23 Problem 5-54 Loan Balance (LG5-9) 25 points Hank purchased a car for $24,000 two years ago using a 3-year loan with an interest rate of 7.2 percent. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan. 8 02:19:21 What's the minimum price Hank would need to receive for his car? Calculate his monthly payments, then use those payments and the remaining time left to compute the present value (called balance) of the remaining loan. (Do not round intermediate calculations and round your final answer to 2 decimal places.) eBook Print References Minimum price $ 2,076 50 32 Problem 5-2 Future Value (LG5-1) 2.5 points Compute the future value in year 8 of a $5,000 deposit in year 1, and another $4,500 deposit at the end of year 3 using an 10 percent interest rate. (Do not round intermediate calculations and round your final answer to 2 decimal places.) 02:09:42 Future value $ 17,965 20 eBook Check my work 5 Say that you purchase a house for $198.000 by getting a mortgage for $175,000 and paying a down payment of $23,000. If you get a 15-year mortgage with an interest rate of 8 percent, what are the monthly payments? (Round your final answer to 2 decimal places.) Payment 7:13 What would the loan balance be in five years? (Use a payment value rounded to 2 decimal places. Round your final answer to 2 decimal places.) N ices Loan balance If the house appreciates at 2 percent per year, what will be the value of the house in five years? (Round your final answer to 2 decimal places.) Future value 2:06:47 If the house appreciates at 2 percent per year, what will be the value of the house in five years? (Round your final answer to 2 decimal places.) OOK Future value mint Fences How much of this value is your equity? (Use intermediate values rounded to 2 decimal places. Round your final answer to 2 decimal places.) Equity