John estimates he can afford a total of $8000 a year in rent. What can he afford as a monthly payment
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A: Payment per period can be calculated using PMT function in excel. PMT(rate, nper, pv, [fv],…
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A:
Q: Meg's pension plan is an annuity with a guaranteed return of 4% per year (compounded quarterly). She…
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A: Federal and state tax are the mandatory deductions from the income. Income left after tax will be…
Q: John and his wife, Joanne, both work and have a combined gross income of $115000 per year. They…
A: Here,
Q: What will the remaining balance on their mortgage be after 5 years?
A: Mortgage: It is referred to as credit or loan used by the borrower to buy a house, land, or other…
Q: Diego is getting a mortgage for $320,000 at a rate of 4.5% for 30 years. What is his monthly payment…
A: Monthly Payment is the payment that is to be paid monthly for a specific period of time to repay the…
Q: A has been paying rent of $850 at the beginning of each month for the last 12 years. If he had…
A: Annuity refers to series of equalized payments that are paid or received at start or ending of…
Q: Fatimah pays monthly rent of $520 for her townhouse. If she bought the property, the mortgage loan,…
A: When a series of deposits or payments are made of equal amounts at equal intervals of time, it is…
Q: Sebastian checks Daniel’s credit rating and determines that he will qualify for a 4% auto loan, and…
A: Given: Cost of car $39,900 Interest rate = 4% Years = 4 Trade in = $8,500
Q: Michael needs to keep his back-end DTI at 39% (at most). He pays monthly rent of $925, monthly car…
A: The debt amount in DTI ratio or debt-to-income ratio includes the aggregate sum of all expenditures…
Q: When Should Michael Pay Housing Costs? On April 1 of next year, Michael is purchasing a $225,000…
A: The LTV ratio is calculated using the following formula: LTV =Principal amountMarket Value of the…
Q: Gwen decides to make regular deposits every month into an account that earns 8% annual interest,…
A: The question is based on concept of present value and future value of money . formula as: FV=pmt…
Q: Jenna owns a jewelry business, and she plans to save $500 every month for 3 years to buy precious…
A: Using Excel
Q: Peter makes a deposit at the end of every three months into a savings account that earns interest at…
A: Annuity refers to series of equalized payments that are paid or received at start or ending of…
Q: Peter makes a deposit at the end of every three months into a savings account that earns interest at…
A: Annuity means no. of finite payments which are the same in size and made in equal intervals. Person…
Q: b) that his monthly house and property tax payment should not exceed 35% of his disposable monthly…
A: As per our policy, we only answer one question when many different questions are provided. The first…
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A: Given Information : Carl's house payment per month = $1,270 Carl's car payment = $465 Carl's…
Q: Craig decides to purchase a property that has been valued at $480,000. He has $90,000 available as a…
A: Monthly payments is the annuity amount for the loan borrowed at given interest rate and time period…
Q: how much interest will mico pay
A: PV = A[ (1-(1/(1+r)^n)/ r] Where PV = present value, A = Annuity amount. r = interest rate. n =…
Q: Daniel owns a homestay that yields annual rent of RM30,000. There is a rent payment due today and…
A: The value of the amount after two years which is to be computed at given interest rates is termed as…
Q: Your brother is considering the purchase of a home rather than renewing the lease on his two-bedroom…
A: The monthly payment is the payment of the borrowed amount that has to be every month that includes…
Q: Lia plans to buy a house for Php 157,950. She wants to make a down payment of Php 24, 937 and to…
A: Mortgage- A mortgage is a sort of loan used to buy or maintain tangible assets such as a home,…
Q: andez wishes to have $368,765 in a retirement account 15 years from now. What payment would Noime…
A: There is need of proper planning for the retirement and proper planning lead to have good money on…
Q: What semi-annual deposits does Adrian have to make?
A: Time value of money (TVM) refers to the method or concept which is used to determine the amount of…
Q: Abdul works full-time in a bookstore. He earns a take-home salary of $580 a week. His expenses are…
A: Savings per month can be calculated as the excess of income over the expenses incurred during the…
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A: Given data; Price of car = $ 12,375 down payment = $ 3000 number of payments = 36 monthly payment =…
Q: Brian borrows $ 7500 from his friend at an annual 6% interest rate, which he will pay five years…
A: Future value is the value of the present cash flows after certain period. Due to interest that can…
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A: Data given: Property amount ($) 150000 Down payment ($) 30000 Time (in years) 15…
Q: In 6 years Harry and Sally would like to have $24000 for a down payment on a house. How much should…
A: In this question we need to compute the each month deposit to have $24000 for down payment in 6…
Q: Tom Burke bought a home in Virginia for $160,000. He puts down 25% and obtains a mortgage for 30…
A: Home cost = $160,000 Down payment = 25%*$160,000 = $40,000 Mortgage period = 30 years Interest rate…
Q: Shane was receiving rental payments of $3,000 at the beginning of every month from the tenants of…
A: Solution:- When an equal payment is made each period at beginning of the period, it is called…
Q: John and Rosamond want to retire in 6 years and can save $190 every three months. They plan to…
A: The time-value-of-money concept is used to determine the actual worth of money you have now and what…
Q: David has been informed by his banker that he is able to pay a maximum monthly mortgage payment of…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Bob has lost his job and had to move back in with his mother. She agreed to let Bob have his old…
A: Time value It tells that the money today received by the individual has more value than receiving…
Q: Josean got a dining set for $ 1,279 to pay for monthly for two years. He will pay at an interest of…
A: To open the "PMT function" window - MS-Excel --> Formulas --> Financials --> PMT.
