cial position, and you can pay off the loan in 240 equal monthly payments. Answer the following questions about this loan.
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Suppose you decide to wait 5 years to save up before buying the house. You are able to put a down payment of $30,000 on the house, so that you only need to borrow $170,000 from the bank. Assume the interest rate is still the same, but you are now in a better financial position, and you can pay off the loan in 240 equal monthly payments.
Answer the following questions about this loan.
After making 240 monthly payments, how much of what you paid the bank was interest?
$ . ROUND TO THE NEAREST CENT.
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- If you are saving the same amount each month in order to buy a new sports car when the new models are released, which of the following will help you determine the savings needed? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityUse 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?
- . Suppose you want to buy a home after 3 years and you will need $15,000 for that. You open a savings account and deposit a lump sum amount of $2,000. You want to make a monthly payment at an interest rate of 4.5%. What should be the constant monthly payment you should make to reach the goal of $15,000 after 3 years? Explain in excelYou want to buy a $243,000 home. You plan to pay 10% as a down payment, and take out a loan with a rate of 8% for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be if you have a 30-year loan? $ c) What will your monthly payments be if you have a 15-year loan? $ d) What is the total amount paid to the bank over the 30-years? $ e) Whatis the total amount paid to the bank over the 15-years? $ f) Find the total interest paid for the 30-year loan. $ g) Find the total interest paid for the 15-year loan. $Suppose you are buying a house. You find the perfect one for $215,000. The bank offers you a 30-year fixed rate mortgage with 6.25% interest, compounded monthly. A. If you finance the entire amount (no down payment), what will your monthly payments be? B. Suppose you decide to make a down payment of 20% of the cost of the house. How much is your down payment? C. With the 20% down payment, how much will your monthly payments be? D. How much will you have paid on the mortgage at the end of 30 years in the different situations?
- You need $20,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 6 years, with the first payment to be made one year from today. He requires a 7% annual return. What will be your annual loan payments? Do not round intermediate calculations. How much of your first payment will be applied to interest and to principal repayment? Do not round intermediate calculations. Round your answers to the nearest cent.You are planning to purchase a house that will require some renovations. 1. You will have a $400,000 mortgage for 20 years at the rate of 4.25%. What will yourmonthly payment be?2. If you take the full term of the loan, how much interest will you have paid?3. You decide to do some remodeling. You are looking at borrowing $7500 at the simpleinterest rate of 2% per year. You want to pay a maximum of $600 interest. How longwill the loan need to be to meet this maximum interest of $600.00?4. If you decide to put a $3000.00 bonus from your employment in a savings account thatpays 2% interest compounded monthly, how much interest would you have earnedafter 4 years?You have just taken out a five-year loan from a bank to buy an engagement ring. The ring costs $6,200. You plan to put down $1,400 and borrow $4,800. You will need to make annual payments of $1,100 at the end of each year. Show the timeline of the loan from your perspective. How would the timeline differ if you created it from the bank's perspective? Show the timeline of the loan from your perspective. (Select the best choice below.) O A. Year 1 2 3 4 Cash Flow $4,800 - $1,100 -$1,100 - $1,100 - $1,100 - $1,100 O B. Year 1 2 3 4 Cash Flow - $1,400 $1,100 $1,100 $1,100 $1,100 $1,100 O C. Year 1 2 3 4 Cash Flow - $4,800 $1,100 $1,100 $1,100 $1,100 $1,100 O D. Year 1 2 3 4 Cash Flow $6,200 - $1,100 -$1,100 - $1,100 - $1,100 - $1,100
- Suppose you need to borrow $200,000 to buy a home, and you are deciding between a 15 year mortgage and a 30 year mortgage. Research a bank offering 15 year and 30 year mortgage loans and find the interest rates on those loans. Use the techniques you learned in this Module to do the following: 1. Calculate the monthly payment for a 15-year mortgage and for a 30-year mortgage. 2. Find the total amount of interest you will pay on the 15 year mortgage and on the 30 year mortgage. 3. Describe some of the factors (financial and non-financial) that can influence whether to obtain a shorter term mortgage or a longer term mortgage. 4. Which mortgage would you take, the 15 year or the 30 year? Explain your decision.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? $You want to buy a home but not take out a mortgage. You want to buy it outright when you are able to do so. You estimate that the home you will want to buy will cost $500,000. You have $20,000 today to set aside for it. The bank will pay you 2.8% annual interest. How long will it be before you can buy your home?