You decide to purchase a new home and need a $80,000 mortgage. You take out a loan from the bank that has an interest rate of 6%. What is the yearly payment to the bank to pay off the loan in 10 years? FP = $(Round your response to two decimal places.)
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- Mary takes out a loan for $1000 at a simple interest rate of 5% for a period of 3 years. Calculate the total amount that Mary must pay back at the end of the loan period. Round your answer to two decimal placesYou decide to purchase a house and need a $160, 000 mortgage. You take out a loan from the bank that has an annual interest rate of 6%. What is the monthly payment to the bank to pay off the loan in 20 years? ( i need final answer only no need of all calculation)Steve promises to pay Amanda $2,000 in four years and another $3,000 four years later for a loan of $2,000 from Sandy today. What is the interest rate that Sandy is getting? Assume interest is compounded monthly.
- Fred takes out a loan for $1300 at an interest rate of 5% for a period of 5 years. Calculate the total amount that Fred must pay back at the end of the loan period. Round your answer to two decimal placesGreg wants to have $50 000 in five years. He has $20 000 today to invest. The bank is offering five- year investment certificates that pay interest compounded quarterly. What is the minimum nominal interest rate he would have to receive to reach his goal? (Ctrl) -Greg wants to have $50 000 in five years. He has $20 000 today to invest. The bank is offering five-year investment certificates that pay interest compounded quarterly. What is the minimum nominal interest rate he would have to receive to reach his goal?
- The present value of a perpetuity paying $20 at the end of every four years is $43. Find i.You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 10% per year. What will be your annual payment if you sign this mortgage? The annual payment is S (Round to the nearest dollar.)You plan to deposit $300 each year into an IRA earning 4% interest annually. How much will you have in your account in 20 years? Your Answer: Answer
- Suppose that $5000 is deposited into an account that earns 3.5% interest compounded Semiannually. Let f(t) represent the value (in dollars) of the account at t years after depositing the $5000. Find the value of the account at t = 4 years. {Round your final answer to two decimal places }What is a simple interest rate?If the interest rate is 7.0%, what is the present value of a perpetuity paying $210 per year? (A perpetuity is a bond that makes payments forever.) Round to the nearest dollar. Do not use dollar signs or commas in your answer. Example: if the answer is $1,234.56, then write "1235"