Suppose you take out a 30 year mortgage for $490000 at an annual interest rate of 5.0%. Question 1 What is your monthly payment? Question 2 How much will you owe after one payment? Question 3 How much will you owe after five years of payments?

Q: Remember that Molly has a $2500 down payment saved for this purchase. The dealer will take the $500…

A: The loan is the amount of money which would result in the amount of money borrowed and used for…

Q: How does the credit card company calculate the interest payment?

A: The credit card has been an important tool to increase the purchasing power. This facility has…

Q: Ted's car is now worth $9000, which is 60% of what he paid for it. What did he pay for his car?

A: Present worth is present value or value for now which is calculated after wear and tear,depreciation…

Q: Why would someone choose a fixed rate loan over a variable rate loan?

A: In the field of economics, a loan is defined as the act of lending money or resources by one party…

Q: What’s a debit?

A: The word debit is derived from an Italian word Debito. A debit is a record regarding money when…

Q: describe something you can do to increase your savings for retirement.

A: Retirement: It is the point of time where someone stops working.

Q: The South Korean Government in the 1970s decided to follow a strategy of increased investment in…

A: Scarcity refers to the limited availability of resources, that are used to produce goods and…

Q: The advantage of a loan is that: its transaction costs are low. it can be tailored to the needs of…

A: Loan: A loan is a sum of money borrowed from a lender with the agreement that it will be repaid,…

Q: What will be the Savings given that income is $3200 and APS is 0.48

A: The data presented in the question above is:- Income = $3200 Average propensity to save = 0.48…

Q: Luis and his best friend Faith want to spend as much time as possible at the local amusement park…

A: The objective of the question is to find out how much Faith will owe Luis after they buy season…

Q: On November 4, you get a boat loan.  Your first payment is due December 4.  You write out your check…

A: TVM refers to the concept that a sum of money is value more now than the same sum will be at a…

Q: How Do You Manage Your Credit Card Debt?

A: Credit cards have become a everyday part of our lives and is convenient to use. It is often, that we…

Q: What are other ways to invest in Real estate? Are they long term or short term?

A: Real estate refers to land and any physical property or structures that are permanently attached to…

Q: What are the different ways in which personal property can be obtained?

A: Personal property is a type of property that consists of any property except real estate. It's also…

Q: Rachel is purchasing a new camera that costs $2000 . Rachel uses a credit card that has an APR of…

A: Present value is the value of investment in today's dollar.  Future value is the value of investment…

Q: What does the interest rate you determine represent?

A: The interest is a specific percentage of the principal amount that is lent, borrowed, or deposited…

Q: What is the Deferred Savings Plan?

A: A  deferred savings plan is a plan  which allows the taxpayer to pay money in  the plan and  then…

Q: The disadvantages of using letters of credit for payment

A: A letter of credit is a written promise from a bank or other financial institution that a seller…