2. If you desire to have $10,000 for a down payment for a house in five...
Homework Answers
PV = FV / (1 + r)n
= $10,000 / (1 + 0.05)5
= $10,000 / 1.2763 = $7,835.26
Amount of Deposit needed today is $7,835.26
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2.
If you desire to have $10,000 for a down payment for a house in
five...
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(3) You desire to purchase a house in the future. You anticipate that you will need...
(3) You desire to purchase a house in the future. You anticipate that you will need a $10,000 down payment. You estimate that you can save $150 per month from you salary, which will be deposited at the end of each month in a savings account paying 6% interest a year. (a) Will you have accumulated enough money at the end of four years for a down payment? (b) What if you deposited your money in a mutual fund account...
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ou need to have $25,000 for a down payment on a house 5 in years. If you can earn an annual interest rate of 3.2 percent, how much will you have to deposit today? Multiple Choice $18,828.80 $20,548.18 $20,847.13 $21,357.06 $20,694.83
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(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...
please answer these within aboit 30-50 min thank you! QUESTION 3 Incorrect Mark 0.00 out of 1.00 P Flag ques...
please answer these within aboit 30-50 min
thank you!
QUESTION 3 Incorrect Mark 0.00 out of 1.00 P Flag question Future Value Computation You deposit $3,000 at the end of every year for three years. How much will accumulate in three years if you earn 8% compounded annually? Use Excel or a financial calculator for computation. Round your answer to the nearest dollar. $ 10,518 Check QUESTION 4 Not complete Marked out of 1.00 P Flag question Present Value Computation...
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(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...
please answer these within aboit 30-50 min
thank you!
QUESTION 3 Incorrect Mark 0.00 out of 1.00 P Flag question Future Value Computation You deposit $3,000 at the end of every year for three years. How much will accumulate in three years if you earn 8% compounded annually? Use Excel or a financial calculator for computation. Round your answer to the nearest dollar. $ 10,518 Check QUESTION 4 Not complete Marked out of 1.00 P Flag question Present Value Computation...
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