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Chapter 5 1. What is the Present value of the following...
You are ready to buy a house, and you have $20,000 for a down payment and...
You are ready to buy a house, and you have $20,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $36,000, and the bank is willing to allow your monthly mortgage payment to be equal to 28% of your monthly income. The interest rate on the loan is 6% per year with monthly compounding (.5% per month) for a 30-year fixed rate loan. How much...
You are ready to buy a house, and you have $20,000 for a down payment and...
You are ready to buy a house, and you have $20,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $48000 (monthly income $4000) , and the bank is willing to allow your monthly mortgage payment to be equal to 25% of your monthly income. The interest rate on the loan is 6% per year with monthly compounding (.5% per month) for a 30-year fixed...
1 points Sve Arwer You are ready to buy a house, and you have $20,000 for...
1 points Sve Arwer You are ready to buy a house, and you have $20,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $36,000 (monthly income $3000). and the bank is willing to allow your monthly mortgage payment to be equal to 25% of your monthly income. The interest rate on the loan is 6% per year with monthly compounding (5% per month) for...
1. Complete the following table. Number of Annual Payments or Years Present Value Interest Rate Future...
1. Complete the following table. Number of Annual Payments or Years Present Value Interest Rate Future Value Annuity 10 $250.00 12% 20 S1,000 25 S500,000 30 S1,000,000 2. You just started working and you planned to save $5,000 every year in your retirement account. How much money will you have in your retirement account once you retire in 40 years? Your retirement account pays 4% interest rate per year. 3. You just retired with S1,000,000 savings. You'd like to receive...
You have an annual salary of $72,000 and the bank is willing to allow your monthly...
You have an annual salary of $72,000 and the bank is willing to allow your monthly mortgage payment to be equal to 29% of your monthly income.The interest rate on the loan is 6% per year with monthly compounding for a 30 year fixed rate loan. What is the maximum amount you can borrow from the bank? A) 258,925 B) 277,499 C) 280,210 D) 290,217 E) 491,075
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan...
Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate. After 28 years, you would like to sell the property. What is your loan balance at the end of 28 years? Assume that you have a 30 year fully-amortized fixed rate mortgage for your home. Your loan amount is $300,000 with a 3% annual interest rate and your balloon payment is $50,000. What is your...
need help thanks! Suppose that you have just borrowed $250,000 in the form of a 30...
need help thanks!
Suppose that you have just borrowed $250,000 in the form of a 30 year mortgage. The loan has an annual interest rate of 9% with monthly payments and monthly compounding. a. What will your monthly payment be for this loan? b. What will the balance on this loan be at the end of the 12th year? How much interest will you pay in the 7th year of this loan? d. How much of the 248th payment will...
please solve in the following format, if applicable: FV (future value) = PV (present value) =...
please solve in the following format, if
applicable:
FV (future value) =
PV (present value) =
PMTvend (end payment) =
I/YR (interest rate) =
N (periods) =
4. Janos Patikos is buying a new house. The purchase price of the house is $650,000 and Janos is making a down payment in cash for 15% of the purchase price and is borrowing the remainder from First Woolsley Trust. The bank is charging an APR of 6.28% and is requiring him to...
Consider two ways of getting a mortgage on a house worth $750,000. You plan to make...
Consider two ways of getting a mortgage on a house worth $750,000. You plan to make a down payment of $300,000 at closing. You need to borrow the rest of the $450,000. The first option is a 15 year fixed-rate mortgage at a 5.25% effective annual interest rate (assume monthly compounding with 12 payments per year to get a monthly interest rate). In the second option, you can “buy” a lower effective annual interest rate of 4.5% by paying the...
please answer all of the following questions 5. Which of the following will decrease the present...
please answer all of the following questions
5. Which of the following will decrease the present value of the mixed cash flows for years 1 through 5 of $1,000; $4,000; $9,000; $5,000; and $2,000 respectively given a 10% discount rate? (Choose all that apply - this is an all or nothing problem, if you choose an option that is wrong or do not choose an option thar is correct, your entire answer will be marked wrong). a. Decrease the discount...
1 points Sve Arwer You are ready to buy a house, and you have $20,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $36,000 (monthly income $3000). and the bank is willing to allow your monthly mortgage payment to be equal to 25% of your monthly income. The interest rate on the loan is 6% per year with monthly compounding (5% per month) for...
1. Complete the following table. Number of Annual Payments or Years Present Value Interest Rate Future Value Annuity 10 $250.00 12% 20 S1,000 25 S500,000 30 S1,000,000 2. You just started working and you planned to save $5,000 every year in your retirement account. How much money will you have in your retirement account once you retire in 40 years? Your retirement account pays 4% interest rate per year. 3. You just retired with S1,000,000 savings. You'd like to receive...
need help thanks!
Suppose that you have just borrowed $250,000 in the form of a 30 year mortgage. The loan has an annual interest rate of 9% with monthly payments and monthly compounding. a. What will your monthly payment be for this loan? b. What will the balance on this loan be at the end of the 12th year? How much interest will you pay in the 7th year of this loan? d. How much of the 248th payment will...
please solve in the following format, if
applicable:
FV (future value) =
PV (present value) =
PMTvend (end payment) =
I/YR (interest rate) =
N (periods) =
4. Janos Patikos is buying a new house. The purchase price of the house is $650,000 and Janos is making a down payment in cash for 15% of the purchase price and is borrowing the remainder from First Woolsley Trust. The bank is charging an APR of 6.28% and is requiring him to...
please answer all of the following questions
5. Which of the following will decrease the present value of the mixed cash flows for years 1 through 5 of $1,000; $4,000; $9,000; $5,000; and $2,000 respectively given a 10% discount rate? (Choose all that apply - this is an all or nothing problem, if you choose an option that is wrong or do not choose an option thar is correct, your entire answer will be marked wrong). a. Decrease the discount...
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