T %24 Suppose you want to buy a $153,000 home. You found a bank that offers a 30-year loan at 4.5% APR. What will be your monthly payment? (Round to the nearest cent.) ŞI 775.23 How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) $279,082.27 Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) Ş 850.42 How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) 24 How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.) Question Help: D Video Submit Question MacBook Air 08 F3 DD F1 F2 F4 F5 F8 %23 2$ 2 3. 5. R S H. D.

T %24 Suppose you want to buy a $153,000 home. You found a bank that offers a 30-year loan at 4.5% APR. What will be your monthly payment? (Round to the nearest cent.) ŞI 775.23 How much would you end up paying the bank for the home after 30 years? (Round to the nearest cent.) $279,082.27 Suppose you wanted to reduce the time of your loan to 25 years. What would be your new monthly payment? (Round to the nearest cent.) Ş 850.42 How much would you end up paying the bank for the home after 25 years? (Round to the nearest cent.) 24 How much did you save by reducing the time of your mortgage loan? (Round to the nearest cent.) Question Help: D Video Submit Question MacBook Air 08 F3 DD F1 F2 F4 F5 F8 %23 2$ 2 3. 5. R S H. D.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 8FPE

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ery am Proctor Suppose you want to buy a $146,000 home. You found a bank that offers a 30-year loan at 5.3 % APR. What will be your monthly payment? (Round to the nearest cent.) 644.04 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.) Question Help: Video Message instructor Submit Question
d You have decided to buy a car that costs $31,000. Since you do not have a big down payment, the lender offers you a loan with an APR of 6.27 percent compounded monthly for 7 years with the first monthly payment due today. What is the amount of your loan payment? Multiple Choice $294.91 $454.51 $456.89 $374.71 $293.38
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A few years down the road you move out, buying your own home. You decide to take another look at your finances. Your outstanding loan of $250 per month only has 10 payments left on it (out of the original 60) with an interest rate of 12.75%. What is the finance charge “f” what is the unearned intrest how much would it cost to pay it off on payment 51
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=t K A friend asks to borrow $54 from you and in return will pay you $57 in one year. If your bank is offering a 6.1% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $54 instead? b. How much money could you borrow today if you pay the bank $57 in one year? c. Should you loan the money to your friend or deposit it in the bank? a. How much would you have in one year if you deposited the $54 instead? If you deposit the money in the bank today you will have $ b. How much money could you borrow today if you pay the bank $57 in one year? You will be able to borrow $ today. (Round to the nearest cent.) c. Should you loan the money to your friend or deposit it in the bank? From a financial perspective, you should end of year. in one year. (Round to the nearest cent.) (Select from the drop-down menu.) ▼ as it will result in more money for you at the