You want to buy a $260,000 home. You plan to pay $26000 as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 6% monthly? c) What will your monthly payments be if the interest rate is 7% monthly? %24

You want to buy a $260,000 home. You plan to pay $26000 as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 6% monthly? c) What will your monthly payments be if the interest rate is 7% monthly? %24

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...

See similar textbooks

Similar questions

Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?
Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?
Calculating interest earned and future value of savings account. If you put 6,000 in a savings account that pays interest at the rate of 3 percent, compounded annually, how much will you have in five years? (Hint: Use the future value formula.) How much interest will you earn during the five years? If you put 6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after five years?
You want to buy a $202,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? $ 181800 b) What will your monthly payments be if the interest rate is 6%? 1089.98 C) What will your monthly payments be if the interest rate is 7%? Submit Question
You want to buy a $198,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan for the rest.a) How much is the loan amount going to be?$b) What will your monthly payments be if the interest rate is 6%?$c) What will your monthly payments be if the interest rate is 7%?
You want to buy a $215,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if the interest rate is 6%? c) What will your monthly payments be if the interest rate is 7% ?
Do you want to buy $187,000 home. You plan to pay 20% as a down payment and then take out a 30 year mortgage for the rest. a) how much will the loan amount be? b) what will your monthly payments be if the interest rate is 6% ? c) what will your monthly payments be if the interest rate is 7%?
You want to buy a $205,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 4.15% interest for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be? c) How much of the first payment is interest?
You want to buy a $400,000.00 home. You plan to pay 10% as a down payment, and take out a 25-year loan for the rest. A. How much is the loan amount going to be? My loan amount will be $________ . B. What will your monthly payments be if the interest rate is 2%? If my interest rate is 2% then my monthly payment will be $_______ . C. What will your monthly payments be if the interest rate is 6%? If my interest rate is 6% then my monthly payment will be $_________.
You want to buy a $214,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 5.6% interest for the rest.a) How much is the loan amount going to be?b) What will your monthly payments be?c) How much of the first payment is interest?
You want to buy a $243.000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. How much im the loan amount going to be? What will your monthly payments be if the interest rate is 5%? What will be your monthly payments if the interest rate is 6%?
You want to buy a $226,000 home. You plan to pay 5% as a down payment, and take out a 30-year loan at 6.55% interest for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be? c) How much of the first payment is interest?