HW3_S2023 (1)

that explains why Tim does or does not have enough money to pay $200 each month on his credit card. If he does have enough, give him some advice as to whether or not paying $200 each month on his credit card is a good idea. If he does not have enough, give him some advice about what he should do instead. Assume all of his taxes And expenses are as listed in #1-3, and assume that he is 20 years old and is wanting to retire at age 65.   Tim will pay 5,812.5 for federal taxes 2,544.8 is the amount Tim takes home each month. Total monthly expenses= $2,15

(20) Please show how you got a. the first cell of column 3 b. how you got the first cell of column 4 c. how you got the first cell of column 5 d. how you got the second cell of column 3 e. how you got the second cell of column 4  f. how you got the second cell of column 5

Marshall- • Graduated college two years ago, and now lives a solidly middle-income lifestyle Paying his student loans, rent, and all of his other expenses on-time • Has 6 credit cards open already, each of which he signed up for because of introductory perks like 0% interest for the first year, free airline miles, and 20% off his first month's purchases at his favorite store Pays his full balance each month and stops using the card once the initial features expire. • Wants to open a 7th card that's offering free one-way flights to the Caribbean; has enough money saved to pay for the return flight and other aspects of the vacation ● ●

Answers to B-E only please! Would very much appreciate it!

Theo just financed a new car through his credit union.  His car loan requires payments of $420 a month for five years.  Assuming that all payments are paid timely, his last payment will pay off the car loan in full.  Theo has a(n): Group of answer choices interest-only loan. amortized loan. pure discount loan. perpetuity loan. lump sum loan.

[Question 1-8] Jay's job is going great, and this past year he decided to work part- time, so that he could go to school full-time for his master's degree. Jay went to a business school, and tuition and fees were $25,000 for the year. He paid for his tuition and fees using a combination of savings, current income, scholarship, employer provided tuition assistance, and student loans. It is the end of the year and Jay is filing his tax return. His total income and benefits are as follows: Wages: $40,000 (as reported on his W2) Employer provided tuition assistance: $5,000 ⚫ Scholarship: $6,000 • . Student loan proceeds: $8,000 ⚫ Gift from his grandmother: $1,000 In addition to tuition, Jay had the following expenditures: . Student loan interest: $1,500 (as reported to Jay by his lender on Form 1098-E) • Books: $1,100 • Rent: $14,000 It is now time for Jay to complete his tax return. Jay is 28 years old and is in a relationship with Sandra, planning to get married next year. Calculate…

Should this person open a credit card account? If they do decide to open the new credit card account, what’s one thing this individual should monitor?

1. Danielle wants to buy a car. She can only afford a $350 car payment. She is given a financing option from Money Financial, Inc. which will allow him to repay the loan over 4 years. The interest rate is 4.25%. Can Danielle purchase the car if the financing amount is $16,000? If not, how much can she afford to finance? DOUBLE CHECK 20,3902. Dr. Pickens wants to buy a burger chain. He currently has $35,000. He needs to have $80,000 in 5 years. He can earn 12% compounded annually. If he saves money at the beginning of the year, how much must he save per year to meet his goal? DOUBLE CHECK 45,3943. SARDY Corporation’s stock is currently valued at $50 per share. You own 2 shares of the stock. It is expected to grow by 5% per year for the next 5 years. How much will SARDY Corporation be worth in 8 years?4. Donald Draper has no money after getting canned (fired) from his job as an advertising agent. He wants to have $5,000,000 in 30 years. How much would he need to steal and invest today…

21 After visiting several automobile dealerships, Richard selects the car he wants. He likes its $12,000 price, but financing through the dealer is no bargain. He has $2,400 cash for a down payment, so he needs a loan of $9,600. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $9,600 for a period of five years at an add-on interest rate of 13 percent. a. What is the total interest on Richard's loan? Total interest. b, What is the total cost of the car? Total cost c. What is the monthly payment? Monthly payment

Three people apply for their bank for a loan. Derek is a self-employed mechanic needs to borrow $ 7,500 to buy a machine for his workshop.  The bank considers this application. After some discussion, the bank agree to provide the loans with 7. % interest. James is an actor wants a loan of $ 250.000 to buy a new yacht. The bank agrees to loan him with the 4 % interest. Sarah is a single mother working part time at whatever short term job she can find has been threatened with eviction from her small house. She needs a loan of $ 1,000 to pay for a deposit on a new house. The bank refuses to provide the loan. Sarah applies another loan at the local bank who agree to lend her money with 30 % interest.  analyse this case based on the ethical perspective and virtue theory.

