8- Your credit score is in the range of 720-739 and you want to buy a house in Davis (CA). You have 20% down payment to put on a house that has a market value of $450,000. a) Use www.bankrate.com website to identify the bank with the most convenient APR for your 30- year fixed mortgage and accordingly calculate your annual payment. Ignore external and additional costs in your calculation that may vary from one bank to another b) After 20 years of annual payment, how much you should pay in lump sum to your bank to end up all your debts. Ignore penalties or any other additional cost c) According to your finance, your maximum annual payment for your mortgage cannot exceed $24,000. Under this condition, how much should be your minimum down payment for your mortgage?

8- Your credit score is in the range of 720-739 and you want to buy a house in Davis (CA). You have 20% down payment to put on a house that has a market value of $450,000. a) Use www.bankrate.com website to identify the bank with the most convenient APR for your 30- year fixed mortgage and accordingly calculate your annual payment. Ignore external and additional costs in your calculation that may vary from one bank to another b) After 20 years of annual payment, how much you should pay in lump sum to your bank to end up all your debts. Ignore penalties or any other additional cost c) According to your finance, your maximum annual payment for your mortgage cannot exceed $24,000. Under this condition, how much should be your minimum down payment for your mortgage?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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You borrow $6,000 for 90 days at 6.5% interest. The lender uses a 365-day year. You make a payment of $1,400 on day 36 (36 days after getting the loan). Calculate your balance after the $1,400 payment is applied.
Q 3 please
Student Emergency Financial Services, Inc.,which makes small loans to college students, offersto lend $550. The borrower is required to pay $42 atthe end of each week for 16 weeks. Find the interestrate per week. What is the nominal interest rate peryear? What is the effective interest rate per year?
Q 2 please
Suppose that under the Plan of Repayment one should pay off the debt in a number of equal end-of-month installments (principal and interest). This is the customary way to pay off loans on automobiles, house mortgages, etc. A friend of yours has financed $15,000 on the purchase of a new automobile, and the annual interest rate is 6% (0.5% per month). a. Monthly payments over a 36-month loan period will be how much? b. How much interest and principal will be paid within three month of this loan?
2.5 To purchase a new truck, you borrow $42,000. The bank offers an interest rate of 7.5% compounded monthly. If you take a 5-year loan and you will be making monthly payments, what is the total amount that must be paid back? a. What is the number of time periods (n) you should use in solving this problem? b. What rate of interest (i), per period of time, should be used in solving this problem?
A bank features a savings account that has an annual percentage rate of r = 2.9% with interest compounded semi-annually. Chris deposits $4,000 into the account. The account balance can be modeled by the exponential formula S(t) P = n future value, P is the present value, r is the annual percentage rate, n is the number of times each year that the interest is compounded, and t is the time in years. (A) What values should be used for P, r, and n? r = n = nt r = P(1 + where S is the (B) How much money will Chris have in the account in 9 years? Answer = $ Round answer to the nearest penny. " (C) What is the annual percentage yield (APY) for the savings account? (The APY is the actual or effective annual percentage rate which includes all compounding in the year). APY = Round answer to 3 decimal places.
PLEASE ANSWER ASAP AND NEAT ONLY IF 100% CORRECT!
2
if rate is asked, your input should be in percentage.
Q3
Please help me answer numbers 2 & 4. Thank you!