A has been paying rent of $850 at the beginning of each month for the last 12 years. If he had rented for only $800 per month and banked the difference at 0,14 annual interest rate and compounded monthly, how much would he now have from this source to apply toward buying property of his own?

Q: Sam took a $5000 loan to build a deck in the backyard. The loan requires payments at the end of each…

A: Converting rate of interest from 9% compounded monthly to quarterly   Effective rate of interest =…

Q: While buying a new car, Monica made a down payment of $900 and agreed to make month-end payments of…

A: Down payment (D) = $900 Month end payment (m) = $240 Monthly period of repayment (p) = 56 (i.e. 4…

Q: Asa has invested money from the settlement of an insurance claim. She plans to withdraw $1,920 from…

A: Fist we need to calculate present value of all withdrawals by using present value of ordinary…

Q: A woman went to the Beneficial Loan Company and borrowed $10,000. She must pay $323.53 at the end of…

A: Given information: Borrowed amount is $10,000 Monthly payment is $323.53 Number of periods is 60…

Q: Togo's monthly salary is $1080 and his monthly expenses are on average $750. Togo is looking at some…

A: Investments providing a compounding interest rate calculate interest on the principal as well as…

Q: Henry Fuller has agreed to purchase a used automobile for $13,500. He wishes to limit his monthly…

A: The portion of the purchase price of goods and services that are paid immediately at the time of…

Q: Bernie purchased a riding lawn mower for $1,320. The store offered him a 3-year add-on loan at an…

A: Computation:

Q: Nate agreed to pay $550,000 for a house. He made a $125,000 down payment and financed the balance…

A: We need to use loan amortization formula below to calculate monthly payment PMT =P*i1-1(1+i)n where…

Q: Lillian took out a 20-year loan for $170,000 at 8.8% interest, compounded monthly. If her monthly…

A: A loan is a financial arrangement in which one person borrows funds from another person at a…

Q: Nick saves $175 per month, deposited directly into his credit union account on payday, the last day…

A: In order to calculate the amount at the end of a specific period of time, the future value of the…

Q: Jason Bradley purchased a $77,000 home at 8.5% for 30 years with a down payment of $15,000. His…

A: Escrow Account contains the amount deposited by the borrower or buyer of the asset to show the…

Q: Leo wants to have $6500 to buy furniture when he moves into an apartment in 3 years. He invested…

A: The future value is the future worth of the amount that will be paid or received at future.

Q: Fatimah pays monthly rent of $520 for her townhouse. If she bought the property, the mortgage loan,…

A: When a series of deposits or payments are made of equal amounts at equal intervals of time, it is…

Q: If Rochelle obtained a business loan of $205,000.00 at 4.67% compounded semi-annually, how much…

A: Business loan = $205,000.00 Interest Rate = 4.67% compounded semi-annually Time Period = 30 Years

Q: Ralph has just borrowed 1200 dollars to purchase a new stereo, at a nominal rate of interest of 12.2…

A: Here, Borrowed amount is $1,200 Interest rate is 12.2% Compounding period is Monthly i.e 12 Monthly…

Q: A​ woman, with her​ employer's matching​ program, contribute ​$700 at the end of each month to her…

A: Monthly withdrawal refers to the amount that is withdrawn from the bank on the respective date of…

Q: Vincent was receiving rental payments of $3,000 at the beginning of every month from the tenants of…

A: The capitalization rate: The capitalization rate or cap rate is used to determine the rate of return…

Q: ken just bought a house. He made a $20,000 down payment and financed the balance with a 25 year home…

A: Purchase price = Down Payment + Present Value of Mortgage Payment

Q: b) that his monthly house and property tax payment should not exceed 35% of his disposable monthly…

A: As per our policy, we only answer one question when many different questions are provided. The first…

Q: arl’s house payment is $1,270 per month and his car payment is $465 per month. If Carl's take-home…

A: Given Information : Carl's house payment per month = $1,270 Carl's car payment = $465 Carl's…

Q: Polly purchased a car. She paid P150,000 as down payment and pays P5,500 at the end of each month…

A: Polly purchased a car and paid ₱ 1,50,000 as the down payment and thereafter pays ₱ 5500 at the end…

Q: how much interest will mico pay

A: PV = A[ (1-(1/(1+r)^n)/ r] Where PV = present value, A = Annuity amount. r = interest rate. n =…

Q: M purchased a small lot in a subdivision, paying P200, 000 down and promising to pay P15, 000 every…

A: note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: Fred owes $12000 due in two years and $8,000 due in twelve years. Fred is allowed to pay off both…

A: We have to consider present value and future value of both.

