1.You would like to purchase a car that costs $25,000. You have $5,000 to use as...
1.You would like to purchase a car that costs $25,000. You have $5,000 to use as a down payment and have found financing for the remainder at a rate of 6.25%. The financing repayment plan requires equal monthly payments for 4 years. What will your payment be? (Round your answer to the nearest dollar)
2. You have $5,000 in the bank today. The account earns 4%, compounded monthly. You are saving towards making a down payment on a house, which you plan to do in 7 years. Suppose that you begin making $100 per month deposits into the same account (in which you already have $5,000). How much will you have for your down payment? Report your answer without commas and round to the nearest dollar (e.g. 14000)
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1.You would like to purchase a car that costs $25,000. You have
$5,000 to use as...
You are planning to purchase a car in three years and wish to have $5,000 for...
You are planning to purchase a car in three years and wish to have $5,000 for a down payment. You have access to an account that earns 10%, compounded monthly. How much do you need to deposit into the account each month for the next three years in order to reach your goal? $161.75 $119.67 $3,756.57 $3,708.70
You are saving towards purchasing a house and currently have $20,000 in an account that earns...
You are saving towards purchasing a house and currently have $20,000 in an account that earns 8%, compounded monthly. You would like to be able to purchase a $300,000 house and make a full 20% down payment. a. How long will it take for your current savings to be enough for the down payment? b. If you add $10,000 to the account today, how long will it take for your current savings to be enough for the down payment?
Use the following information to answer the next two questions. (1) You plan to purchase your...
Use the following information to answer the next two questions. (1) You plan to purchase your dream home in 10 years. Currently, it would cost you $500,000 to purchase the land and build the house to your specifications, but you believe this cost will grow by 3% per year. You have decided to place equal monthly payments into an investment account that earns 5% annually in order to make a 20% down payment on the home when you purchase it in...
You have decided that you would like to save $10,000 to build a house in the...
You have decided that you would like to save $10,000 to build a house in the next 10 years. If you deposit money in an account that earns 5% compounded monthly, how much will you need to deposit now to reach your goal? Round to the nearest penny.
You plan to buy a $127,242 house. You have $30,313 to use as the down payment....
You plan to buy a $127,242 house. You have $30,313 to use as the down payment. The bank offers to loan you the remainder at 18% nominal interest compounded monthly. The term of the loan is 20 years. What is your equal monthly loan payment? Enter your answer as follow: 1234.56
You are planning for your retirement and have decided the following: you will retire in 35...
You are planning for your retirement and have decided the following: you will retire in 35 years and would like to have $8,000 per month as retirement income for 30 years of retirement. You have access to an account that earns a 7% rate of return. a. How much will you need to have when you retire to be able to withdraw the desired $8,000 per month during your years of retirement? (Round your answer to the nearest cent) b....
The Weidmans want to save $25,000 in 3 years for a down payment on a house....
The Weidmans want to save $25,000 in 3 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? (Round your answer to the nearest cent.)
Exercise 3_no4 (FV annuity): Your parents have just opened a savings account for you. Starting today,...
Exercise 3_no4 (FV annuity): Your parents have just opened a savings account for you. Starting today, they plan to make monthly deposits of $200 for the next 10 years (120 deposits) into the account. Assume the account earns 0.5% interest per month. What will be the value of your saving account after 10 years?
1. You have $49,061.69 in a brokerage account, and you plan to deposit an additional $5,000...
1. You have $49,061.69 in a brokerage account, and you plan to deposit an additional $5,000 at the end of every future year until your account totals $200,000. You expect to earn 9.1% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number. 2. Present and Future Value of an Uneven Cash Flow Stream An investment will pay $100 at the end of each of the next 3...
Suppose you start saving today for a $40,000 down payment that you plan to make on...
Suppose you start saving today for a $40,000 down payment that you plan to make on a house in 5 years. Assume that you make no deposits into the account after the initial deposit. For the account described below, how much would you have to deposit now to reach your $40,000 goal in 5 years. An account with daily compounding and an APR of 7% You should invest $ (Do not round until the final answer. Then round to two...
You plan to buy a $127,242 house. You have $30,313 to use as the down payment. The bank offers to loan you the remainder at 18% nominal interest compounded monthly. The term of the loan is 20 years. What is your equal monthly loan payment? Enter your answer as follow: 1234.56
Exercise 3_no4 (FV annuity): Your parents have just opened a savings account for you. Starting today, they plan to make monthly deposits of $200 for the next 10 years (120 deposits) into the account. Assume the account earns 0.5% interest per month. What will be the value of your saving account after 10 years?
Suppose you start saving today for a $40,000 down payment that you plan to make on a house in 5 years. Assume that you make no deposits into the account after the initial deposit. For the account described below, how much would you have to deposit now to reach your $40,000 goal in 5 years. An account with daily compounding and an APR of 7% You should invest $ (Do not round until the final answer. Then round to two...
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