Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help, using excel to solve these so if you can show the functions and how you set them up I would greatly appreciate it!

please help, using excel to solve these so if you can show the functions and how you set them up I would greatly appreciate it!
image text in transcribed
image text in transcribed
image text in transcribed
Q2- You have found a house you want to buy. You obviously don't have the amount of money to pay cash for the house, so you will have to borrow the money as part of a mortgage loan. The asking price for the house is $713,089. You can afford $72,201 as a down payment. The amount you are borrowing is therefore $713,089 - $72,201. Your mortgage broker is offering an interest rate of 5.73%. You want to pay off the house is 20 years. Based on these figures, what would be your base monthly payment amount.
Q4- Lou Gehrig was major league baseball's MVP in 1936. His annual salary that year was $23,000. The MVP for 2012 was Miguel Cabrera, earning $21,000,000 per year. What is the annual rate of salary appreciation over those years? Enter your answer as a full percentage number. For example, if your answer is 12.33% you must enter 12.33 only. Do not enter the "%" sign.
Q5- You have borrowed $33,633 from your parents and have agreed to amortize the loan over 6 years making equal annual payments at the end of each year. Therefore at the end of that time the loan balance must be zero. You agreed to pay 4.86% interest rate on the loan. How many dollars in Interest will you pay during the second year of the loan? Round to the nearest penny and enter your answer in the box below.
ered nswer 0 / 8.5 pts Question 2 You have found a house you want to buy. You obviously don't have the amount of money to pay cash for the house, so you will have to borrow the money as part of a mortgage loan. The asking price for the house is $713,089. You can afford $72,201 as a down payment. The amount you are borrowing is therefore $713,089 - $72,201. Your mortgage broker is offering an interest rate of 5.73%. You want to pay off the house is 20 years. Based on these figures, what would be your base monthly payment amount. 306,024.02 4,492.25 margin of error +/- 1 ered nswers 0/8.5 pts Question 4 Lou Gehrig was major league baseball's MVP in 1936. His annual salary that year was $23,000. The MVP for 2012 was Miguel Cabrera, earning $21,000,000 per year. What is the annual rate of salary appreciation over those years? Enter your answer as a full percentage number. For example, if your answer is 12.33% you must enter 12.33 only. Do not enter the "%" sign. 11.01 9.38 (with margin: 0.05) red ered nswer 0 / 12.5 pts Question 5 You have borrowed $33,633 from your parents and have agreed to amortize the loan over 6 years making equal annual payments at the end of each year. Therefore at the end of that time the loan balance must be zero. You agreed to pay 4.86% interest rate on the loan. How many dollars in Interest will you pay during the second year of the loan? Round to the nearest penny and enter your answer in the box below. 1,393.41 margin of error +/- 1%

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

Financial Shenanigans How To Detect Accounting Gimmicks And Fraud In Financial Reports

Authors: Howard M. Schilit, Jeremy Perler, Yoni Engelhart

4th Edition

126011726X, 9781260117264

More Books

Students also viewed these Finance questions

Question

Find anti derivative of ( 2 t - 4 + 3 ^ ( 1 / 2 ) ) / t ^ ( 1 / 2 )

Answered: 1 week ago

Question

Discuss the objectives of discipline and appeals systems

Answered: 1 week ago