Janine wants to but a lot which cost 1 million pesos. She plans to give a down payment of 20% of the cost, and the rest will be paid by financing at monthly interest rate of 2% for 10 years in equal monthly installments. What will be the monthly payment?

Q: A loan of $50,000 is due 10 years from today. The borrower wants to make monthly payments at the end…

A: The payments made constantly without any uneven time gap are called annuity where nominal amount for…

Q: buy a house for Rs50 lakh and immediately make cash payment of Rs 10 lakh. You finance the balance…

A: amount of loan taken=50-10=40interest rate =12%time period=20 years or 240 months

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A: According to bartleby guidelines , if multiple questions are asked , then 1st question needs to be…

Q: You are buying a house for $150,000.00 with a downpayment of $30,000.00. The loan will be paid back…

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Q: Alice keeps meaning to invest more in her RRSP, Her original plan was to invest $6000 eight months…

A: The concept of money's time value reveals that any sum of money is worth more today than what the…

Q: You want to buy a boat costing $35,000.  Your down payment is $7,000.  The remainder will be paid…

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Q: Engr. Velasco decided to subscribe in a globe promo which must be paid one thousand pesos per month…

A: Our first task is to determine the present value of 1,000 pesos per month for 5 years @ 8%…

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A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: You got $80,000 as a gift. Rather than give you a lump sum, you are given the gift as an annuity…

A: An annuity is a financial contract in which an individual makes a series of payments or deposits to…

Q: Imagine you borrow $600 from your roommate, agreeing to pay her back $600 plus 7 percent nominal…

A: Fisher Equation defines the relationship between the real rate of interest and the nominal rate of…

Q: please step by step solution. please give some introduction of this solution.

A: The problem describes a series of payments that Louise receives. The payments start at $1000 and…

Q: Your uncle will sell you his bicycle shop for $220,000, with "seller financing," at a 5.0% nominal…

A: The lump-sum amount which is termed as last payment and is done at the end of the loan period is…

Q: The monthly rent for the first house is $1, 190, and the Bainters can expect it to increase 1.7%…

A:

Q: Michelle is considering buying an asset today that will make a payment every quarter forever.  The…

A: Growth rate of the payments states the compounded annual rate of the growth of business alone with…

Q: Engr. Velasco decided to subscribe in a globe promo which must be paid one thousand pesos per month…

A: The value of the money today will be the present value of the said payments.

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A: If the interest is compounded annually Then amount to be borrowed can be calculated using following…

Q: You are looking to purchase a house for $196,000. If you put 20% down and finance the rest, what…

A: Monthly payments are fixed periodic payments that are made by borrower to the lender.

Q: You need $34877 in 6 years.  If you think you could earn an annual rate of 11.77%, what would be…

A: A monthly deposit refers to an amount that is to be deposited each month for the purpose of savings…

Q: After 10 years, the estimated price of an apartment of 20 pyeong is 200 million won. If you save a…

A: PRESENT VALUE = FUTURE VALUE / PVAF(10%, 10 YEARS) = 200/ 6.1446 = 32.55 Million   Postion of…

Q: Find the amount needed at maturity to generate $1,150 per month interest, if they can get  7 1 4%…

A: Computation of Amount needed at maturity to generate $1,150 per month at 7.25% interest compounded…

Q: You are looking at two investment options, A and B. Investment A is a 13-year annuity that needs an…

A: Compounding refers to the ability of an investment to generate earnings, which are then reinvested…

Q: payments with the first payment being made at the end of this year. If the payments are to grow by…

A: This is present value of growing of annuity problem can be solved using formula.Loan…

Q: Janine wants to but a lot which cost 1 million pesos. She plans to give a down payment of 20% of the…

A: Down Payment= 10,00,000*20%= 200,000 Balance payment to be done in equal monthly installments=…

Q: Alexander will take a trip using $5500 of his investment funds that return 8% per year. To pay for…

A: Here,Value of Own Fund (Vo) is $5,500Value of Borrowed Fund (VB) is $10,000Total Funds required for…

Q: You owe your parents $23,000 (in present day dollars) and want to repay them in equal amounts the…

A: Present value factor of 8.9% compounded monthly for 4 years will be = 1/(1+8.9%/12)12 x4..=…

Q: Bianca wants to have Php 60,000 in the future. If she decides to deposit 1000 at the end of every…

A: Future Value: The future value is the amount that will be received at the end of a certain period.…

Q: deposit P5,000 at the beginning of every year into an investment which earns 16% interest per year…

A: Solved using Financial Calculator  (i) Amount at the end of 4th Year SET BGN Mode in Calculator.…

Q: A house costs 150,000. If the down payment is 20% of the price and the rest is financed with a…

A: First we need to determine the loan amount. This can be determined with the formula below:

Q: he Weidmans want to save $45,000 in 3 years for a down payment on a house. If they make monthly…

A: Monthly payments that are required to meet the goal are periodic deposits made in view of reaching a…

Q: A house costs $139,000. It is to be paid off in exactly ten years, with monthly payments of…

A: House cost = $139,000Monthly payment = $1,599.62Number of years = 10 years

Q: My daughter wants to buy a new car. Here are the parameters. The car cost $12,000 with terms of 5%…

A: While taking a loan for any purpose one should evaluate the payment schedule where the requirement…

Q: If Ms Chan is thinking of putting RM10,000 into the saving accounts at the end of each year for 10…

A: Annual deposits (PMT) are $10,000. The rate of interest (Rate) is 8%. The maturity (Nper) is 10…

Q: If Ms Chan is thinking of putting RM10,000 into the saving accounts at the end of each year for 10…

A: The annual deposit is RM10,000. The maturity is 10 years. The interest rate is 8%.

Q: You were buying a House for $190,000 with a down payment of $57,000. The loan will be paid back over…

A: A study that proves that the future worth of the money is lower than its current value due to…

Q: The Weidmans want to save $25,000 in 4 years for a down payment on a house. If they make monthly…

A: FORMULA FOR MONTHLY PAYMENT: PMT = P×rm1-1+rm-m×n p = principal r= rate of interest m = frequency of…

Q: Karim is planning to buy a new storage unit, which needs him to take a loan of 150000$ over a period…

A: Variables in the question:Loan = $150000N=6 yearsn=6 years *12 =72For the first 3 years (i.e., 36…

Q: Teal and Associates needs to borrow $35,000. The best loan they can find is one at 12% that must be…

A: Monthly payment for the loan comprise of an interest part and principal repayment part and is…