Q: Harlan made equal payments at the end of each month into his RRSP. If interest in his account is…

A: Calculation of size of monthly payment: Answer: Size of monthly payment is $174.84

Q: Brian borrows $ 7500 from his friend at an annual 6% interest rate, which he will pay five years…

A: Future value is the value of the present cash flows after certain period. Due to interest that can…

Q: Doris purchased a Steinway concert piano for $132,000 with a down payment of 25%, and a loan for the…

A: Cost of piano is $132,000 Down payment is 25% Equal Monthly Payment is $1,650 Interest rate…

Q: Sylvie Cardinal bought a business for $45 000. She made a down payment of $10 000 and agreed to pay…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: When Christian bought his home, he borrowed $315,700 at 4.2% interest, compounded monthly for 25…

A: Loan amount (PV) = $315,700 Interest rate = 4.2% Monthly interest rate (r) = 4.2%/12 = 0.35% Period…

Q: Ancog purchased a parcel of land somewhere in Brgy Tignapoloan. She paid P150,000 for the down…

A:

Q: Bill took out a 6 year loan to buy a car. If the loan carried an annual interest rate of 6.5% and he…

A: The amount of interest paid is calculated as difference of total payments less present value of…

Q: Cindy and Rick purchased a home for $145,000 and financed it with a 30-year fixed-rate loan at 6.25%…

A: Introduction Mortgage Loan: A mortgage is a loan that a borrower takes out to buy or retain a house…

Q: Angelica took out a 20-year loan for $170,000 at 5.4% interest, compounded monthly. What is her…

A: The monthly payment is determined by dividing the loan amount from the present value factor. The…

Q: Shane was receiving rental payments of $3,000 at the beginning of every month from the tenants of…

A: Solution:- When an equal payment is made each period at beginning of the period, it is called…

Q: Ben buys a house. He obtains a $220,000, 30-year mortgage at 5%. Annual property taxes $1,800,…

A: Calculate the monthly instalments as follows:

Q: Bob has lost his job and had to move back in with his mother. She agreed to let Bob have his old…

A: Time value It tells that the money today received by the individual has more value than receiving…

Q: Gabrielle obtained a business loan of $245,000.00 at 4.03% compounded semi-annually, how much should…

A: Loans are paid by the periodic payments that carry the payment for interest and payment for…

Q: Polly purchased a car. She paid ₱150,000 as down payment and pays ₱5,500 at the end of each month…

A: Down payment (D) = ₱ 150000 Monthly installment (M) = ₱ 5500 n = 48 months r = 7.8% per annum =…

Q: Marek is collecting simple interest on a $1,000 CD with an annual rate of 2.40%. What was his…

A: Simple interest is interest computed on principal amount and not on interest earned during the…

Q: Morgan received a $29,050 loan from a bank that was charging interest at 3.25% compounded…

A: Loan is the value or an amount which is borrowed from other sources like banks for a finite period…

Q: Paul obtains a 30-year loan at an annual 7.4% on a $250,000 house where the required down payment is…

A: Given: Years = 30 Interest rate = 7.4% Cost of house = $250,000 Down payment = 15%

Q: Hank made payments of $106 per month at the end of each month for 30 years to purchase a piece of…

A: Here, Monthly payment = $106 per month Total number of years = 30 years Selling price of property =…

Q: M purchased a small lot in a subdivision, paying ₱200,000 down and promising to pay ₱15,000 every 3…

A: Periodic Payment = ₱15,000 every quarter Time Period = 10 Years Interest Rate = 12% compounded…

Q: Barb has a retirement account of $1,000,000 that earns 2% compounded monthly. If she wishes to…

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

Q: Skylar bought a $270,000.00 house, paying 10% down, and financing the rest at 3% interest for 15…

A: A mortgage is a form of secured loan that is meant to be used to purchase or maintain real estate.…

Q: Polly purchased a car. She paid ₱250,000 as down payment, and ₱15,000 payable at the beginning of…

A: Present Value can be calculated using PV function in excel   PV (rate, nper, pmt, [Fv], [type])…