Some friends tell you that they paid $26,137 down on a new house and are to pay $757 per month for 15 years. If interest is 5.7% compounded monthly, what was the selling price of the house? How much interest will they pay in 15 years? ..... Selling price of the house: $ (Round to two decimal places as needed.)

Q: If you borrowed $200,000 to buy a house at 6% interest per year, compounded annually, and paid back…

A: Given information: Loan = $200,000 Number of years = 30 Compound interest rate = 6% compounded…

Q: You invest $ 20.000 in a bank account to buy a house at annual interest rate 15 per year, compounded…

A: Given information: Present value is $20,000 Interest rate is 15% per year compounded monthly Number…

Q: A small business owner contributes $4,000 at the end of each quarter to a retirement account that…

A: FV is the future worth of cash flows that have occurred in the past or present.

Q: The annual income from an apartment house is $33,600. The annual expense is estimated to be $8000.…

A: Return on investment = 6% = 0.06 Initial investment = $349,000 Annual net income = Annual income -…

Q: The annual income from a rented house is $24,000. The annual expenses are $6,000. If the house can…

A: Given: The rate of interest = 12% The present value (PV) = $18,000 It includes 30 monthly…

Q: you wish to save $30,000 as a down payment for a house in 7 years. How much must you save every year…

A: Given: FV =$30000NPER =7 YearsRate of Interest =4%

Q: The annual income from a rented house is $35,000. The annual expenses are $5,000. If the house can…

A: Annual Income = $35,000 Annual Expenses=$5,000 Net Cashflow =$35,000 -$5,000 =$45,000 Ending…

Q: A purchased a small condominium. He paid P350,000 as a down payment and agreed to pay P35,000 every…

A: Down payment = P350,000 Quarterly payment = P35000 Interest rate = 12% Quarterly interest rate =…

Q: You invest $ 1.000 in a bank account to buy a house at annual interest rate 14 per year, compounded…

A: Present Value (Investment in bank)= $1,000 Annual Interest rate (r)= 14% per year compounded monthly…

Q: A house and lot is to be purchased by paying 35,000 pesos monthly for 25 years. The first payment is…

A: The question is related to Cash price of the house and lot if interest rate is 12% converted…

Q: Ben Spendlove just purchased a new stereo system for $975 and will be making payments of $45 per…

A: The amount borrowed from bank is known as loan. The interest rate on loan can either be charged…

Q: The annual income from an apartment house is $20,000. The annual expense is estimated to be $2000.…

A: Given:

Q: A family has a goal of saving $31,000 to be used as the down payment for a house. If they put…

A: The number of years it will take to reach the amount of $31,000 can be determined using NPER…

Q: Today you purchase a previously owned Tesla Model 3 for $40,000. You make a down payment of $5,000…

A: Given The purchase price is $40,000 Down payment $5,000 Rate is 0.25% per month payable in 60…

Q: Jon buys a car for $25,000. He pays $5000 down and pays the balance in 60 equal monthly payments. If…

A: Computation:

Q: • You are to pay a bill in Meralco every month for 5 years. The accumulated amount of the payment…

A: Future value = Annuity * FVAF ( rate, years ) * FVIF ( rate, years )

Q: You have a client who wants to buy a house in 2 years. He needs $40,000 for a down payment. If he…

A: in this problem we have to calculate quarterly interest rate and from that we can get present value.

Q: You bought a home for $150,000 and put down 10% and got a mortagage at an interest rate of 4.35% per…

A: We will make use of the PMT function in Microsoft Excel to determine the monthly payment on the…

Q: A couple who borrow $60,000 for 15 years at 8.4%, compounded monthly, must make monthly payments of…

A: Loan is a value which is borrowed from external sources like banks and this amount is repaid later…

Q: Suppose a young couple deposits $900 at the end of each quarter in an account that earns 7.6%,…

A: This question is an application of annuity. The future value of an annuity with equal periodic…

Q: 4. You wish to purchase a house that costs $294,000, and the bank requires you to have 12% of the…

A: A down payment is an early stage payment made for a particular good purchased through financing.

Q: If you need P350,000 for a down payment on a house in 3 years, how much money must you invest today…

A: Present value: It can be defined as today’s worth of an investment that will be received in the…

Q: Engr. Como decided to buy a townhouse amounting to 5N IT pald today. He is been told that he is to…

A: The time period or the number of years (NPER) refers to the time it would require for the investment…

Q: You expect that you will need to replace your furnace in 4 years at a cost of $15,228. How much must…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: You are to pay a bill in Meralco every month for 5 years. The accumulated amount of the payment you…

A: The concept of the time value of money states that the current worth of money is more than its value…

Q: You buy a $225,000 house and take out a loan that covers that amount which charges 4.5%, compounded…

A: Given data; Loan amount = $225,000 interest rate = 4.5% frequency of compounding = monthly Life of…

Q: You won $100 000 in a lottery and you want to set some of that sum aside for 10 years. After 10…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: Morris paid £500 a month for 20 years to pay off the mortgage on his Glasgow house. If his down…

A: Given:

Q: A house that sells for P900,000 can be purchased under terms requiring 100 monthly payments. Assume…

A: Given that;Present value is P900,000Number of periods is 100

Q: The price of a new car is $32,000. Assume that an individual makes a down payment of 25% toward the…

A: Price of car = $ 32,000 down payment = 25% interest rate = 8% number of payments =24 Number of…

Q: John paid $25,000 down on a new house and will pay $1000 per month for 30 years. If interest is 8%…

A: Selling Price of the House = Down Payment + Present Value of monthly payments Down Payment = $25000

Q: When Maria Acosta bought a car 2 years ago, she borrowed $12,000 for 48 months at 7.2% compounded…

A: Outstanding loan balance is calculated by present value of monthly payments left to be paid. r is…

Q: Please use formula in solving.   You are interested in buying a house worth P1,200,000. You paid…

A: Since you have asked a question with multiple parts, we will solve the first 3 parts for you. Please…

Q: You are to pay a bill in Meralco every month for 5 years. The accumulated amount of the payment you…

A: If someone paid an equal amount in the difference of equal interval then it is classified as the…

Q: Pinnacle Homes, a real estate development company, is planning to build five homes, each costing…

A: Formula: A = P x [ 1 + ( R / N ) ] NT Interest : Interest is a fee charged on the  Borrowed…

Q: A condominium unit can be bought at a down payment of ₱150,000 and a monthly payment of ₱ 21,170 for…

A: In this problem we have to calculate the present value of monthly payment and add to that down…

Q: Suppose that you buy a car costing $14,000. You agree to make payments at the end of each monthly…

A: The payments made to purchase this car is a form of an annuity. Thus, the value of each payment can…

Q: David went to the bank and opened a 54 month CD compounded monthly with an APR of 4.22%.  He…

A: Calculation of future value, interest and percentage increase: Excel spreadsheet:

Q: small business owner contributes $2,000 at the end of each quarter to a retirement account that…

A: Information Provided: Amount to be contributed = $2000 Interest = 10% compounded quarterly

Q: A real estate development company is planning to build five homes, each costing $155,000, in 2…

A: N = Time Period = 5 semi annual periods Future Value Required = Cost of each home * Number of homes…

Q: The buyer of a lot pays $50,000.00 cash and $10,000.00 every month for 10 years. If money is 8%…

A: Given:

Q: A house and lot are to be purchased by paying P15,500.00 monthly payable in 25 years. The first…

A: An interest rate is defined as the proportion of a loan sum paid to the borrower by the lender as…

Q: You plan to save money for a down payment of $37,000 to purchase an apartment. You can only afford…

A: Amount needs to save "FV" is $37,000 Savings per Quarter "PMT"  is $1,250 Interest rate is 3.71%…

Q: Suppose that 10 years ago you bought a home for $170,000, paying 10% as a down payment, and…

A: Down payment: Hence, the down payment is $17000. Mortgage loan: Hence, the mortgage loan is…

Q: The annual income from a rented house is $26,400. The annual expenses are $7200. If the house can be…

A: Present Value: It refers to the amount of money received today is having more worth than the same…

Q: You borrowed $100,000 for a period of 30 years at fixed APR of 5.5% to buy an apartment.  What is…

A: Formula: Monthly payment = ( Present value of loan ) / [  ( 1 - ( 1 + r )-NT ) / r / n ] R =…

Q: You are buying a house for $200,000.00 with a downpayment of $40,000.00. The loan will be paid back…

A: An amortization table is a table that helps to compute the periodic payment, interest paid,…

Q: A condominium generates $2,000/month rent, has $350/month in associated expenses, and can be sold in…

A: Given: Rent = $2000/month Expenses=$350/month Sale price = $325000 Number of years = 3 years Number…