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- If you borrowed $24,000 at 12% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay?You opened a savings yesterday by depositing $10,000. You would like to be able to withdraw $2,000 per year for each of the next 4 years of college and still have $3,000 left in the account when you graduate. What interest rate does this account need to earn? (HARD)If you borrowed $30,000 at 25% annual interest. You agreed to repay the loan with five equal annual payments. How much of the total amount repaid is interest? How much of the third annual payment is interest, and how much principal is there? If you decided to pay off your loan after the third payment, how much will you pay? (Please Include Equations used and cashflow diagram)
- You can afford a $800 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest?A 20-year mortgage set up for uniform monthly payments with 6 percent interest compounded monthly is taken over by a new owner after 8 years. At that time $12,000 is still owed on the principal. What was the amount of the original loan?Edward wants to take a long trip around Europe 7 years from now. He estimates that he will need $12,000 to finance the trip. Edward has found a stock portfolio that generates a 8% yearly rate of return. How much does Edward need to invest today to afford the trip? Round to the nearest dollar, do not enter a dollar sign.
- One person bought a DVD player for $399.00. You paid a down payment of $99.00 and agreed to pay the balance plus an amount of $10.00 at the end of three months as interest. What annual simple interest rate would you be paying?Shelley purchased a home in Maryland Heights, MO, for $204,000. Her down payment was 20% of the cash price, and she obtained a mortgage for 20 years at 7%. What are Shelley's monthly payment and total interest cost? (Round your answers to the nearest cent.) Monthly payment Total interest costWhen investing or saving money for retirement, which type of interest would benefit the most from? Fixed Variable Simple Compound
- Use the add-on method of calculating interest to find the total interest and the monthly payment. Amount of Loan Length of Loan Interest Rate 3.5% $1050 18 months The total interest is $ (Type an integer or decimal rounded to the nearest cent as needed.) The monthly payment is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to the nearest cent as needed.) 80 Q C F5 MacBook Air C F6 F7 DII F8 8 F9 J F10 F11 Next F12Q) Joe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?