K Harry Taylor plans to pay an ordinary annuity of $5,200 annually for ten years so...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
K Harry Taylor plans to pay an ordinary annuity of $5,200 annually for ten years so he can take a year's sabbatical to study for a master's degree in business. The annual rate of interest is 2.5%. How much will Harry have at the end of three years? How much interest will he eam on the investment after three years? At the end of three years Harry will have (Round to the nearest cent as needed) CHE ist 3 Find the future value of an annuity due with an annual payment of $3,600 for two years at 7.9% annual interest using the simple interest formula Find the total amount invested. Find the interest K What is the future value of the annuity? (Round to the nearest cent as needed) Jake has total fixed monthly expenses of $1,250 and his gross monthly income is $3,950. What is his debt-to-income ratio? How does his ratio compare to the desired ratio? K Debt-to-Income ratio-% (Round to the nearest integer as needed) S 4 K Make an amortization table to show the first two payments for the mortgage. Amount of mortgage $88,000 Annual interest rate Years in mortgage Monthly payment 5.75% Monthly payment $553.52 Month 1 2 $553.52 (Round to the nearest cent as needed.) Interest 25 Principal $553.52 RETER End-of-month principal list n6 on 7 on 8 on 9- tion 10 stion 11 Susan has a 25-year home mortgage of $211,430 at 5.00% interest and will pay $1,884 annual insurance premium. Her annual property tax will be $2,149 Find her monthly K Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed PITI payment PITI S (Round to the nearest cent as needed.) Data table Years financed 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 1024 10.01 10.12 10 966 977 828 8.63 8.76 888 6.91 727 7.40 7.52 6.26 6.64 6.09 5.56 6:19 5:18 5.31 584 mWNEWNZ505 12 15 37 20 22 25 30 35 8.40 851 7.03 7.15 609 5.67 50.5 4:35 3.99 651 5.00 5:44 4.74 481 5.01 422 4:49 3.85 4.13 6.76 6.06 593 557 5.70 514 4.63 4.28 5.23 5,42 477 4.92 443 Annual interest rate 4.50% 4.75% 5.00% 10 36 10 48 10 61 9.00 912 925 7.65 7.78 7.91 7:02 7.15 7.29 6.46 6.60 6.11 6.25 6:33 6.97 999 501 4.73 570 522 4.09 D 5.85 5:37 6.05 5.25% 5.50% 5.75% 6.00 % 10 85 10 98 10.73 9.37 804 742 6.74 6:39 5.99 552 521 9.50 8.17 7.56 6.88 654 6.14 6.68 5:37 9.63 8.30 1.69 7.02 6.68 11.10 9.76 8:44 7.83 7.16 6.83 629 6.44 5.84 6.00 554 5.70 6.25 % 6.50% 6.75% 11.35 11:48 10.02 10.15 11:23 9.89 857 797 7.31 6.98 871 8.11 7.46 7:13 6.60 6.75 6.16 6:32 587 604 8.85 92.0 7.60 7.28 6.91 649 621 st K Use the formula or a calculator application to find the total interest paid for the home mortgage of $265.678 at 4.994% interest for 35 years given that the monthly payment is $1,339 49 Com Total interest is $ (Simplity your answer Type an integer or decimal rounded to two decimal places as needed) 044 Points: 0 of 3 Use the formula or a calculator application to find the monthly payment on a home mortgage of $291,301 at 4.800% interest for 20 years. K The monthly payment is about $ (Round to the nearest cent as needed.) CITTS list 3 4 15 6 n7 K Find the indicated amounts for the fixed-rate mortgages Purchase price of Monthly Down Mortgage Interest Years payment home payment amount rate $94,000 $9,000 6.00% 25 Click the icon to view the table of the monthly payment of principal and interest por $1,000 of the amount financed Data table FERNKRA Years Annual interest rate 10 9.66 12 820 6.50% 6.75% 11.35 11 48 10 02 10 15 8.71 8.85 811 7.46 6.91 7.03 financed 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25 % 9.77 9.09 10.01 10.12 1024 10.36 10.48 1061 10.73 10.85 10 98 11.10 1123 8:40 5.61 8.63 8.76 8.88 9.00 9.12 9.25 9.37 9.50 9.63 9.76 9.89 7.15 7.27 7.40 7.52 7.65 7.78 7.91 8.04 817 8.30 8.44 8.57 651 6.64 676 6.89 7.02 7.15 7.29 7.42 7.56 7.69 7.83 7.97 5.67 5.00 5.93 6.06 6.19 6.33 6.46 6.60 6,74 6.88 7.02 7.16 7.31 5.18 531 5.44 5.57 5.70 5.84 5:97 6.11 6.25 6.39 6.54 6.68 6.83 6.98 713 4.74 4.87 501 5.14 6.28 5:42 5.66 5.70 5.85 5.99 6.14 6.29 6.44 6.60 6.75 422 4.35 4.49 463 4.77 4.92 507 5.22 5:37 5.52 5.68 5.84 6.00 6.16 6.32 6.49 385 3.99 413 428 4:43 4:58 473 4 119 5.05 521 5.37 554 5.70 6.26 6.39 555 691 5.87 6:04 