A family spends $46,000 a year for living expenses. If prices increase by 2 percent a year for the next three years, what amount will the family need for their living expenses after three years? (Exhibit 1-A. Exhibit 1-B. Exhibit 1-C. Exhibit 1-D) Note: Use appropriate factor(s) from the tables provided. Round time value factor to 3 decimal places and final answer to the nearest whole number. Future living expenses

A family spends $46,000 a year for living expenses. If prices increase by 2 percent a year for the next three years, what amount will the family need for their living expenses after three years? (Exhibit 1-A. Exhibit 1-B. Exhibit 1-C. Exhibit 1-D) Note: Use appropriate factor(s) from the tables provided. Round time value factor to 3 decimal places and final answer to the nearest whole number. Future living expenses

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter13: Investment Fundamentals

Section: Chapter Questions

Problem 2DTM

See similar textbooks

Similar questions

A family spends $46,000 a year in living expenses.If prices increase 3% a year for the next 3 years what amount will family need for their living expenses after 3 years?
Bill and Sally Kaplan have an annual spending plan that amounts to $40,000. If inflation is 4 percent a year for the next three years, what amount will the Kaplans need for their living expenses three years from now? Group of answer choices $44,100 $45,000 $43,264 $46,305 $46,794
9. pay the remaining of their inventory? A couple decides to save $5,000 per year for 18 years to fund their child's education. If the fund has an 8% return, how much will they have in 18 years?
1. has After moving, a homeowner's annual insurance premium increased from $480 to $710 per year. Calculate the due if there are 3 months left in the additional amount policy year. pay when 2. State two additional costs that a purchaser may have to purchasing a new home. Explain what these additional costs are. Use the chart below. Additional Costs Explanations
88) Kathy is buying her first home. She is financing a total of $185,000 at an APR of 5% for 25 years. How much are her monthly payments? A) $952.33 B) $1,081.49 C) $1,441.23 D) $1,664.85 89) Juanita has determined that the PITI on the house she would like to purchase will be $1,260 per month. What is the minimum gross salary she will need to qualify for a mortgage from a reputable lender? A) $6,300 per month B) $4,500 per month C) $3,500 per month D) $5,040 per month 90) Tran currently makes $4,500 per month in gross income. He has a student loan payment of $250 per month and a car loan of $450 per month. His credit card payments average $300 per month. What is the largest PITI he could qualify for with a reputable lender? A) $620 B) $900 C) $1,260 D) $1,620 91) Bob and Mary Kay have gross household income of $7,000 per month. They both have great credit scores and the home they are interested in buying appraised higher than the selling price.…
I need help with parts C, D, and E, please! A young couple buying their first home borrow $90,000 for 30 years at 7.5%, compounded monthly, and make payments of $629.29. After 4 years, they are able to make a one-time payment of $2,000 along with their 48th payment. a) Find the unpaid balance immediately after they pay the extra $2,000 and their 48th payment. ANSWER: $84274.14(b) How many regular payments of $629.29 will amortize the unpaid balance from part (a)? ANSWER: 291.14 payments c) How much will the remaining debt be after the number of full payment periods in part (b) is made and how much extra must be included with the last full payment to pay off the debt? d) How much will the couple PAY over the life of the loan by paying the extra $2,000? e) How much will the couple SAVE over the life of the loan by paying the extra $2,000?
The Rodriquez family is determined to purchase a $250,000 home without incurring any debt. The family plans to save $2,500 a quarter for this purpose and expects to earn APR of 7.65 percent. How long will it be until the family can purchase a home? 13.45 years 14.11 years 14.85 years 59.39 years 56.43 years
A family spends $40,000 on living expenses. With an annual inflation rate of 3 percent, they can expect to spend approximately _____________blank in one year.
7. The market value of Christine and Gene's home is $275,000. The assessed value is $230,000. The annual property tax rate is $17.50 per $1,000 of assessed value. a. What is the property tax on their home? b. How much do they pay monthly toward property taxes? Round your answer to the nearest cent.
A young couple buying their first home borrow $85,000 for 30 years at 7.9%, compounded monthly, and make payments of $617.78. After 4 years, they are able to make a one-time payment of $2,000 along with their 48th payment. (a) Find the unpaid balance immediately after they pay the extra $2,000 and their 48th payment. (Round your answer to the nearest cent.)$ (b) How many regular payments of $617.78 will amortize the unpaid balance from part (a)? Give the answer to one decimal point. payments(c) How much will the remaining debt be after the number of full payment periods in part (b) is made? (Round your answer to the nearest cent.)$ How much extra must be included with the last full payment to pay off the debt? (Round your answer to the nearest cent.)$ (d) How much will the couple pay over the life of the loan by paying the extra $2,000? (Round your answer to the nearest cent.)$ (e) How much will the couple save over the life of the loan by paying the extra $2,000? (Use your answer…
A retired couple has a fixed income of P35, 500 per month. Assuming an annual infilation rate of 7%, what is the purchasing power of their monthly income in 5 years? Select the correct response: 49, 790.59 25, 311.01 42, 673.77 O 32, 431.34
A) Suppose a young couple deposits $700 at the end of each quarter in an account that earns 7.6%, compounded quarterly, for a period of 4 years. How much is in the account after the 4 years? (Round your answer to the nearest cent.) B)After the 4 years, they start a family and find they can contribute only $200 per quarter. If they leave the money from the first 4 years in the account and continue to contribute $200 at the end of each quarter for the next 18.5 years, how much will they have in the account (to help with their child's college expenses)? (Round your answer to the nearest cent.)