Find the interestThomas has $1,000 in his bank account today to spend on a TV in one year.Thomas needs exactly $1,030 to purchase a new TV in one year (the price of the new TV in one year will be $103The investment he is looking for should have how much interest?$1,000?1$1,030PrincipalPresent Value:Value of themoney sheinvested todayInterest RateAnnual Rate?PeriodNumber oftimesinterest iscalculatedInterest ReceivedCash earned onthe initial cashinvestedValue of Investment$1,030 Future Value

Particulars Values Present value $ 1000.00 Periodic deposits 0.00 Future value $ 1,030.00…

Answered: Find the interest Thomas has $1,000 in…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter2: Using Financial Statements And Budgets

Section: Chapter Questions

Problem 6FPE

See similar textbooks

Similar questions

Find the period Thomas has $1,000 in his bank account today to spend on a TV. Thomas needs exactly $1,070 to purchase a new TV. The investment he selected provides 7% annual interest. For how long, she he invest the $1,000 to be able to purchase the TV. $1,000 7% ? Principal Present Value: Value of the money she invested today Interest Rate Annual Rate ? Period Number of times interest is calculated:1 period $1,070 Interest Received Cash earned on the initial cash invested Value of Investment $1,070 Future Value
Assume that you own an annuity that will pay you $15,000 per year for 12 years, with the first payment being made today. You need money today to start a new business, and your uncle offers to give you $160,000 for the annuity. If you sell it, what rate of return would your uncle earn on his investment? O 2.28% O 2.20% O 2.22% 2.33% 2.59%
suppose you are planning to buy a home in 8 years from now that costs you 48854 OMR, How much should you save each year in your bank account that pays 6.012 percent to reach your goal? Select one: a. 3786.63 b. None of the options c. 483737.65 d. 4481.32 e. 4933.90
suppose you are planning to buy a home in 8 years from now that costs you 47114 OMR, How much should you save each year in your bank account that pays 6.012 percent to reach your goal?
Suppose you deposited $39,000 in a bank account that pays 5.25% with daily compounding based on a 360-day year. How much would be in the account after 8 months, assuming each month has 30 days? Select the correct answer. O a. $40,389.07 O b. $40,375.67 O c. $40,402.47 d. $40,368.97 Oe. $40,382.37
suppose you are planning to buy a home in 8 years from now that costs you 52387 OMR, How much should you save each year in your bank account that pays 6.012 percent to reach your goal? اخترأحد الخيارات a. 5290.71 b. 4060.47 c. 4805.40 d. 518720.36 e. None of the options
Find the interest Thomas has started working, and he will be putting $100 aside, at the end of every month, to purchase a TV. Thomas needs exactly $1,255 to purchase a new TV in one year. The investment he is looking for should have how much interest? $0 $100 ? 12 Principal Present Value: Value of the money she invested today Payment: how much will paid per month Interest Rate Annual Rate ?9.72 (monthly 0.81) Periods Number of times interest is calculated $1,255 Value of Investment $1,255 Future Value
suppose you are planning to buy a home in 8 years from now that costs you 47114 OMR, How much should you save each year in your bank account that pays 6.012 percent to reach your goal? Select one: O a. 4758.17 Ob. 4321.71 Oc. 466508.69 Od. None of the options O e. 3651.77
и mубреппath.com > Question 73 Jenelle bought a home for $300,000, paying 28% as a down payment, and financing the rest at 3.4% interest for 30 years. Round your answers to the nearest cent. How much money did Jenelle pay as a down payment? $ How much does she need to borrow to cover the rest of the house? $ There are several other costs involved in a mortgage. One cost is called "points" and is a percentage of the loan amount (before closing costs are added). If she needs to pay 0.625 points, how much is that charge? $ Jenelle also needs to prepay home owner's insurance and property taxes. If the home owner's insurance is 0.9% of the value of the home, how much does she pay for insurance? $ If the property tax rate is 0.6% of the value of the home, how much does she pay for taxes? $ In addition to those charges, she has another $2330 of closing costs. How much are her closing costs? $ Her total loan amount is the amount financed for the house, plus all of her colsing costs. What is…
suppose you are planning to buy a home in 8 years from now that costs you 52387 OMR, How much should you save each year in your bank account that pays 6.012 percent to reach your goal? a. 5290.71 b. 4060.47 c. 4805.40 d. 518720.36 e. None of the options
Suppose you are offered an investment that will allow you to double your money in 6 years. You have $10,000 to invest. What is the implied rate of interest? 12.25% b. 13.5% c. 11.75% d. a. 15% Mike just decided to save money cach year for the next four years to help fund a new property. If it earned 1070 on its savings, what does the savings worth today (NPV)? End of Amount Saved: year: $ 15,000 $ 20,000 S 25,000 $ 30,000 4. $69,439 b. $72,288 c. $83,569 d. $95,365 a.
Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264

SEE MORE QUESTIONS

Recommended textbooks for you

Pfin (with Mindtap, 1 Term Printed Access Card) (…

Finance

ISBN:

9780357033609

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

PFIN (with PFIN Online, 1 term (6 months) Printed…

Finance

ISBN:

9781337117005

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Pfin (with Mindtap, 1 Term Printed Access Card) (…

Finance

ISBN:

9780357033609

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

PFIN (with PFIN Online, 1 term (6 months) Printed…

Finance

ISBN:

9781337117005

Author:

Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SEE MORE TEXTBOOKS