3. Housing prices vary a great deal if you save 2,000.00 a year by renting a cheaper place and borrowed 8,000.00 per year for four years with deferred interest at 7% compounded annually, how much will you owe at the end of four years?
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- 3. Housing prices vary a great deal if you save 2,000.00 a year by renting a cheaper place and borrowed 8,000.00 per year for four years with deferred interest at 7% compounded annually, how much will you owe at the end of four years?. Suppose you want to purchase a home for $440,000 with a 30-year mortgage at 4.24% interest. Suppose also that you can put down 25%. Find (a) What are the monthly payments? (b) What is the total amount paid for principal and interest? (c) What is the amount saved if this home is financed for 15 years instead of for 30 years?Problem. Suppose you want to purchase a home for $440,000 with a 30-year mortgage at 4.24% interest. Suppose also that you can put down 25%. Find (a) What are the monthly payments? (b) What is the total amount paid for principal and interest? (c) What is the amount saved if this home is financed for 15 years instead of for 30 years?
- Suppose you want to buy a $143,000 home. You found a bank that offers a 30-year loan at 3.9% APR.A. What will be your monthly payment? (Round to the nearest cent.)B. How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.)C. Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) D.How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) E. How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)Suppose you want to buy a $159,000 home. You found a bank that offers a 30-year loan at 3.3% APR. What will be your monthly payment? (Round to the nearest cent.) How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) $ Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) $ How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) $ How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.) $You planned to borrow $575,000 for a house at 2.9% interest for 30 years. You find a house that you love, but the loan would be $595,000. Assuming the loan terms are the same, what is the difference in the monthly payment if you buy the more expensive house? Assume monthly compounding.
- 1. What is the current equivalent of a series of fixed annual payments of each ($2000) if the first payment will occur five from now, and the last will occur at the beginning of the fifteenth year? Suppose rate Interest (7%)? 4. Someone is trying to save money to buy a small apartment five years from now, assuming that the first payment was ($ 3000) at the end of the first basket and that the interest rate is (10%), what is the amount he has accumulated at the end of Five years for the following cases: a. Creativity will increase by $300 in the four years after the first batch? B. Creativity will decrease by $150 in the four years after the first batch? e 9:22Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 5.54% interest. Suppose also that you can put down 25%. What are the monthly payments? (Round your answer to the nearest cent.) 2$ What is the total amount paid for principal and interest? (Round your answer to the nearest cent.) 24 What is the amount saved if this home is financed for 15 years instead of for 30 years? (Round your answer to the nearest cent.) 2$ Need Help? Read ItSuppose you contribute $10 per week ($520 per year) into an interest-bearing account that earns 6% a year (compounded once per year). That’s probably one less pizza per week! But if you contribute faithfully each week into this account, how much money would you have saved through the compounding of interest by the end of 15 years?
- Suppose you want to buy a new house. You currently have $15 000 and you figure you need to have a 10% down payment plus an additional 5% of the loan amount in closing costs. If the type of house you want costs about $150 000 and you can earn 7,5% per year, how long will it be before you have enough money for the down payment and closing costs?Suppose you want to buy a $144,000 home. You found a bank that offers a 30-year loan at 3.3% APR.A. What will be your monthly payment? (Round to the nearest cent.)B. How much would you end up paying the bank in total for the home after 30 years? (Round to the nearest cent.)C.Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment (assume the same interest rate)? (Round to the nearest cent.)D. How much would you end up paying the bank in total for the home after 25 years? (Round to the nearest cent.)E. How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.)Suppose you want to purchase a home for $525,000 with a 30-year mortgage at 5.44% interest. Suppose also that you can put down 30%. What are the monthly payments? (Round your answer to the nearest cent.) What is the total amount paid for principal and interest? (Round your answer to the nearest cent.) What is the amount saved if this home is financed for 15 years instead of for 30 years? (Round your answer to the nearest cent.)