If a person can afford monthly payments of 239 dollars every month for 210 months, what is the size of the house he can afford assuming the interest rate is 2.3% per year, compounded monthly?
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- Suppose you borrow $10,000 from your parents to buy a car. You agree to pay $208 per month for 48 months. What is the monthly interest rate? Respuesta:A couple wants to purchase a house. Suppose they invest $500 per month into an ordinary annuity. How much will they have for a down payment after 9 years if the annual interest rate is 9% compounded monthly?Suppose that Jacob would like to invest at the end of each month for the next 15 years into an account paying 6.72% compounded monthly in order to accumulate $10,000 at the end of that time? How much money must Jacob deposit into the account each month? How much interest will he have earned?
- Suppose that you would like to have $25,000 to use as a down payment for a home in five years by making regular deposits at the end of every three months in an annuity that pays 7.25% compounded quarterly. Determine the amount of each deposit. Round up to the nearest dollar. How much of the $25,000 comes from deposits and how much comes from interest?Suppose you put $ 600 a month for retirement into an annuity earning 7.5% compounded monthly. If you need $ 550000 to retire, in how many years will you be able to retire?You would like to save $250,000 for retirement. If you are planning to retire 30 years from now, how much should you deposit each month into an account that pays 7.2% interest compounded monthly? What is the total interest earned?
- How much is your monthly payment?If you borrow $1,000 and pay back $1,728 in three years, what annual rate of interest are you paying?How much should Joseph have in a savings account that is earning 2.50% compounded monthly, if he plans to withdraw $2,050 from this account at the end of every month for 6 years? Round to the nearest cent
- You would Ilike to have $59,000 in 5 years for the down payment on a new house following graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. (a) How much should you deposit at the end of every three months? (b) How much of the $59,000 comes from deposits? (c) How much of the $59,000 comes from interest? (Round UP to the nearest dollar. For example, $247) OPensyrooo n 21 l 1e0 (6)' s 6Tei 0hcc doirdW (b)Saaviz wDi 26. 7 1 0 59.000 6 00For 40 years, you invest $200 per month at an APR of 4.8% compounded monthly, then you retire and plan to live on your retirement nest egg. a) How much is in your account on retirement? b) Suppose you set up your account as a perpetuity on retirement. What will your monthly income be? (Assume that the APR remains at 4.8% compounded monthly.) c) Suppose now you use the balance in your account for a life annuity instead of a perpetuity. If your life expectancy is 21 years, what will your monthly income be? (Again, assume that the APR remains at 4.8% compounded monthly.) d) Compare the total amount you invested with your total return from part c. Assume that you live 21 years after retirement.An individual needs $12,000 immediately as a down payment on a new home. Suppose that he can borrow this money from his insurance company. He must repay the loan in equal payments every six months over the next eight years. The nominal interest rate being charged is 7% compounded continuously. What is the amount of each payment?