6.21 15 17 20 22 Total Mortgage Interest paid for per $1,000 payment mortgage paid 25 30 35 A 8.25 7.60 7:28 K Harry Taylor plans to pay an ordinary annuity of $5,200 annually for ten years so he can take a year's sabbatical to study for a master's degree in business. The annual rate of interest is 2.5%. How much will Harry have at the end of three years? How much interest will he eam on the investment after three years? At the end of three years Harry will have (Round to the nearest cent as needed) CHE ist 3 Find the future value of an annuity due with an annual payment of $3,600 for two years at 7.9% annual interest using the simple interest formula Find the total amount invested. Find the interest K What is the future value of the annuity? (Round to the nearest cent as needed) Jake has total fixed monthly expenses of $1,250 and his gross monthly income is $3,950. What is his debt-to-income ratio? How does his ratio compare to the desired ratio? K Debt-to-Income ratio-% (Round to the nearest integer as needed) S 4 K Make an amortization table to show the first two payments for the mortgage. Amount of mortgage $88,000 Annual interest rate Years in mortgage Monthly payment 5.75% Monthly payment $553.52 Month 1 2 $553.52 (Round to the nearest cent as needed.) Interest 25 Principal $553.52 RETER End-of-month principal list n6 on 7 on 8 on 9- tion 10 stion 11 Susan has a 25-year home mortgage of $211,430 at 5.00% interest and will pay $1,884 annual insurance premium. Her annual property tax will be $2,149 Find her monthly K Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed PITI payment PITI S (Round to the nearest cent as needed.) Data table Years financed 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 1024 10.01 10.12 10 966 977 828 8.63 8.76 888 6.91 727 7.40 7.52 6.26 6.64 6.09 5.56 6:19 5:18 5.31 584 mWNEWNZ505 12 15 37 20 22 25 30 35 8.40 851 7.03 7.15 609 5.67 50.5 4:35 3.99 651 5.00 5:44 4.74 481 5.01 422 4:49 3.85 4.13 6.76 6.06 593 557 5.70 514 4.63 4.28 5.23 5,42 477 4.92 443 Annual interest rate 4.50% 4.75% 5.00% 10 36 10 48 10 61 9.00 912 925 7.65 7.78 7.91 7:02 7.15 7.29 6.46 6.60 6.11 6.25 6:33 6.97 999 501 4.73 570 522 4.09 D 5.85 5:37 6.05 5.25% 5.50% 5.75% 6.00 % 10 85 10 98 10.73 9.37 804 742 6.74 6:39 5.99 552 521 9.50 8.17 7.56 6.88 654 6.14 6.68 5:37 9.63 8.30 1.69 7.02 6.68 11.10 9.76 8:44 7.83 7.16 6.83 629 6.44 5.84 6.00 554 5.70 6.25 % 6.50% 6.75% 11.35 11:48 10.02 10.15 11:23 9.89 857 797 7.31 6.98 871 8.11 7.46 7:13 6.60 6.75 6.16 6:32 587 604 8.85 92.0 7.60 7.28 6.91 649 621 st K Use the formula or a calculator application to find the total interest paid for the home mortgage of $265.678 at 4.994% interest for 35 years given that the monthly payment is $1,339 49 Com Total interest is $ (Simplity your answer Type an integer or decimal rounded to two decimal places as needed) 044 Points: 0 of 3 Use the formula or a calculator application to find the monthly payment on a home mortgage of $291,301 at 4.800% interest for 20 years. K The monthly payment is about $ (Round to the nearest cent as needed.) CITTS list 3 4 15 6 n7 K Find the indicated amounts for the fixed-rate mortgages Purchase price of Monthly Down Mortgage Interest Years payment home payment amount rate $94,000 $9,000 6.00% 25 Click the icon to view the table of the monthly payment of principal and interest por $1,000 of the amount financed Data table FERNKRA Years Annual interest rate 10 9.66 12 820 6.50% 6.75% 11.35 11 48 10 02 10 15 8.71 8.85 811 7.46 6.91 7.03 financed 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25 % 9.77 9.09 10.01 10.12 1024 10.36 10.48 1061 10.73 10.85 10 98 11.10 1123 8:40 5.61 8.63 8.76 8.88 9.00 9.12 9.25 9.37 9.50 9.63 9.76 9.89 7.15 7.27 7.40 7.52 7.65 7.78 7.91 8.04 817 8.30 8.44 8.57 651 6.64 676 6.89 7.02 7.15 7.29 7.42 7.56 7.69 7.83 7.97 5.67 5.00 5.93 6.06 6.19 6.33 6.46 6.60 6,74 6.88 7.02 7.16 7.31 5.18 531 5.44 5.57 5.70 5.84 5:97 6.11 6.25 6.39 6.54 6.68 6.83 6.98 713 4.74 4.87 501 5.14 6.28 5:42 5.66 5.70 5.85 5.99 6.14 6.29 6.44 6.60 6.75 422 4.35 4.49 463 4.77 4.92 507 5.22 5:37 5.52 5.68 5.84 6.00 6.16 6.32 6.49 385 3.99 413 428 4:43 4:58 473 4 119 5.05 521 5.37 554 5.70 6.26 6.39 555 691 5.87 6:04 6.21 15 17 20 22 Total Mortgage Interest paid for per $1,000 payment mortgage paid 25 30 35 A 8.25 7.60 7:28
