for a down-payment on a home...