You’re trying to save to buy a new $245,000 Ferrari. You have $50,000 today that can be invested at your bank. The bank pays 4.6 percent annual interest on its accounts. How long will it be before you have enough to buy the car?
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You’re trying to save to buy a new $245,000 Ferrari. You have $50,000 today that can be invested at your bank. The bank pays 4.6 percent annual interest on its accounts.
How long will it be before you have enough to buy the car?
Future value is the amount that you will receive in the future after your investments have grown at a particular rate of interest. Present value is the amount invested at present in order to receive a specific amount in the future.
In order to calculate the number of years required for the present amount to grow up to a specific future amount, the following formula is used:
n = [log (FV / PV)] / [log (1 + r)]
where FV is Future Value
PV is Present Value
r is the Rate of interest
n is the Number of years
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- Worksheet B-Plan to Save You will need to spend money to achieve most of the long-term goals you set in your life. It could be money to pay for your education, buy a house, raise a family, travel, start a business, and so on. Because you need money to achieve your most valued long-term goals, you also need to create a savings plan as a part of your overall financial plan. Saving is not something that just happens for most people. It is the result of careful planning and controlled spending. Consider Walter, who would like to save $300 per month toward the purchase of a home. Walter's income and spending in the past month are shown below. Use this information to answer the questions that follow. Walter's Income and Spending Income Spending Gross Wages $3,500 Rent/Utilities $728.86 Таxes (830.00) Food 338.32 Interest Earned 60.00 Clothing 175.42 Stock Dividends 120.00 Transportation 425.61 Net Income 2,850 Loan Payments 299.00 Entertainment 400.92 Insurance 231.42 Other 250.45 1. How…Dennis is planning to invest his money to earn more. He is willing to take a little risk by buying incomeearning assets to help him earn more. However, he wanted to make sure that when he needs the money he invested, he will be able to get part of it immediately. What type of investment would you advise Dennis to buy? Why?On November 4, you get a boat loan. Your first payment is due December 4. You write out your check on December 1, drop it in a mailbox on December 2, it gets postmarked on December 3, and the lender receives it on December 6. For how many days is interest calculated?
- You are looking for a car to lease. Your income is $3,000 per month, and you know that you should not spend more than 20 percent of your income on a car payment. You have found four deals in the table below. options Location Monthly Rent Toyota Camry $400 Lincoln MKZ $660 Ford Fusion $380 BMW 740 $720 Instructions: In order to receive full credit, you must make a selection for each option. For the correct answer(s), click the box once to place a checkmark. For the incorrect answer(s), click the option twice to empty the box. Suppose you adhere to the 20 percent guideline but also receive a $100 monthly allowance from your parents towards your car payment, which option(s) fall within your budget? Group of answer choices Toyota Camry Lincoln MKZ Ford Fusion BMW 740Asap What would the value of spending be if you had $1300 in savings and $2250 in income?Plan to Save You will need to spend money to achieve most of the long-term goals you set in your life. It could be money to pay for your education, buy a house, raise a family, travel, start a business, and so on. Because you need money to achieve your most valued long-term goals, you also need to create a savings plan as a part of your overall financial plan. Saving is not something that just happens for most people. It is the result of careful planning and controlled spending. Consider Walter, who would like to save $300 per month toward the purchase of a home. Walter's income and spending in the past month are shown below. Use this information to answer the questions that follow. Walter's Income Income Spending Net (after tax) Wages $2,850.00 Rent/Utilities S751.76 Interest Earned $64.07 Food $348.32 Stock Dividends $120.00 $239.42 Clothing Transportation $499.61 Loan Payments S299.00 Entertainment $454.92 Insurance $231.42 Other $273.45 4. Which types of spending could Walter…
- Why should you talk to your banker before beginning to look for a home? to get a building inspector lined up to be declined for a loan to figure out how to go broke buying a home to get pre-approved for a mortgageWhat will the value of spending be if you had $1300 in savings and $2250 in income?Please everything in the photo.