To buy some furniture, Asmaa can put $150 down and "don't pay a cent" for 6 months. At the end of 6 months, she begins making monthly payments of $100 for 2-years. If j12 = 8.4%, what is the equivalent cash price of the furniture? Do not give excel answer, need well explained
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- Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $74,000. Assuming that she puts 20% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption? (Use the Table 15.1) Note: Do not round intermediate calculations. Round your answers to the nearest cent. Monthly payment Total cost of interest a. 25 Years, 4.75% $337.51 $42,053.00 b.25 Years, 5.25% c. 25 Years, 5.50% $363.54 $49,862.00 d. 25 Years, 5.75% e. What is the savings in interest cost between 4.75% and 5.75%? Note: Round your answer to the nearest dollar amount. Interest cost: f. If Harriet uses 30 years instead of 25 for both 4.75% and 5.75%, what is the difference in interest? Note: Use 360 days a year. Round your answer to the nearest dollar amount. Interest difference: TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year…To buy some furniture, Asmaa can put $150 down and "don't pay a cent" for 6 months. At the end of 6 months, she begins making monthly payments of $100 for 2-years. If j12 = 8.4%, what is the equivalent cash price of the furniture?Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $75,000. Assuming that she puts 20% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption? (Use the Table 15.1) Note: Do not round intermediate calculations. Round your answers to the nearest cent. a. 25 Years, 5.00% b. 25 Years, 5.50% c. 25 Years, 5.75% d. 25 Years, 6.00% Monthly payment Total cost of interest e. What is the savings in interest cost between 5.00% and 6.00%? Note: Round your answer to the nearest dollar amount. Interest cost
- Required: a to d. Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $55,000. Assuming that she puts 20% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption? e. What is the savings in interest cost between 3.50% and 5%? f. If Harriet uses 30 years instead of 25 for both 5% and 3.50%, what is the difference in interest? Complete this question by entering your answers in the tabs below. Required A to Required E Required F D Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $55,000. Assuming that she puts 20% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption? Note: Do not round intermediate calculations. Round your answers to the nearest cent. Monthly payment Total cost of interest a. 25 Years, 5% b. 25 Years, 4.5% c. 25 Years, 4% d. 25 Years, 3.5%Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $74,000. Assuming that she puts 20% down, what will be her monthly payment and the total cost of interest over the cost of the loan for each assumption? (Use the Table 15.1) Note: Do not round intermediate calculations. Round your answers to the nearest cent. a. 25 Years, 4.75% b. 25 Years, 5.25% c. 25 Years, 5.50% d. 25 Years, 5.75% e. What is the savings in interest cost between 4.75% and 5.75%? Note: Round your answer to the nearest dollar amount. Interest cost Monthly payment Total cost of interest f. If Harriet uses 30 years instead of 25 for both 4.75% and 5.75%, what is the difference in interest? Note: Use 360 days a year. Round your answer to the nearest dollar amount. Interest differenceI need full explanation, don’t use excel to answer. Zoe buys some appliances for $3850. She pays $200 down and repays the rest with 24 monthly payments of $R, first payment due 3 months from today. If j12 = 9%, what is R?
- Vincent was receiving rental payments of $3,000 at the beginning of every month from the tenants of her commercial property. What would be the value of her property in the market if she wants to sell it, assuming a market capitalization rate of 5.25% compounded annually? Round to the nearest cent -> SAVE PROGRESS SUE ENG CMS fq fio f11 AA ansert 6 8 6. 1/4 1/2 3/4on Sami buys a used truck for $1,500. After using it for 3 years, he expects to sell it for $800. If i = 7.5% per year, the future worth in dollars is: Select one: O O a. $1,500 – $700(P/F,7.5%,3) b. $ 700 + 10% of $700 c. $700 - $1,500 (F/P,7.5%,3) d. $1,500 (F/P,7.5%,3) - 800Syvia bought a house for $300,000 with an installment loan for 30 years (360 monthly payments). Nominal interest rate per year is 4%. How much should she pay per month? Include the following variables to help solve the problem: m Nper (or N) =n*m Rate (or I/Y)=i/m PV PMT FV
- Martin wants to buy a new bedroom set that costs $1709 including tax. Unfortunately, he doesn't have $1709, so he secures a 2-year loan from the furniture store at 12% interest to be repaid in 24 equal monthly installments. Find the monthly payment. Round your intermediate steps to the nearest cent. st esc The monthly payment is S ? Check 44°F Clear @2 सं 3 $ 4 X 15 % 5 Q Search 16 & 7 Ig 18 * 00 hip Submit Assignmen © 2023 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Center | Accessibility 9 Save For Later W backspaceTo help with a down payment on a home, Elsa is going to invest. Assuming an interest rate of 1.73% compounded annually, how much would she have to invest to have $36,800 after 7 years? Do not round any intermediate computations, and round your final answer to the nearest dollar. If necessary, refer to the list of financial formulas. $0 S oo E DYou need a loan of $110,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. = Choice 1: 15-year fixed rate at 4% with closing costs of$1600 and no points. Choice 2: 15-year fixed rate at 3.5% with closing costs of$1600 and 3 points. What is the monthly payment for choice 1? $_______ (Do not round until the final answer. Then round to the nearest cent as needed.) What is the monthly payment for choice 2? $_____ (Do not round until the final answer. Then round to the nearest cent as needed.) What is the total closing cost for choice 1? $_____ What is the total closing cost for choice 2? $_____ Why might choice 1 be the better choice? A.The monthly payment is lower. B. The closing costs are lower. C. The monthly payment is higher. D. The closing costs are higher. Why might choice 2 be the better choice? A. The closing costs are lower. B. The monthly payment is lower C. The monthly payment is higher. D. The closing…