Expert Answer:
Answer rating: 100% (QA)
Here are the stepbystep calculations for the questions 1 Harry plans to pay an ordinary annuity of 5200 annually for ten years so he can take a years ... View the full answer
Related Book For
Business Math
ISBN: 978-0133011203
10th edition
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
Posted Date:
Students also viewed these accounting questions
-
What are the primary differences between relational and non-relational database models, and under what circumstances would one be preferred over the other in a given application scenario?
-
Harry Taylor plans to pay an ordinary annuity of $5,000 annually for ten years. The annual rate of interest is 3.8%. How much will Harry have at the end of three years? How much interest will he earn...
-
Find the present value of $40,000 due in 4 years at the given rate of interest 8%/year compounded monthly. A. The present value is $28,948.67. B. The present value is $29,433.94. C. The present value...
-
Write Python code that prompts the user to enter his or her age and assigns the users input to an integer variable named age.
-
The resistance of a bagel toaster is 14 . To prepare a bagel, the toaster is operated for one minute from a 120-V outlet. How much energy is delivered to the toaster?
-
Using the zhang_sample.sav data from Chapter 4 (Task 8) plot a clustered error bar chart of the mean test accuracy as a function of the type of name participants completed the test under (x-axis) and...
-
BizKid Companys adjusted trial balance on August 31, 2005, its fiscal year-end, follows: On August 31, 2004, merchandise inventory was $25,000. Supplementary records of merchandising activities for...
-
A little exchange economy has just two consumers, named Kenand Barbie, and two commodities, quiche and wine. Kens initial endowment is 3 units of quiche and 2 units of wine. Barbies initial endowment...
-
What is the volume? 10 in 19 in 13 in cubic inches
-
1.Identify the three countries with the most favorable collection experience as measured by their receivables turnover ratios. RTR US = RTR Saudi Arabia = RTR UK = 2. Which country appears to have...
-
1. The growth of e-commerce in retail marketing 2. Challenges in Logistics and Home delivery options in Supply Chain Management
-
What is the importance of distinguishing between a property tax, an excise tax, and an income tax?
-
Are taxes a quid pro quo?
-
Does substantial nexus require a physical presence? Does substantial nexus imply or require a substantial physical presence?
-
On February 28, 2011, Solar Energy Consulting purchased a Xerox copy machine for \($23,100\). Solar Energy Consulting expects the machine to last for 3 years and to have a residual value of $1,500....
-
What is meant by substantial nexus? How is it achieved?
-
What are the 2 primary cultures that influence the way you communicate with other people? How do they influence communication? Are they always positive? Or are they sometimes negative? How does the...
-
A heat engine has a heat input of 3 Ã 104 Btu/h and a thermal efficiency of 40 percent. Calculate the power it will produce, in hp. Source 3 x 10 Btu/h 40% HE Sink
-
What steps must be followed to find the reciprocal of a mixed number? Given an example of a mixed number and its reciprocal.
-
Find the selling price and cost of an Amana portable room air conditioner that is marked up $220 with a 55% markup rate based on selling price.
-
You have a receipt for a purchase that shows the total amount of the purchase to be $318.97. The sales tax rate is 8.25%. How much of the $318.97 is the cost of the item and how much is sales tax?
-
Feng Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $42,300. The machines useful life is estimated at 10 years, or 363,000 units of...
-
In early January 2004, LabTech purchases computer equipment for $147,000 to use in operating ac tivities for the next four years. It estimates the equipments salvage value at $30,000. Prepare tables...
-
Cemer Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. The negotiated purchase price is $225,000 for the lot plus $120,000 for the...
Study smarter with the SolutionInn App