You plan to save money for a down payment of $44,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 3.92% compounded annually. How long will it take you to save the planned. amount? years months Express the answer in years and months, rounded to the next payment period

Q: You wish to purchase a home for $500,000. You will make payments of $30,000 at the end of every…

A: A sum borrowed to meet specific personal or business funding needs is recognized as a loan/mortgage.…

Q: ou save $100 at the beginning of every month for seven years, for how long can you withdraw $340 at…

A: In compounding there is interest on interest including the principal amount and hence the effective…

Q: Use the monthly payment formula to answer the question. Round your answer to two decimal places, if…

A: Purchase Price = $648,000Down Payment rate = 10%Compound = monthly = 12Interest rate = r = 7.92 / 12…

Q: How much would you need to deposit in an account each month in order to have $50,000 in the account…

A: Given: Future value = $50,000 Time =8 years Monthly period = 8*12 = 96 Interest = 4.5% So, monthly…

Q: ou borrow $333,000 to purchase a home. Your mortgage requires monthly payments over the next 23…

A: Loans are paid in equal monthly installments and these carry the payment for interest and payment…

Q: You decide to make annual deposits of $300.00 for 12 years into an account which pays 5% compounded…

A: Annual deposits = $300 Time duration = 12 years Interest Rate = 5%  The future value of the annuity…

Q: Your friend has just arranged to purchase a $400,000 home with no down payment. The mortgage has a…

A: Value of home =$400,000 Interest Rate (r) = 3.5%/12 = 0.291667% Years = 30 Terms(n) = 30*12=360 Let…

Q: what is the largest down payment you can make at the end of three years (immediately after the last…

A: Value at the end of saving period comprises of monthly saving and interest on those savings.…

Q: You make $10,000 deposit 1 year from now, $15,000 deposit 3 years from now and $20,000 deposit 5…

A: A concept that implies the future worth of the money is lower than its current value due to several…

Q: You decide to buy a house costing $5,000,000. You pay $1,000,000 down, and the remainder will be…

A: A home equity loan is a loan provided against the equity of a property. The equity value at any…

Q: Six years from today you need $10,000. You plan to deposit $1,600 annually, with the first payment…

A: Future value=$10000Annual deposit=$1600Interest rate=7%Calculate last deposit.

Q: You take out a 20-year $260,000 mortgage loan with an APR of 9% and monthly payments. In 14 years…

A: Principal BalanceThe principal balance, in case of a mortgage loan is the amount due to pay for an…

Q: An investor wants to save money to purchase real estate. He buys an annuity with quarterly payments…

A: Here, Quarterly Payment is $163 Interest Rate (r) is 5.5% Compounding Period (m) is Quarterly i.e 4…

Q: You decide to buy a house costing $6,000,000. You pay $1,000,000 down, and the remainder will be…

A: Here, Value of House is $6,000,000 Down Payment is $1,000,000 Therefore, Loan Amount (PV) is:…

Q: Jon plans to start a saving account. His plan is to deposit $69 each month into a money market…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: Assume you decide to make weekly deposits of $100 into a savings account over the next 30 years.…

A: given, A = $100 q ( payment frequency) = 52  m ( compounding frequency) = 365 t ( number of periods)…

Q: You have $500,000 saved for retirement. Your account earns 5% interest. How much will you be able to…

A: The monthly withdrawal can be required by the person after retirement for which some amount can be…

Q: How much money will you have available to you after five years if you put aside $100.00 a month in…

A: The future value of the annuity is the future worth of a cash flow series at a certain rate of…

Q: ou want to come up with a plan to save for retirement. You will contribute to your retirement…

A: Due to compounding of interest large amount of interest is accumulated over the long period of time…

Q: Suppose you start saving today for a $50,000 down payment that you plan to make on a house in 5…

A: Down payment = $50,000Interest rate = 6% (Daily compounding)Number of years = 5 years

Q: You want to purchase a house valued at $200,000.  After a downpayment, you can finance the house…

A: Value of the house = $200,000 Number of years of mortgage = 20 Number of periods (n) = 20*12 = 240…

Q: You decide to quit using your credit card and want to pay off the balance of $11,800 in 5 years.…

A: Given Amount of debt is $11800. Term is 5 years Interest rate is 16.05%

Q: You want to be able to withdraw $8500 from an account at the end of each 6-month period (that is,…

A: Given that;Periodic withdrawal amount is $8500Interest rate is 2.9% per year

Q: Six years from today you need $10,000. You plan to deposit $1,400 annually, with the first payment…

A: Future value represents the future worth of present cash flows. It is calculated by compounding the…

Q: Six years from today you need $10,000. You plan to deposit $1,500 annually, with the first payment…

A: Solution:

Q: ou could save $12,000 per year ($1,000 per month) for 20 years towards your retirement and you could…

A: Future value of money is the amount of deposit made and amount of compounded interest accumulated…

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: formula to be used = Future value=PMT(1+r/n)n*t-1)/r/n   PMT= Monthly payment R= interest rate N=…

Q: You have $20,800.51 in a brokerage account, and you plan to deposit an additional $3,000 at the end…

A: The number of years required to accomplish the goal can be find out by using the future value of…

Q: You plan to deposit $200 at the end of every six months for 8 years starting at the end of month 6.…

A: Answer: Calculation of the amount that will be available to withdraw at the end of year 15: The…

Q: You have just taken out a $16,000 car loan with a 8% APR, compounded monthly. The loan is for five…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: You want to build a $40,000 shed on your property in 3 years. You find that the bank can offer…

A: The cost of the shed after 3 years will be $40,000 and if the shed is built today, the cost will be…

Q: How long will it take to save $2581.00 by making deposits of $227.00 at the end of every month into…

A: Amount to be saved is $2581.00 Interest rate is 7% compounded monthly Monthly deposit $227 To Find:…

Q: Assume that you deposit $ 1,310 each year for the next 15 years into an account that pays 15 percent…

A: The FV of an investment refers to the combined value of the cash flows of the investment at a…

Q: you have $500,000 saved for retirement. Your account earns 6% interest. How much will you be able to…

A: If you have $500,000 saved for retirement. Your account earns 6% interest. The amount you will be…

Q: Calculate your monthly payment. Round your answer to the nearest cent.

A: Loan Payments: These are payments made by the borrower to amortize the loan value. This is done by…

Q: An investor requires an annual (year-end) income of $15,000 in perpetuity. Assuming a fixed rate of…

A: Information Provided: Annual income = $15,000 Interest rate = 4%   NOTE: As per our policy, we…

Q: You plan on depositing $370 every month for the next 11 years in an account that pays a 0.8%…

A:

Q: You wish to purchase a home for $500,000. You will make payments of $30,000 at the end of every year…

A: The present value of an annuity is the value today of a series of equal payments that are made at…

Q: You decide to save $7700 by making monthly deposits for 9 years into an account which pays 7%…

A: The present value of the annuity is the current worth of a cash flow series at a certain rate of…

Q: deposit $1,000 in an account that earns an APR of 5% compounded once per year a) How long will it…

A: Future value of the amount includes the amount of deposit done and amount of compounded interest…

Q: You plan to start saving now for a downpayment for a house in your RRSP. You deposit $750 every…

A: Future value is an estimated value of future cash flows ​​that may be received at a future date,…