1. Derek borrows $304,441.00 to buy a house. He has a 30-year mortgage with a rate of 5.52%. After making 112.00 payments, how much does he owe on the mortgage? Answer format:Currency: Round to: 2 decimal places.
2. Derek borrows $34,929.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.92%. What will the payments be? Answer format:Currency: Round to: 2 decimal places.
3. Derek borrows $38,502.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 6.25%. After a 10.00 months Derek decides to pay off his car loan. How much must he give the bank? Answer format:Currency: Round to: 2 decimal places.
4. Derek decides to buy a new car. The dealership offers him a choice of paying $524.00 per month for 5 years (with the first payment due next month) or paying some amount today. He can borrow money from his bank to buy the car. The bank requires a 5.00% interest rate. What is the most that he would be willing to pay today rather than making the payments? Answer format:Currency: Round to: 2 decimal places.
5. Derek plans to buy a $28,718.00 car. The dealership offers zero percent financing for 56.00 months with the first payment due at signing (today). Derek would be willing to pay for the car in full today if the dealership offers him $____ cash back. He can borrow money from his bank at an interest rate of 5.88%. Answer format:Currency: Round to: 2 decimal places.
6. Suppose you deposit $1,065.00 into an account 7.00 years from today that earns 12.00%. It will be worth $1,715.00 _____ years from today. Answer format:Number: Round to: 2 decimal places.