TV’s R Yours is advertising a deal, in which you buy a flat screen TV/entertainment package for $1,205 (including tax) with one year before you need to pay (no interest is incurred if you pay by the end of the one year). How much would you need to deposit at the end of each month in a savings account earning 0.9% APR (NOT 9%), compounded monthly, to be able to pay the $1,205 bill in one year? Monthly Deposit: __________
Please answer question 5 and 6.
5. TV’s R Yours is advertising a deal, in which you buy a flat screen TV/entertainment package for $1,205 (including tax) with one year before you need to pay (no interest is incurred if you pay by the end of the one year). How much would you need to deposit at the end of each
month in a savings account earning 0.9% APR (NOT 9%), compounded monthly, to be able to pay the $1,205 bill in one year?
Monthly Deposit: __________
6. You purchase a house for $250,000 by getting a mortgage for $200,000 and paying a $50,000 down payment (20%). You can get a 30 year mortgage with a 3.0% interest rate.
What would be your monthly payment? ________
5. TV’s R Yours is advertising a deal, in which you buy a flat screen TV/entertainment package for $1,205 (including tax) with one year before you need to pay (no interest is incurred if you pay by the end of the one year). How much would you need to deposit at the end of each
month in a savings account earning 0.9% APR (NOT 9%), compounded monthly, to be able to pay the $1,205 bill in one year?
Monthly Deposit: __________
6. You purchase a house for $250,000 by getting a mortgage for $200,000 and paying a $50,000 down payment (20%). You can get a 30 year mortgage with a 3.0% interest rate.
What would be your monthly payment? ________
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