Q: Darwin is a young entrepreneur trying to keep his business afloat. He has missed two payments to a…
A: We will use the concept of time value of money here. As per the concept of time value of money the…
Q: Bill and Susan bought a home for $190,000 and made a 20% down payment. They got a fixed rate…
A: Computation:
Q: Pat bought a home for $165,000 and made a $25,000 down payment. She got a fixed rate mortgage at 5%…
A: Computation:
Q: To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340.…
A: Present value denotes the present worth of money by discounting the future cash flows whereas future…
Q: Garrett and Erin are borrowing $170,000 to purchase a new home. They have been approved for a…
A: Using the PMT function in excel
Q: Paul obtains a 30-year loan at an annual 7.4% on a $250,000 house where the required down payment is…
A: Given: Years = 30 Interest rate = 7.4% Cost of house = $250,000 Down payment = 15%
Q: Hank made payments of $106 per month at the end of each month for 30 years to purchase a piece of…
A: Here, Monthly payment = $106 per month Total number of years = 30 years Selling price of property =…
Q: Garth has $50,000 to invest for retirement, how much money will he have after 20 years if he buys a…
A: Calculation of amounted needed in future: Answer: Amount needed after 20 years is $246,340.14
Q: Amy earns $5,891 per month. She pays a monthly mortgage of $1,230, a monthly car payment of $195,…
A: Back-End DTI (debt to income) ratio shows the proportion of total debt of an individual in…
Q: Sara has just graduated from college. She has determined that to purchase a home in 9 years she…
A: The amount of the annual annuity payment can be calculated using the below excel formula:
Q: If Rex wants to be a millionaire by the time he retires (45 years from now), how much does he need…
A: Present Value: It represents the present worth of the future amount and is computed by the…
Q: Alex wants to purchase a used car for OR 20,000.00. She could pay OR 5000.00 at purchase and wishes…
A: The computation of yearly payment as follows:
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- Peter was receiving rental payments of $1,050 at the end of each month from his tenants of his commercial property What would be the value of his property in the market if he wants to sell it, assuming money earns 4.4% compounded quarterly?Peter was receiving rental payments of $2,000 at the end of each month from his tenants of his commercial property .What would be the value of his property in the market if he wants to sell it, assuming money earns 3.0% compounded semi-annually?Alex makes $80,000 per year and pays about 30% of his gross monthly income in federal and state taxes. He wants to rent an apartment and pay no more than 25% of his income for rent. what is the maximum rent he can afford per month?
- Mark makes $82,420 per year and pays about 23% of his gross monthly income in federal and state taxes. He wants to find an apartment to rent. Estimate how much he can afford to pay for rent each month. Then determine how much money he will have after taxes and rent are paidChris decides to take out a loan for $60, 000 for 6 years at 5% monthly. If he pays an extra $200 per month. when will the loan be paid off and how much interest will be saved?Rasheed can afford a monthly car payment of $550 for 72 months at an annual interest rate of 7.5 percent. Which of the following is closest to the amount he will be able to borrow for a new car?
- Daniel owns a homestay that yields annual rent of RM30,000. There is a rent payment due today and one each at the end of the next two years. If Daniel deposit all three into his account, which earns 3 percent, how much money will he received at the end of year 2?Asha feels she needs $45,000 per year in retirement. If she receives $30,000 a year from Social Security , at what interest rate must Asha invest her $25,000 of savings for her total income to be at least $45,000 per yearEnrico Suarez has decided to purchase a house instead of renting an apartment. He can afford a monthly payment of $800, and he has saved $6,000 to use as a down payment on a house. If the mortgage is 4% nominal interest (compounded monthly) on a 30-year loan, how much can Enrico afford to spend on a house?
- A has been paying rent of $850 at the beginning of each month for the last 12 years. If he had rented for only $800 per month and banked the difference at 0,14 annual interest rate and compounded monthly, how much would he now have from this source to apply toward buying property of his own?John contributes $5,000 per month into an account. How much will he have in the account after 25 years if the account earns at an annual interest rate of 4.5% compunded yearly?Bro decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per month when will the loan be paid off and how much interest will be saved?
