Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

026 Derek borrows $296, 217.00 to buy a house. He has a 30-year mortgage with a rate of 4.39%. After making 80.00 payments, how much

image text in transcribed
image text in transcribed
026 Derek borrows $296, 217.00 to buy a house. He has a 30-year mortgage with a rate of 4.39%. After making 80.00 payments, how much does he owe on the mortgago? Submit Answer format: Currency: Round lo: 2 decimal places 822 Derek borrows $41.707.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 6.30%. After a 10.00 months Derek decides to pay off his car loan. How much must be give the bank? Submit Answer forniat: Currency Round to: 2 decimal places, 120 Derek wants to withdraw $10,354.00 from his account 3.00 years from today and 512,686 00 hom his account 14.00 Yours from today. He currently has $2.744.00 in the account. How much must be deposit each year for the next 14.0 Years? Assume a 5 20% Interest rate: His account must equal zero by year 140 but may be negative prior to that Als Answer format: Currency: Round Yo: 2 decimal places 29 Derek can deposit $261.00 per month for the next 10 years into an account at Bank A first deposit will be made next month Bank A pays 13.00% and compounds interest moothly Derek can deposit $2,577.00 per year for the next to year into an account at Bank B. The first deposit will be made next year. Bank B compounds interest annually. Whatrat must Bank 8 pay for Derek to have the name amount in both accounts after to your Mimi Sutimit Answer format percentage Round to decimal places (E.canple: 9.2434% % Son required accept decimal format rounded to 6 decimal places fer 0.092434)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sustainable Finance And Banking

Authors: Marcel Jeucken

1st Edition

1853837660, 978-1853837661

More Books

Students also viewed these Finance questions