A friend asks to borrow $47 from you and in return will pay you $50 in one year. If your bank is offering an 6.5% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $47 instead? b. How much money could you borrow today if you pay the bank $50 in one year? c. Should you loan the money to your friend or deposit it in the bank? a. How much would you have in one year if you deposited the $47 instead? If you deposit the money in the bank today you will have $____ in one year. (Round to the nearest cent.)

If this family of 4 wants to save up for a vacation in 2 years, how much should they deposit each month into a savings account earning 1.85% annual interest? iF THEY HAVE TO SAVE UP $4580 (Round your answer to the nearest DOLLAR and type it without any commas, dollar signs, ect)   If instead they decide to take the vacation now and put it on a credit card, how much would they need to pay each month to cover the cost of this credit card charge after 2 years if their credit card charges an APR of 19% (which is the average APR for new credit cards currently)?   (Round your answer to the nearest DOLLAR and type it without any commas, dollar signs, ect) $ How much more will this family pay for their vacation using their credit card instead of saving?

You want to buy a $216,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan at 3.25% interest for the rest.a) What is the amount of the down payment?b) What will the amount of the mortgage?c) The bank charges 2 points on the loan. What is the amount charged for points?

Your classmate tells you the details of the great deal he got on his mortgage: 30-year 1.1% fixed rate with a 20% down payment a.)If his new home costs $136,000, what is his down payment? b.)How much is he going to borrow to buy the house (assuming he only has the money to make the down payment from the previous part)? c.)Use Excel’s PMT function to determine how much his monthly payments would be. d.)How much will he pay in interest over the lifetime of this mortgage?

Question 3: You just got a loan for $15,000 and you plan to pay it off in three years. Your monthly payments are $500 each. What is the interest rate that the bank is charging you? What if you did bi- monthly payments of $250? How much sooner will the loan be paid off?

You have just made an offer on a new home and are seeking a mortgage. You need to borrow $620,000. a. The bank offers a 30​-year mortgage with fixed monthly payments and an interest rate of 0.53% per month. What is the amount of your monthly payment if you take this​ loan? b. Suppose you take the 30​-year mortgage described in part ​(a​). How much will you still owe on the mortgage after 10 ​years? a. The bank offers a 30​-year mortgage with fixed monthly payments and an interest rate of 0.53% per month. What is the amount of your monthly payment if you take this​ loan?   Your monthly payment will be ​$nothing. ​(Round to the nearest​ cent.) b. Suppose you take the 30​-year mortgage described in part ​(a​). How much will you still owe on the mortgage after 10 ​years?   The remaining loan amount will be ​$nothing. ​

Answer the following question using a spreadsheet and the material in the appendix. You would like to buy a house. Assume that given your income, you can afford to pay $12,000 a year to a lender for the next 30 years. If the interest rate is 7% how much can you borrow today based on your ability to pay? What about if the interest rate is 3%? Maximum mortgage at 7%: $     Maximum mortgage at 3%: $

How much would your investment be worth if you deposited $5,555.55 into a bank that paid simple interest of 4% for 10 years?

Assume that a broker agent introduces you to a local bank, and that bank offers you their lowest interest rate at 3.25% APR, with a 10-year fixed interest rate or 20-year fixed interest rate. 1)  If you want a 10-year, fixed mortgage loan, find the monthly mortgage payment for a house that you will borrow $500,000 with no down payment. 2)  Determine the total amount paid over the full term of the loan. 3)  How much interest will be paid on the loan over the 10 years?

You want to buy a house for $250,000.  The bank requires a down payment of 25%.  What is the amount of the mortgage loan the bank will provide for you?  Round to the nearest $ and use the $ symbol.