Nick is a full-time college student who plans to graduate in 10 months. He works a limited number of hours each week to pay for car insurance, but he can't work more hours due to his class schedule. He is choosing between two 6-year student loans for $15,000 each. • Loan 1 has a 2.5% annual interest rate with a $224.57 monthly payment. Monthly payments are required immediately. • Loan 2 has monthly payments that are not required for 1 year, but interest accrues during that time. The annual interest is 3.5% compounded monthly. Then $238.56 monthly payments are made for 6 years. The loan Nick chooses will pay his tuition and living expenses, and it will also give him an extra $75 per month. Which loan should Nick choose and why? Nick should choose Loan 1 because the interest rate and the monthly payment are both lower. This means the total interest paid for this loan would be lower than the other one. Nick should choose Loan because no interest accrues during the first year. This means…

A college student, needs to borrow $5,000 today for his tuition bill. He agrees to pay back the loan in a lump-sum payment 5 years from now, after he is out of college. The bank states that the payment will need to be $7,012.76. If John borrows the $5,000 from the bank, what nominal interest rate is he paying on his loan? O 7.5% O 7% O 7.25% O 8%

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Jason W. bought a Mercedes when he came to UTM as an engineering student. The Mercedes was purchased by taking a loan that was to be paid off in 20 equal, quarterly payments. The interest rate on the loan was 12%. Four years later, after Jason made his 16th payment, he got married (no more dating!) and sold the Mercedes to his buddy Houston S. Houston made arrangements with Jason's bank to refinance the loan and to pay Jason's unpaid balance by making 16 equal, quarterly payments at the same interest rate that Jason was paying. Houston flunked out of UTM (too many dates!) 3¼ years later, after having made his 13th payment; he then sold the car to Jeff M. Jeff paid the bank $2000 cash (he had a good summer job!) to pay the loan balance. How much had Jason borrowed to buy the new Mercedes?

Starting on July 1, 2000, Peter borrows $7,600.00$7,600.00 each year for 4 years from his dear Aunt May to pay for college. (Note: the last date that he borrows money is July 1, 2003.) From the beginning, Aunt May agreed to defer all interest on the loans until Peter finds a job; i.e. Peter's loans will not accumulate any interest until the first day he starts working. After that, Peter will be charged 8.8 percent compounded semiannually, and he will pay Aunt May back with 14 equal semiannual payments, the first coming 6 months after he starts his job. Peter finds a job as a photographer for a local newspaper, and his first day of work is July 1, 2004. For tax reasons, Peter needs to compute the total amount of interest that he will pay to Aunt May in the year 2007. How much in interest did Peter actually pay in 2007?

After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $10,000 price, but financing through the dealer is no bargain. He has $1,500 cash for a down payment, so he needs an $8,500 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $8,500 for a period of four years at an add-on interest rate of 10 percent. (a) What is the total interest on Richard's loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Total interest (b) What is the total cost of the car? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Total cost (c) What is the monthly payment? (Do not round intermediate calculations. Round your answer to the nearest whole…

11. Can I afford this home? - Part 1 Can Valerie and Shen afford this home using the monthly income loan criterion? Next week, your friends Valerie and Shen want to apply to the Tenth National Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $155,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. To assist in the preparation of the worksheet, Valerie and Shen also collected the following information: • Their financial records report a combined gross before-tax annual income of $85,000 and current (premortgage) installment loan, credit card, and car loan debt of $1,240 per month. • Their property taxes and homeowner's insurance policy are expected to cost $3,488 per year. • Their best estimate of the interest rate on their mortgage is 7.5%, and they are interested in obtaining a 15-year loan. They have accumulated savings of $38,500 that can be used to…