Unit 9 Assignment Essay

For option 2 I calculated the savings I receive from reduced payment. For that I used difference between the mortgage payments as annuity payment for 180 months for Question A and for 60 months for Question B

You have been making payments for the last 25 years and have finally paid off your mortgage. Your original mortgage was for $345,000 and the interest rate was 5% per year compounded semi-annually for the entire 25 year period. How much interest have you paid over the last 5 years of the mortgage?

Unit 9- Outdoor and Adventurous Expeditions P1- Describe 4 Different Expeditions By: Hayley Hawkins  Anna McNuf Aim: Cycle 11,000 miles around 50 USA states along with to get kids and communities inspired on bikes and to raise awareness and funds for a chosen charity Year: July, 2013 Expedition: cycle 11,000 miles through North America, taking in one beautiful Canadian province and all 50 states of the USA. Starting in Alaska and ending with Hawaii Goal: Cycle through 50 States Equipment- clothes, bike, tent, sleeping bag, map, cycling shoes, water cleaner (Jet Boil Flash), GO PRO, Ipad and Iphone. Starting in Alaska and ending in Hawaii, I'll pedalled, unassisted, through each and every US state.

| |finance the balance. How much will each monthly loan payment be if they can borrow the necessary funds for 30 years at 9% per |

1. A condo in Orange Beach, Alabama, listed for $1.4 million with 20% down and financing at 5% for 30 years. What would the monthly payment be?

Joshua borrowed $500 for one year and paid $25 in interest. The bank charged him an $8 service charge. What is the

1) Establish the principal and interest amount of the monthly payment. Using the 30 year loan principal and interest amount of the payment is $1,150.92

Figure 1. Time- series scatter plot of the balance still remaining on a loan taken out at a 15% interest rate with a monthly payment of $369.42.

8. If you want to purchase a home. You have $15,000 to put down. All you can afford is $1,500.00 per month and you do not want to finance for more than 15 years @ 6% interest, (your taxes will be $85.00 per month and insurance $200.00 a month), what is the amount you can pay for your home? (Show all your work)

The lender requires total installment loan payments not exceed 35% of gross monthly income. Based on Barb and Bob's financial data below, what is the maximum monthly mortgage payment for which they can qualify?

Blanco Company buys gizmo on account. It pays 40 percent of its purchases in the month of purchase and it pays the remaining 60 percent of its purchases in the month after purchase. Blanco Company expects to have $1,000,000 in accounts payable on July 1, 2011, that it expects to pay in full in July 2011. Note that this beginning amount is to be taken as a given. It may not conform to percentages that you are to use to calculate budgeted accounts payable and payments on accounts payable.

For $1,000 financed at 5%, the factor to calculate your monthly payment is .659955739. Therefore, for $80,000 your payment is $528 per month or $6,336 per year. (Rounded)

In question four, Janet was asked to solve a question that deals with annuity payments, specifically, ordinary annuities. It starts by asking of how much you will make if you add $2,000 every year and it is compounded by 10% interest every year. These, for the most part, are future value problems. The first one comes out to be a future value of $12,210.20, which does not satisfy the need for $20,000. The next part asks what the value would be if the interest was compounded semiannually. You have to do an equation in order to find out what the effective annual interest rate. Through this equation you come out with a value of 10.25% and after the calculator calculations you come out with a future value of $12,271.11, also not meeting the demand for that first year of college. The next part asks what payment will you need in order to get to that $20,000 number and the present value comes to be $3,275.95. Next, the case asks what original payment you would need in order

The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for

Assume that the annual payments in the sixth year is equal to the rental payment in the fifth year ( 112.9 and 86.0) and the remainder of the lump sum values (54.6 and 17.8) is due in the seventh year. With a discount rate of 5.4%, the present values of the rental payments for the years 2006 and 2007 are as follows: