What is the amount Ginger Logan can borrow today it must be in 13 with simple interest at 5% and sho knows that at time she will be able to repay no more than 66000
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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
What is the amount Ginger Logan can borrow today it must be in 13 with simple interest at 5% and sho knows that at time she will be able to repay no more than 66000
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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?What is the maximum amount Ginger Logan can borrow todayif it must be repaid in 11 months wiith simple interest rate of 7% and she knows that she can borrow more than $35,000. How much can she borrow?What is the maximum amount ginger Logan can borrow today if it must be repaid in 6 months with simple interest at 9% and she knows that at the time she will be able to pay no more than 89,000?
- Bethany needs to borrow $10,000. She can borrow the money at 6.5% simple interest for 3 years or she can borrow at 4% with interest compounded continuously for 3 years. (a) How much total interest would Bethany pay at 6.5% simple interest? Use I=Prt to calculate the interest with P= ______, r=___, and t=___. (b) How much total interest would Bethany pay at 4% interest compounded continuously? (c) Which option results in less total interest?2. If a borrower tells you that he needs a loan for 6 years and 3 months and will pay you an annual rate of 5 1/2% for the loan, but will give you only $141.02 back at the end of the loan term , you should only loan him $100 today. What amount does the formula P = F/(See image) indicate that you need to place in a savings account today in order to have $150,000 by the time your daughter goes off to college in 18 years and 6 months if the account earns 3% annually?Suppose you want to buy a house today that costs $139022. The bank requires you to make a 20% down payment, but you can borrow the rest. If you are charged 8.52% APR and the mortgage is for 30 years, what is your monthly payment?
- (please finanas question correct answer) You want to buy a $243.000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. How much im the loan amount going to be? What will your monthly payments be if the interest rate is 5%? What will be your monthly payments if the interest rate is 6%?Ciana wants to take out a $7,500 loan with a 5.3% APR. She can afford to pay $128 per month for loan payments. 22. What should be the length of her loan? Round to the nearest tenth of a year.a. 5.5 yearsb. 5.6 yearsc. 5.7 yearsd. 5.8 years 23. How would an increase of $20 to her monthly payment affect the length of her loan?a. 0.9 years moreb. 0.9 years lessc. 0.8 years lessd. 0.8 years moreJeanelle is planning to borrow money amounting to ₱ 250,000.00 Limbon Rural Bank is offering 1.25% compounded semi – annually, while Buli Cooperative Bank offers 1% compounded monthly. 12.How much will be the maturity value after 5 years if he borrows from Buli Cooperative Bank? a. ₱ 207,560.78 b. ₱ 262,812.30 c. ₱ 376,431.54 d. ₱ 386,221.32 13.What will be the interest after 5 years if he borrows from Limbon Rural Bank? a. ₱ 126,716.66 b. ₱ 117,071.88 c. ₱ 42,339.32 d. ₱ 16,071.86 14.What will be the interest after 5 years if he borrows from Buli Cooperative Bank? a. ₱ 136,221.32 b. ₱ 126,431.54 c. ₱ 12,812.30 d. ₱ 2,812.53 15.Which bank offers the smaller interest? a. Both b. None c. Limbon Rural Bank d. Buli Cooperative Bank
- Ann Hopkins borrowed $60,000 for her child’s education. She must repay the loan at the end of 8 years in one payment with 512%512% interest. What is the maturity value Ann must repay? (Round your answer to the nearest cent.) Maturity ValueYou decide that you need $47,000 in 3 years to make a down payment on a house. You plan to make annual fixed deposits to achieve your goal. If the interest rate is 2.5%, how much should be deposited each time? Hint use the Financial Function “PMT” to solve for the payment, and PV will be zero. You owe $25,000 to your parents. You promise to make 10 annual payments of $3,000 to settle your debt. What interest rate are your parents charging (estimated up to 2 decimal places), if you make the 10 annual payments beginning one year from now? Hint use the Financial Function “RATE”. Note if you need help use the “Help on this function” feature. This help will include an example for you to follow. You are offered an investment that will pay $14,000 per year for 17 years, beginning one year from now. If you feel that the appropriate discount rate is 3.4%, what is the investment worth to you today? Your grandparents offered you some money via the following options. Assuming an annual interest…18. Karen wants to borrow $5,000 and she is a bit desperate. She says “I’ll pay you $500/year at 11.7% interest until it’s paid off!” Under these terms, how long will it take Karen to pay back the $5,000?