Question
1. Suppose you obtain a 30-year mortgage loan of $192,000 at an annual interest rate of 8.8%. The annual property tax bill is $969 and
1. Suppose you obtain a 30-year mortgage loan of $192,000 at an annual interest rate of 8.8%. The annual property tax bill is $969 and the annual fire insurance premium is $484. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.) $
2. You buy a $258,000 home with a down payment of 26%. Find the amount of the down payment and the mortgage amount.
down payment | $ |
mortgage | $ |
3. You deposit $850 in an account paying 7.2% simple interest. Find the future value of the investment after 2 years. (Round your answer to two decimal places.) $
4. How much money should be invested in an account that earns 6% interest, compounded monthly, in order to have $15,000 in 4 years? (Round your answer to two decimal places.)
5. A mutual fund has total assets of $40,000,000 and total liabilities of $3,000,000. There are 2,200,000 shares outstanding. Find the net asset value of the mutual fund. (Round your answer to the nearest cent.) $
6, 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 your answer to two decimal places.) $
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