1. What are the monthly payments on a $32,000 car, if the dealer allows $6,000 for a trade-in andthe buyer puts down another $2,000, and the terms are 5% for 60 months?2. A couple, at retirement, puts $1,200,000 into a policy that earns 5%. How much will theyreceive for the next 30 years?.0%71266

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Answered: 1. What are the monthly payments on a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

Jack sells his lawn-mowing business for $50,000 but the buyer wants to pay for it in two cash payments: $25,000 in two months from today and the balance in 1 year from today. How much will Jack need to receive as the final payment (in 12 months) if the interest rate he charges is 6% per annum compounding monthly?A.$25,584.91B.$25,248.14C.$27,446.42D.$26,805.39
the correct answer is 544.29
4. You wish to purchase a house that costs $294,000, and the bank requires you to have 12% of the purchase price as a down payment. Your annual salary is $44,000 and you can save 18% of this salary every year. How long will it take for you to save for the required down payment? about _____ years?
None
Use a bankers year: 360 days To complete the sale of a house, the you accept a 240-day note for $9,000 at 7% simple interest. (Both interest and principal are repaid at the end of the 240 days.) Wishing to use the money sooner for the purchase of another house, the you sell the note to a third party for $9,108 after 80 days. What annual simple interest rate will the third party receive for the investment? Express your answer as a percentage.
Q.A man buys a house for a $245,000. He pays $70,000 down and takes out a mortgage at 5.1% for 25 years on the balance. Find his monthly payment and the total amount of interest he will pay. the man will make payments of $____. (do not round until the final answer , then round to nearest cent ).
Q18 Say that you purchase a house for $206,000 by getting a mortgage for $185,000 and paying a $21,000 down payment. If you get a 25-year mortgage with an interest rate of 6 percent, what are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)PAYMENT? What would the loan balance be in ten years? (Round the payment amount to the nearest cent but do not round any other interim calculations. Round your final answer to 2 decimal places.)LOAN BALANCE? If the house appreciates at 2 percent per year, what will be the value of the house in ten years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)FUTURE VALUE? How much of this value is your equity? (Do not round intermediate calculations and round your final answer to 2 decimal places.)Equity?
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
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Please19 show work
Curtis buys a piece of commercial property for $230,000. He is offered a 20-year loan by the bank, at an interest rate of 9% per year. The loan requires annual payments to be made. What is the annual loan paymen Curtis must make assuming the first payment will be due one year from the date of purchase? O A. $40,313.10 O B. $30,234.83 O C. $35,273.97 O D. $25,195.69 O Time Remaining: 00:29:43 Next dtv 11 DD F11 F9 F10 F8 F7 F5 esc F4 F2 F3 F1 & @ 2# $ % 8 1 3. 4 { P < CO
Suppose Sam agrees to lend $1000 to Jeb for one year. Jeb agrees to pay Sam $1150 at the end of the year. If inflation over that year is 7%, what real rate of interest does Sam earn on her $1000? 3% 10% 8% 15% 7%

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