Question

29.You would like to save up for a down payment on a house. You need to...

29.You would like to save up for a down payment on a house. You need to save up $30,000 and can afford to put $500 in the bank at the end of every month. How long will it take you to reach your goal if quoted interest rates are 7% compounded monthly?

Select one:

a. About 68 months

b. About 52 months

c. About 77 months

d. About 71 months

e. None of the above.

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Given,

Future value = $30000

Annual saving (A) = $500

Interest rate = 7%

Solution :-

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You plan to save money for a down payment of $44,000 to purchase an apartment. You...
You plan to save money for a down payment of $44,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 5.50% compounded monthly. How long will it take you to save the planned amount? years months
You plan to save money for a down payment of $43,000 to purchase an apartment. You...
You plan to save money for a down payment of $43,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 6.50% compounded monthly. How long will it take you to save the planned amount? Express the answers in years and months, rounded to the next payment period
The Jones want to save $68,000.00 in 7 years for a down payment on a house....
The Jones want to save $68,000.00 in 7 years for a down payment on a house. If they make monthly deposits in an account paying 4% compounded monthly, what is the size of the payments that are required to meet their goal?
the weidmans want to save $50,000 in 2 years for a down payment on a house....
the weidmans want to save $50,000 in 2 years for a down payment on a house. if they make monthly deposits in an account paying 12%, compounded monthly. what are the size of the payments that are required to meet thier goal? (round to the nearest cent)
You plan to save money for a down payment of $37,000 to purchase an apartment. You...
You plan to save money for a down payment of $37,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 3.42% compounded annually. How long will it take you to save the planned amount?
you plan to buy a house in 13yearw you want to save money for a down...
you plan to buy a house in 13yearw you want to save money for a down payment on the new hiuse .you are able to place $394 every month into a savings account at an annual rate of 13.46 percent compounded monthly how muxh money will be in the account after you made the last payment
You want to save $25,000 for a down payment on a house. Bank A offers to...
You want to save $25,000 for a down payment on a house. Bank A offers to pay 9.35% per year if you deposit $11,000 with them, while Bank B offers 8.25% per year if you invest $10,000 with them. How long will you have to wait to have the down payment accumulated under each option?
Aya and Harumi would like to buy a house and their dream house costs $500,000. They...
Aya and Harumi would like to buy a house and their dream house costs $500,000. They have $50,000 saved up for a down payment but would still need to take out a mortgage loan for the remaining $450,000 and they’re not sure whether they could afford the monthly loan payments. The bank has offered them an interest rate of 4.25%, compounded monthly. How much would they have to be able to afford to pay each month in order to pay...
You plan to buy a house in 11 years. You want to save money for a...
You plan to buy a house in 11 years. You want to save money for a down payment on the new house. You are able to place $286 every month at the end of the month into a savings account at an annual rate of 6.54 percent, compounded monthly. How much money will be in the account after you made the last payment?
You plan to buy a house in 6 years. You want to save money for a...
You plan to buy a house in 6 years. You want to save money for a down payment on the new house. You are able to place $401 every month at the end of the month into a savings account at an annual rate of 14.64 percent, compounded monthly. How much money will be in the amount after you made the last payment?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT