A homeowner planning a kitchen remodeling can afford a $300 monthly payment. How much can the homeowner borrow for 3 years at 9%, compounded monthly, and still stay within the budget? (Round your answer to the nearest cent.)
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A homeowner planning a kitchen remodeling can afford a $300 monthly payment. How much can the homeowner borrow for 3 years at 9%, compounded monthly, and still stay within the budget? (Round your answer to the nearest cent.)
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- A homeowner planning a kitchen remodeling can afford a $300 monthly payment. How much can the homeowner borrow for 2 years at 9%, compounded monthly, and still stay within the budget? (Round your answer to the nearest cent.)$ _____A homeowner planning a kitchen remodeling can afford a $500 monthly payment. How much can the homeowner borrow for 4years at 3%, compounded monthly, and still stay within the budget? (Round your answer to the nearest cent.) $1. A homeowner planning a kitchen remodeling can afford a $200 monthly payment. How much can the homeowner borrow for 5 years at 3%, compounded monthly, and still stay within the budget? (Round your answer to the nearest cent.) 2. John Fare purchased $12,000 worth of equipment by making a $2000 down payment and promising to pay the remainder of the cost in semiannual payments over the next 3 years. The interest rate on the debt is 8%, compounded semiannually. Find the following. (Round your answers to the nearest cent.) (a) the size of each payment$ (b) the total amount paid over the life of the loan$ (c) the total interest paid over the life of the loan$ 3. A recent graduate's student loans total $13,000. If these loans are at 5%, compounded quarterly, for 6 years, what are the quarterly payments? (Round your answer to the nearest cent.) 4. The problem describes a debt to be amortized. (Round your answers to the nearest cent.)A man buys a house for $300,000. He makes a…
- A couple purchasing a home budget $1800 per month for their loan payment. If they have $16,000 available for a down payment and are considering a 25-year loan, how much can they spend on the home at each of the following rates? (Round your answers to the nearest cent.) (a) 6.3% compounded monthly(b) 7.1% compounded monthlyA couple purchasing a home budget $1000 per month for their loan payment. If they have $25,000 available for a down payment and are considering a 25 year loan, how much can they spend on the home at each of the following rates? (Round your answers to the nearest cent.) A.) 6.3 compounded monthly B.) 7.8 compounded monthlyA couple purchasing a home budget $1,800 per month for their loan payment. If they have $25,000 available for a down payment and are considering a 25-year loan, how much can they spend on the home at each of the following rates? (Round your answers to the nearest cent.) 1) 6.3% compounded monthly 2) 7.2% compounded monthly
- A couple purchasing a home budget $1400 per month for their loan payment. If they have $25,000 available for a down payment and are considering a 25 year loan, how much can they spent on the home at the following rate 7.1% compounded monthly? ______You take out a consumer loan at your credit union for new insulated windows for your house. The total installed cost is $8,250, of which you pay 20% down. The balance is to be paid in 71 equal monthly payments, with a finance charge equal to 7.5% simple interest on the outstanding balance. Find the approximate annual percentage rate (APR), to the nearest tenth of a percent.You need a loan of $195,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices. Choice 1: 30-year fixed rate at 6 % with closing costs of $1800 and no points. Choice 2:30-year fixed rate at 5.5% with closing costs of $1800 and 2 points. What is the monthly payment for choice 1? What is the monthly payment for choice 2? What is the best option. Why is it the best option?
- You decide to buy a $ 1,500 piece of furniture at a local furniture store. The furniture store asks you for a 20% down payment and formulates a 12-month plan to pay the rest at a 25% annual rate.The size of the monthly payments is $ 175. į What will be the effective annual interest that the furniture store is charging you?Jill Mock wants to add a small hair salon to her home. The addition will cost $12,100. She will make a down payment of $2000 and finance the balance at 10.9% interest for 5 years (60) months). Find the monthly payment using a calculator Round your answer to the nearest cent. The monthly payment is S XYou need a loan of $175,000 to buy a home. Calculate your monthly payments and total closing costs for each choice below. Briefly discuss how you would decide between the two choices. Choice 1: 30-year fixed rate at 7% with closing costs of $1400 and no points. Choice 2: 30-year fixed rate at 6.5% with closing costs of $1400 and 2 points. What is the monthly payment for choice 1? What is the monthy Payment for choice 2? What is the closing paymennt for choice 1? What is the closing paymennt for choice 2?