Karl Yates needs $9,000 to pay for the remodeling work on his house. A contractor agrees to do the w months. How much should Karl deposit at 6.3% in order to accumulate the $9,000 by that time? Karl should deposit S
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- Rob asks his good friend Ted to borrow $5,000 and says he will pay it back to him in 6 months with 8% interest, meaning Rob will owe Ted $5,200 if he pays it back at that time. Ted asks Rob to "make" a promissory note payable to Ted stating these terms. Rob does prepare the "note" and signs and gives it to Ted and at the same time Ted gives Rob the $5,000. Ted in need of money unexpectedly, because he loses his job, contacts his buddy Gullible, and asks him if he will buy the note at a discount of $4,800. Gullible accepts and stands to make a nice profit when the note owed by Rob comes due. When Gullible gives Ted the $4,800, Ted writes on the note "Without Recourse" and signs his name and tenders the note to Gullible. Gullible does see Ted write this on the note, but is not sophisticated with regard to legal lingo, and thinks nothing of it. He therefater gets nervous and thinks maybe he should sell the note himself right away. He calls his aunt Saviour who says she will buy the…John is planning to take a loan for a major renovation project for his home. He can afford only 10% of his annual gross salary for the payment of the loan. John makes $80,000 annually. The bank offered him a loan at 8% annual interest rate for 5 years to be paid monthly. Calculate the amount of the loan he should ask for: Group of answer choices $9282 ($44, 386.59) ($36, 988.83) $49,999Barry wants to re-model the store that he has for his business. His cousin Diego agrees to give him $100,000, but asks for 10 percent of the profits in return. Joseph's father William is reluctant to put his own money into the business, but finally agrees to lend $100,000 to him at an interest rate of 5 percent per year, with interest to be paid every month. The agreement is put in writing. What most accurately describes these arrangements?
- To finance his purchase of his new car, Sean must make a 10% down payment and pay all taxes up front. If the car has a sales price of $25,000 and state sales tax rate of 7%, how much money must Sean pay for the car up front?Brianna is buying a house for $130,000 . She plans to make a 12% down payment. Closing costs include $550 for 6 months of homeowners insurance, $1050 for 6 months of property tax, $150 for the title fee, and $400 in transaction fees. Brianna also agreed to pay three points in exchange for a 0.75% reduction in interest rate. Determine the amount of money Brianna needs to cover closing costs. Round your answer to the nearest cent.Craig decides to purchase a property that has been valued at $475,000. He has $80,000 available as a deposit and will require a mortgage for the remaining amount. The bank offers him a 25 year mortgage at 2% interest. Calculate the total interest he will pay over the life of the loan, assuming he makes monthly payments. Give your answer in dollars to the nearest ten dollars.
- Brianna is buying a house for $190,000. She plans to make a 14% down payment. Closing costs include $400 for 6 months of homeowners insurance, $1200 for 6 months of property tax, $125 for the title fee, and $450 in transaction fees. Brianna also agreed to pay two points in exchange for a 0.5% reduction in interest rate. Determine the amount of money Brianna needs to cover closing costs. Round your answer to the nearest cent.John is considering purchasing a new car from Slimy's Sports Car Emporium. The car costs $25,000, and John has a down payment of $5,000. Slimy is offering John a 5-year loan with an interest rate of 5.5% / yr compounded monthly. To encourage John to make the purchase, Slimy offers to throw in free floor mats, a lifetime car wax, and "VIN number" (vehicle identification number) window etching. The monthly loan payment is $412.02. Based on the purchase price, down payment, and interest rate, what should the loan payment be?Upon selling his residence, the lawyer Hinojosa buys a flat and deposits the rest in an account that earns him 8.4% simple annual interest. How much did he get for his house if in 5 years the account earned him $243,600 in interest and how much money did he invest in the flat, assuming 53.6%?
- Douglas needs to borrow $15,600 today for his tuition bill. He agrees to pay back the loan in a lump-sum payment five years from now, after he is out of college. He bank states that the payment will need to be $19, 683. If Douglas borrows the $15,600 from the bank, what interest rate is he paying on his loan?Rex is planning to buy a house. His gross income is $72000 and his net income is $60000. He saved $30000 for the downpayment. The monthly expenses are $250 for property taxes and $150 for heat. His bank uses the GDSR maximum approval ratio of $32%. The approval interest rate on a 5-year term will be 4.64%. Calculate the maximum mortagage Rex could arrange on the new house and Present all calculations and TVM variables when calKevin bought a washer and dryer for $1050 but only had a down payment of $150.00. He financed the rest using add-on interest of 9.8% and will pay it off in 18 months. Submit your answer in the form $250.00 (use the dollar sign and round to the nearest cent). How much interest will he pay on the dishwasher after the 18 months?Blank 1 After factoring in the interest, how much will he pay for the dishwasher in total?Blank 2 What would the monthly payment be?Blank 3