Janet purchased a new house for $120,000, obviously not in New York. She paid $35,000 down and agreed to pay the rest over the next 25 years in 25 equal end-of-year payments, plus 9% compound interest on the unpaid balance. What will these equal payments be?
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PLEASE ANSWER THE QUESTIONS BELOW AND BE SURE TO SHOW THE FORMULAS AND THE WORK. THANIK YOU :)
1) Janet purchased a new house for $120,000, obviously not in New York. She paid $35,000 down and agreed to pay the rest over the next 25 years in 25 equal end-of-year payments, plus 9%
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- Mary's lawyer gave her the following two options to settle her invoice. 1)$1900 in 1 month and the balance of $2,800 in 5 months. 2)Two equal payments , one in 21 days and the other in 10 months. If money earned 5.30% p.a. , what was the value of the equal payments in option 2) such that it is equivalent to the payments in option 1).Use now as the focal date for this question.While buying a new car, Melissa made a down payment of $1,200.00 and agreed to make month-end payments of $300.00 for the next 4 years and 5 months. If she was charged an interest rate of 3.00% compounded quarterly for the entire term, answer the following, a. What was the cost of the car when Melissa purchased it? b. What was the total amount of interest paid over the term?A few years ago a couple purchased an office space by financing RA for n years, paying periodic installment of Rp with an interest of r% compounded bimonthly (every 2 months). They have made t payments and wish to know how much they owe on the mortgage at the end of t payments, which they are considering paying off with an inheritance they received. 1. Construct a mathematical model to illustrate the value owed on the loan after t payments. 2. Give an explicit formula for computing the current balance on the loan account after n periods. 3. If the couple signed the contract by financing R80000 for 10 years, paying periodic installments of R1880 with an interest of 18% compounded binmonthly. What is the current value on the mortgage after 6 months?
- Leslie Mosallam, who recently sold her Porsche, placed $10,000 in a savings account paying annual com- pound interest of 6 percent. a. Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for 1, 5, and 15 years. b. Suppose Leslie moves her money into an account that pays 8 percent or one that pays 10 percent. Rework part a using 8 percent and 10 percent. c. What conclusions can you draw about the relationship among interest rates, time, and future sums from the calculations you just did? use EXCEL to work this out and show the formula!1. Your sister bought a condominium unit for P9 300 through a condominium loan which she availed of from a universal bank at a fixed annual rate of 8% for 10 years. How much would be your sister's monthly amortization if she is required to pay an equity of 30% of the total price of the condominium? How much is the remaining balance after the 36th payment?Mia Sato purchased a new condominium for $225,000. The bank required a $40,000 down payment. Assume a rate of 6% on a 30-year mortgage. What is Mia’s monthly payment? What is Mia's total interest cost if she pays each payment as scheduled for 30 years? Explanation of how to determine the solution to the problem and the correct answer, please.
- Susanna wants to purchase a house costing $203,346. She plans to put $49,498 toward a down payment and finance the rest at 3.2% payable monthly for 30 years. If she stays with this payment schedule for the entire 30 years, how much will she actually pay for the house including down payment and interest? *PLEASE GIVE BOLD AND CLEAR ANSWER, THANK YOU!*Martha has decided to gift her parents with a small business. She conducted some market research and settled on opening a general store for them to run. To facilitate this, she plans to get a loan of Ksh. 600,000 from a bank to be paid in four equal yearly installments. The loan attracts an interest rate of 8% per annum. Required: 1: What is the annual payment that Martha has to make every year? 2: Prepare the loan amortization schedule for Martha for the four years. 3: Assuming that Martha was required to make monthly payments for a period of 3 years what would be the monthly payment (annuity)?Jeff makes payments at the end of each year into an account for 10 years. The present value of Jeff's payments is 5,000. Ryan makes a payment equal to Jeff's payment at the beginning of each year for 11 years into the same account. The present value of Ryan's payments is 5,900. Calculate the amount of Jeff's payment. **we cannot use excel**
- 1.) Leslie Mosallam, who recently sold her Porsche, placed RM10,000 in a savings account paying annual compound interest of 6 percent. Calculate: The amount of money that will accumulate if Leslie leaves the money in the bank for 1, 5 and 15 years. Suppose Leslie moves her money into an account that pays 8 percent or one that pays 10 percent. Rework part (a) using 8 percent and 10 percent. What conclusions can you draw about the relationship between interest rates, time and future sums form the calculations you just did?Jo wants to accumulate $40,000 to use for an around the world trip. She plans to accumulate the desired amount by depositing $5,500 annual-year-end payments into an account at the National Bank which pays 4% interest, compounded annually.1. Compute the account balance at the end of the sixth year.2. Compute the amount of each payment that Linda must make at the end of each of the six years to accumulate the $40,0001. A house costs P500,400 cash. A purchaser will pay P100,000 cash, P50,000 at the end of 2 years and a sequence of 6 equal annual payments starting with one at the end of 4 years to discharge all his liabilities at 7% compounded annually. Find the annual payment which may be made for 6 years. 2.Mr. Tolentino wants to deposit a lump sum on the day his son is born into an account bearing an interest of 5% compounded annually in order to withdraw P35,000 each on his son's 18th, 19th, 20th and 21st birthdays How much is the lump sum?