Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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- You have saved 18,000$ for a down payment on a house. Your bank requires a minimum down payment of 11%. What is the maximum price you can offer for a home in order to have enough money for the down payment? Round answer to two decimal places.arrow_forwardYou intend to buy a vacation home in seven years and plan to have saved $50,000 for a down payment. How much money would you have to place today into an investment that earns 8% per year to have enough for your desired down payment?arrow_forwardFaye wants to save $90 000 in 3 years for a down payment on a house. She plans to make equal monthly payments of $2233.69 into an account earning 7.6% per year compounded monthly. How would Faye's monthly payments change if she saves for twice as long, 7 years? Her payments would be less than half O a) as much. O b) Her payments would increase. Her payments would be exactly half as c) much. d) Her payments would decrease but be more than half as much.arrow_forward
- Suppose you'd like to save enough money to pay cash for your next car. The goal is to save an extra $28,000 over the next 33 years. What amount must be deposited quarterly into an account that earns 4.7% interest, compounded quarterly, in order to reach your goal? Round your answer to the nearest cent, if necessary.arrow_forwardMs. H wants to save $1500 over the next two years to use as a down payment on a new car. If her bank offers her 5%interest, what monthly payment would she need to put into an ordinary annuity in order to reach her goal? Round to thenearest cent.arrow_forwardYou need to have $18,000 to pay for your car in 7 years. How much do you need to deposit today in a bank that pays 5% interest, compounded annually, in order to achieve your goal?arrow_forward
- If you desire to have $15,000 for a down payment for a house in six years, what amount would you need to deposit today? Assume that your money will earn 2 percent. Use the appropriate factor(s) from the tables providedarrow_forwardA relative has promised to pay you $93.00 today, and he will pay you additional payments every year for the next five years. Each year he will add $73.00 to the previous payment. (So, the payment in year 1 will equal $166.00). You decide to save every dollar you are given and will invest the money in an account paying 4.00% annual interest. How much money will you have accumulated in five years? Keep in mind that you will have six total cash flows to invest. Submit Answer format: Currency: Round to: 2 decimal places.arrow_forwardYou are planning for your child's future and would like to set up a savings account for their college tuition. You suspect that you don't want to make a lump sum, so you decide to make equal monthly deposits. After calculating, you plan to have $100,000 in the account in 18 years. You found an account that gives 2% APR compounded monthly. Find the amount of your monthly deposits needed to obtain your projected future value.arrow_forward
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