Suppose you decide to wait 5 years to save up before buying the house.  You are able to put a down payment of $30,000 on the house, so that you only need to borrow $170,000 from the bank.  Assume the interest rate is still the same, but you are now in a better financial position, and you can pay off the loan in 240 equal monthly

Q: Suppose that a car that you want costs $11000. You make a down payment of $1000 and finance the…

A: Car cost: $11000.  Down payment: $1000 Time: 4 yearInterest: 1.9% p. a.

Q: You have $3,500 on a credit card that charges a 15% interest rate. If you want to pay off the credit…

A: Given Information:Present value in the credit card is .Rate of interest is .Number of years is 5…

Q: Jill borrowed $13,000 at 5.5% p.a. compounded semi-annually. If the loan is to be repaid in equal…

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Q: Your uncle still wouldn't help you after you found your new job. The bills are right this month, so…

A: Solution:- Your uncle still wouldn't help you after you found your new job. The bills are right this…

Q: Find what simple interest rate will be necessary for Sonny to get a 40% return on a $500 investment…

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Q: Jennifer is the owner of a video game and entertainment software retail store. She is currently…

A: It is given that, the monthly retirement amount Jennifer wishes to withdraw per month is $10,000.…

Q: John wants to retire with $10,000 per month, how much principal is necessary to generate this amount…

A: Use the formula I=Prt100, where P is principal, and r is the rate of interest, t is the time.,…

Q: Suppose you have budgeted $ 1130 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Given that, the monthly payment towards a mortgage is $1130, the number of years is 30 years and the…

Q: If an interest rate of 5% results in interest of $50, what is the principal amount of the loan?

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Q: Grandma Riley wants to help Scott while he's in college by giving him a $220 monthly allowance for 5…

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Q: You want to be able to withdraw $40,000 from your account each year for 25 years after you…

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Q: Suppose you borrow $7,500 from a bank that charges 4% interest compounded monthly. How much will you…

A: From the given information, it is observed that the Principal is P = $7500, the rate of interest is…

Q: Find the exact interest on a loan of ​$6,000 at 8​% annually for 70 days.

A: Given, a loan of $6,000 at 8​% annually for 70 days.To find the exact interest on a loan.

Q: Suppose you can afford to pay $ 475 a month for 7 years towards a new car with no down payment. If…

A: Given Monthly interest rate=4.25%/12 Number of months =7*12

Q: David plans to purchase a motorcycle. He needs to borrow $7500 and interest is 8% per annum…

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Q: . Find the size of the payments if money earns 3% compounding quarterly.

A: Given: Helen has borrowed $4000, and agreed to pay it back in two equal payments to be made in 6…

Q: Calculate the simple interest due (in dollars) on a 60-day loan of $1,600 if the annual interest…

A: Given

Q: minimum

A: The mortgage formula is given by: M=P.r1+rn1+rn-1, where it is given that P=$175,000, r=0.04512 and…

Q: Suppose you have budgeted $ 1025 a month towards a mortgage. If you are offered a 30 year mortgage…

A: Let x be the mortgage amount that offered.

Q: If $800 is borrowed and the interest after 6 months is $72, what is the annual interest rate for a…

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Q: The price of a new car is $20,000 . Assume that an individual makes a down payment of 25 % toward…

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Q: Henry is going to retire in 22 years and would like to invest $50,000 now into his retirement…

A: Compounded Monthly formula :

Q: Suppose that 10 years ago you bought a home for $120,000, paying 10% as a down payment, and…

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Q: You want to be able to withdraw $45,000 from your account each year for 30 years after you retire.…

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Q: Leo needs $30,000 to cover

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Q: Suppose you make a down payment of 6% of $27,600 and finance the rest at 1.5% compounded monthly for…

A: The down payment is 6% of $27,600, which is: 0.06 x $27,600 = $1,656   So you are financing the…