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- Calculate the equity each of these people has in his or her home: Fred just bought a house for 200,000 by putting 10 as a down payment and borrowing the rest from the bank. Freda bought a house for 150,000 in cash, but if she were to sell it now, it would sell for 250,000. Frank bought a house for 100,000. He put 20 down and borrowed the rest from the bank. However, the value of the house has now increased to 160,000 and he has paid off 20,000 of the bank loan.What is the total amount of interest from a 5,000 loan after three years with a simple interest rate of 6?A mortgage 105m is a loan that a person makes to purchase a house. Table 19.11 provides a list of the mortgage interest rate for several different years and the rate of inflation for each of those years. In which years would it have been better to be a person borrowing money from a bank to buy a home? In which years would it have been better to be a bank lending money?
- When do firms receive money from a stock sale in their firm and when do they not receive money?How much money will you have in seven yearsif you deposit $7,000 in the bank at 8.5% interestcompounded daily?6. Morris paid £500 amonth for 20 years to pay off themortgage on his Glasgowhouse. Ifhis down payment was £5000 and the interest rate was 6 percent compounded monthly, what was the purchase price of the house?
- Question 11 Suppose I deposit $1,800 in an account for which simple interest of 10% is payable. How much money will I have in the account at the ehd of 20 years? A. much would I have in the account if the interest compounded yearly instead? B. How O A. $5,400 and B. $12,110 O A. 3,600 and B. $12,110 A. $3,600 and B. $13,910 OA. $5,400 and B. $13,910.4. Looking forward - Future value Compounding Interest You know that paying yourself by depositing money in a savings account is a prudent start to your retirement plan. You determined that, based on your other obligations, you can save 7,375.00 per year via an annual, single year-end deposit. You are 40 years old now, so your money will grow for the next 25 years until you turn 65. You will open a savings account at the US Bank branch near your home. Its savings accounts are paying 6% interest. The following table shows the future value factors for various periods and interest rates: Future Value of an Annuity Factor 3% 6% 8% 9% 10% 5% 12.578 10.950 11.460 13.180 14.487 15.190 15.937 13.412 14.190 15.917 16.870 18.977 20.140 21.384 17.293 18.600 21.578 23.270 27.152 29.360 31.772 24.297 26.870 33.066 36.780 45.762 51.160 57.274 32.030 36.460 47.726 54.860 73.105 84.700 98.346 40.567 47.570 66.438 79.060 113.282 136.300 164.491 49.994 60.460 90.318 111.430 172.314 215.700 271.018…What is the interest rate on your credit card if after 10 years you owe $40 for a pizza that had a price of $10? The interest rate is _______. A. a monthly rate of 15/12 percent B. 15 percent per year compounded monthly C. a monthly rate of 15/365 percent compounded daily D. 15 percent per year compounded annually Submit
- Q3: You may have already won $2 millions. You will receive $100,000 per year for 20 years. Suppose you are considering the following two options: First Choice: You save your winning for the first 7 years and then spend every cent of the winning in the remaining 13 years Second Choice: You do the reverse, spending for 7 years and then saving for 13 years If you can save wining at 7% interest, how much would you have at the end of 20 years and what interest rate on your saving will make the two options equivalent ?2. Now that the campfire area has been created, Student Council wants to furnish it but they are going to need to borrow money to pay for it. The school is willing to lend them the money to buy 8 chairs at a cost of $225 each. Culminating Day 1 a) If Student Council made $500 on the Haunted House how much money would they I have if they invested it for 3 years at 8% p.a compound interest. Give answer to nearest cent. b) How much would the 8 chairs cost in 3 years if inflation was 2% the first year and 1.5% in each of the second and third years? c) Based on the answer from parts (a) and (b) (ie after the 3 years have passed) how much more money does Student Council need to buy the chairs? d) Mr. Perusin agrees to lend Student Council the rest of the money (answer from part (c)) at 8% interest to be paid back over 2 years. i. calculate the monthly repayments ii. how much interest did Student Council have to pay the school?A 6 Okay 2048 tv 8 Hello ... E88 STUDY NOTES FOR SELF THO What is the value of the IRA when you turn 65? (Round to the nearest dollar as needed.) How much of the future value is interest? 9 Starting at age 25, you deposit $2000 a year into an IRA account for retirement. Treat the yearly deposits into the account as a continuous income stream. If money in the account eams 6%, compounded continuously, how much will be in the account 40 years later, when you retire at age 65? How much of the final amount is interest? U ( I December 5, 2022 at 8:28 AM (Round to the nearest dollar as needed.) A l Aa 8= 5 A E » Q 38 reviou --K--