Bro decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per month when will the loan be paid off and how much interest will be saved?

Q: Suzan Long is considering buying a home for$350,000.(a) If she makes a down payment of $50,000…

A: In this problem, a person purchases a home for $350,000 and make down payment of $50,000. The…

Q: Martha Diaz needs an investment loan. She gets a simple interest amortized loan for $12,000 at 8.5 %…

A: Interest is the cost of borrowing the money.

Q: Tian can afford to put a down payment of $10,000 on a car. He can also afford to make monthly…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: Omar wants to buy a house in another 7 years. The type of house he wants to buy is currently selling…

A: Future value: Future value is $97,435.86

Q: If George wants to purchase a new home for $400,000 and finance $320,000 with a 4%, 30 year mortgage…

A: Excel Spreadsheet:

Q: Ava Darling plans to buy a home and can deposit $1,772 per year for the next 5 years.. If the annual…

A: To calculate the future value of Ava Darling's deposits for the down payment, we can use the future…

Q: Diego is getting a mortgage for $320,000 at a rate of 4.5% for 30 years. What is his monthly payment…

A: Monthly Payment is the payment that is to be paid monthly for a specific period of time to repay the…

Q: Roger and Susan are negotiating a mortgage on a new home. They have decided that the maximum…

A: Mortgage loans are secured loan and payble by easy monthly installments that carry the payment for…

Q: Dottie wants to buy a 150,000 house and puts a down payment of 60,000. He makes monthly payments for…

A: Given:

Q: Pedro buys a condo for $629,000, with a down payment of $40,000. He takes out a 30-year mortgage for…

A: Loan amount (P) = $589,000 Monthly interest rate (r) = 0.0025 (i.e. 0.03 / 12) Monthly period of…

Q: Ken wants to remodel his basement and he wants to pay back no more than $18,000. If he gets a low…

A: Given Information, Payment made after 3 years =$18,000 Interest rate =0.0375/2=0.01875(As the period…

Q: Theo wants to take out a loan. He takes out a loan for 15000 dollars at 3,7% quarterly interest,…

A: Given information,Loan amount: Interest rate: Payment per period: Total years: To calculate,Amount…

Q: Jonathon wishes to buy a used Chevy Malibu for $12,500. He only has $1,000 for a down payment so the…

A: Computation as follows: Therefore, the payment amount and total interests are $286.18 per month and…

Q: Sonia buys a house for $250,000. she makes a down payment of 15% of the purchase price and takes a…

A: Cost of house = $ 250,000 Down payment = 15%

Q: Derek decides to buy a new car. The dealership offers him a choice of paying $588.00 per month for 5…

A: A purchase can be made by paying in cash or paying in installments.

Q: . Ji-Hoon wants to get a $500,000 3% 30-year mortgage in order to buy his first home. How much…

A: Loan amount (PV) = $500,000 Interest rate = 3% Monthly interest rate (r) = 3%/12 = 0.25% Period = 30…

Q: What semi-annual deposits does Adrian have to make?

A: Time value of money (TVM) refers to the method or concept which is used to determine the amount of…

Q: Adam  who works for apple, buys a car in boston with a full price of $858,000. Adam will pay 10% of…

A: The time value of money concept is important in many areas of finance, such as investing, borrowing,…

Q: Dave wants to buy a $25,000 car by making a 10% down payment and financing the rest for five years.…

A: Down payment is defined as an initial partial payment at the time of purchasing an expensive items…

Q: Milo borrows $5.000 from an institution that charges 8.5% interest per year. How much more will Milo…

A: Loan are amount borrowed from the financial institution and is the amount charged above the loan is…

Q: If Blitzen wants to buy a $150,000 house. Blitzen is going to pay $60,000 down and make monthly…

A: When a property is finance with loan, bank charges processing fees which is on the finance amount…

Q: Michael needs an investment loan. He gets a simple interest amortized loan for $12,000 at 9 % for…

A: Amortized loan include a series of equal timely instalments paid at the end of each time interval.…

Q: You can afford to pay $15,000 at the end of each of the next 30 years to repay a home loan. If the…

A: Present value of annuity is the current worth of future annual cash flows over a period of time at a…

Q: Bozo decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per…

A: The periodic payment is the amount that will be paid every period until the loan amortized which…

Q: Tom takes out a loan for $15,000 at an APR of 6% to start out his business. He promises to make…

A: GIVEN, P=$15,000 R=6% M=4 N =10 YEARS

Q: Jonathan wishes to buy a used chevy malibu for $12,500. He only has $1,000 for a down payment so th…

A: a) Value of chevy malibu = $12,500 Down payment =$1,000 Loan Amount =$12,500 -$1,000 Loan amount…

Q: Ben decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per…

A: Using excel PMT function

Q: Susan Bentley will purchase a home for $257,000. She will use a down payment of 20% and finance the…

A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…

Q: Phil graduates in 3.5 years and wants to buy a new car then. How much should he save now to have…

A: Present Value (PV) refers to the current value of a future sum of money, discounted at a specific…

Q: Brayden and Noah plan to purchase a home for $140,000. They will pay 20% down and finance the…

A: An annuity is a series of cash flows that involve an equivalent amount occurring at equal time…

Q: Tom will pay 10000 dollars to Monica 2 years from now. John wants to buy this debt from Monica. How…

A: Present value is the value of a future amount of money at the current time. It is based on the…