Flowers, a married taxpayer, purchased an annuity for $64,400 that will pay $700 per month over the life of Flowers and Flowers' spouse. At the time of purchase, the couple's joint life expectancy was 23 years. Flowers received payment beginning April 1, Year 1, amounting to $6,300 in the first year of the annuity contract. How much is includable in Flowers' gross income in the first year? $0 $2,100 $4,200 $6,300

George and Peggy Fulwider bought a house from Sally Sinclair for $225,500. In lieu of a 10% down payment, Ms. Sinclair accepted 5% down at the time of the sale and a promissory note from the Fulwiders for the remaining 5%, due in four years. The Fulwiders also agreed to make monthly interest payments to Ms. Sinclair at 10% interest until the note expires. The Fulwiders obtained a loan from their bank for the remaining 90% of the purchase price. The bank in turn paid the sellers the remaining 90% of the purchase price, less a sales commission of 6% of the purchase price, paid to the sellers' and the buyers' real estate agents. (a) Find the Fulwiders' down payment.$ (b) Find the amount that the Fulwiders borrowed from their bank.$ (c) Find the amount that the Fulwiders borrowed from Ms. Sinclair.$

Don takes out a 10-year loan of L, which he repays with annual payments at the end ofeach year using the amortization method. Interest on the loan is charged at an annual effectiverate of i. Don repays the loan with a decreasing series of payments. He repays 1000 in year one,900 in year two, 800 in year three, ..., and 100 in year ten. The amount of principal repaid inyear three is equal to 600. Calculate ̈a9i.

11. Sandra Bellows 65 years old purchased an annuity for $25,000. Starting at the beginning of the year, Sandra will receive $200 per month. What is the total amount that Sandra can include in her gross income from her annuity this year, if multiplier is 15.0?

Starting six months after her grandson​ Robin's birth, Mrs. Devine made deposits of ​$230 into a trust fund every six months until Robin was twenty-one years old. The trust fund provides for equal withdrawals at the end of each six months for three ​years, beginning six months after the last deposit. If interest is 6.7​% compounded semi-annually​, how much will Robin receive every six months​?

Drew receives an inheritance that pays him $53,000 every three months for the next two years. Which of the following is closest to the present value​ (PV) of this inheritance if the interest rate is 8.3​% ​(EAR​)?     A. $310,421   B. $388,027   C. $465,632   D. Use BA. II where applicable

Parents agree to invest $600 (at 12%, compounded semiannually) for their son on the December 31 or June 30 following each semester that he makes the dean's list during his 4 years in college. If he makes the dean's list in each of the 8 semesters, how much money will his parents have to give him when he graduates? (a) State whether the problem relates to an ordinary annuity or an annuity due. ordinary annuity annuity due     (b) Solve the problem. (Round your answer to the nearest cent.)$ _____

Chen bought a vacation property for $18 900.00 down and semiannually mortgage payments of $1342 at the end of each semiannual period for eight years. Interest is 10.4% compounded semiannually. a) What was the purchase price of the property? b) How much interest will Annette pay?

Craig purchased a house for $450,000, putting down 20%. He has agreed to pay the remaining balance over the next 30 years in 30 equal end-of-year payments, plus 5% compound interest on the unpaid balance. What will the equal payments be?

On January 1, Year 1, Philip Holding invests $40,000 in an annuity to provide 8 equal semi-annual payments. Interest is 10%, compounded semiannually. Compute the equal semiannual amounts that Philip will receive assuming that the first withdrawal is to be received on:July 1, Year 4