You can afford a $800 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest?
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- what the original loanWhen a loan is amortized, it means: a. The principal is never repaid, only interest b. The principal and interest are paid off by the borrower over the life of the loan c. The borrower is in default d. The interest is due entirely at the maturity dateZeke bought a $2,250 shed on the installment plan. He made a $400 down payment, and he has to make monthly payments of $91 for the next two years. How much total interest will he pay?
- Q) Joe just completed his engineering degree and started to work for an engineering firm. Joe wants to retire early after 30 years working. He plans to invest $5,000 at the end of every year for a 30-year career. If Joe needs $3,954,750 in savings at retirement, what interest rate must the investment earn?b. How much would you expect to pay per month on a $20,000 auto loan if you pay the loan back for 48 month and pay 10% interest?You opened a savings yesterday by depositing $10,000. You would like to be able to withdraw $2,000 per year for each of the next 4 years of college and still have $3,000 left in the account when you graduate. What interest rate does this account need to earn? (HARD)
- What is the compounding process?You can afford a $900 per month mortgage payment. You've found a 30 year loan at 6.5% interest. a) How big of a loan can you afford? (Round to the nearest cent, as needed.) b) How much total money will you pay the loan company? (Round to the nearest cent, as needed.) c) How much of that money is interest? (Round to the nearest cent, as needed.)subquestion d, e, f
- part F G HToday you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?Josie wants to be able to celebrate her graduation from CSULA in 55 years. She found an annuity that is paying 2%. Her goal is to have $4,500.00. Assume the interest rate remains the same while the account is open. Round all answers to the nearest penny. How much should be deposited each week?