You would like to have $20,000 to use a down payment for a home in five years by making regular, end-of-month deposits into an annuity that pays 6% interest compounded monthly.


How much should you deposit each month?




Round your answer to the nearest cent. Do not include the dollar sign in the answer box below.

You Would Like To Have $20,000 To Use A Down Payment For A Home In Five Years By Making Regular, End-of-month

Answers

Answer 1

The calculation of this can be done by first determining the future value of the monthly payments of $327.50

The future value of an annuity can be determined using a financial calculator, mathematical formula, or spreadsheet software. The future value of an annuity is calculated by multiplying the periodic payment amount by the future value factor,

which is based on the number of payments and the interest rate.For example, suppose we want to know the future value of a $500 end-of-month deposit into an annuity that pays 6% interest compounded monthly for five years.

The future value factor for 60 periods at 0.5 percent per month is 80.9747, which can be multiplied by the monthly deposit amount to find the future value of the annuity.500 × 80.9747 = 40,487.35

This means that a $500 end-of-month deposit into an annuity paying 6% interest compounded monthly for five years will have a future value of $40,487.35.

Therefore, to accumulate a $20,000 down payment for a home in five years, you would need to deposit $327.50 per month into the annuity.

 for 60 months using the formula and then solving for the monthly payment amount where FV = $20,000 and n = 60, r = 0.5%.FV = PMT [(1 + r)n – 1] / r$20,000 = PMT [(1 + 0.005)60 – 1] / 0.005PMT = $327.50 (rounded to the nearest cent).

To learn more about : calculation

https://brainly.com/question/17145398

#SPJ8


Related Questions

How many solutions can be found for the equation 5x + 3(x − 1) = 10x − 2x − 3?

Answers

Answer: Infinite many solutions

Step-by-step explanation:

Given

5x+3(x-1)=10x-2x-3

Expand Parenthesis

5x+3x-3=10x-2x-3

Combine like terms

8x-3=8x-3

Subtract 8x on both sides

8x-3-8x=8x-3-8x

-3=-3

Add 3 on both sides

-3+3=-3+3

0=0

Any number will work on both sides, therefore, there are infinite solutions

Hope this helps!!: )

Please let me know if you have any questions.

in the figure below ABC- XZY

find cosZ, sin Z, tan Z

round your answer to the nearest hundredth

Answers

The magnitude of angle Z include the following:

cosZ = 0.471

sinZ = 0.88

tanZ = 1.875

How to calculate the magnitude of angle Z?

In order to determine the magnitude of angle Z, we would apply the basic trigonometric ratio because the given side lengths represent the adjacent side, opposite side, and hypotenuse of a right-angled triangle.

cos(θ) = Adj/Hyp

Where:

Adj represents the adjacent side of a right-angled triangle.Hyp represents the hypotenuse of a right-angled triangle.θ represents the angle.

For cosZ, we would apply the cosine trigonometric ratio as follows;

cosZ = 13.6/28.9

cosZ = 0.4706

Z = cos⁻¹(0.4706)

Z = 61.93°.

For sinZ, we would apply the sine trigonometric ratio as follows;

sinZ = 25.5/28.9

sinZ = 0.8824

Z = sin⁻¹(0.8824)

Z = 118.07.

For tanZ, we would apply the sine trigonometric ratio as follows;

tanZ = 25.5/13.6

tanZ = 1.875

Z = tan⁻¹(1.875)

Z = 61.93.

James invests $5400 in two different accounts. The first account paid 14 %, the second account paid 6 % in interest. At the end of the first year he had earned $580 in interest. How much was in each account?

Answers

Given:

Total invested amount = $5400

Rate of interest for first account = 14%

Rate of interest for second account = 6%

Total interest after one year = $580

To find:

The amount invested in each account.

Solution:

Let the amount invested in the first account be $x, then the amount invested in the second account is $(5400-x).

Total interest = 14% of $x + 6% of $(5400-x).

[tex]580=\dfrac{14}{100}x+\dfrac{6}{100}(5400-x)[/tex]

Multiply both sides by 100.

[tex]58000=14x+6(5400-x)[/tex]

[tex]58000=14x+32400-6x[/tex]

[tex]58000-32400=8x[/tex]

[tex]25600=8x[/tex]

Divide both sides by 8.

[tex]\dfrac{25600}{8}=x[/tex]

[tex]3200=x[/tex]

Now,

[tex]5400-x=5400-3200[/tex]

[tex]5400-x=2200[/tex]

Therefore, the amount invested in first account is $3200 and the amount invested in the second account is $2200.

A recent study by Allstate Insurance Co. finds that 82% of teenagers have used cell phones while driving In October 2010, Massachusetts enacted a law that forbids cell phone use by drivers under the age of 18. A policy analyst would like to determine whether the law has decreased the proportion of drivers under the age of 18 who use a cell phone.

Answers

complete question

study by Allstate Insurance Co. finds that 82% of teenagers have used cell phones while driving ( The Wall Street Journal , May 5, 2010). In October 2010, Massachusetts enacted a law that forbids cell phone use by drivers under the age of 18. A policy analyst would like to determine whether the law has decreased the proportion of drivers under the age of 18 who use a cell phone.a. State the null and the alternative hypotheses to test the policy analyst’s objective.

b. Suppose a sample of 200 drivers under the age of 18 results in 150 who still use a cell phone while driving. What is the value of the test statistic? What is the p-value?c. At α = 0.05 has the law been effective?

d. Repeat this exercise using the critical value approach with α = 0.05

Answer:

1. H0: p>=0.82

H1: p<0.82

2. z test statistic = -2.5767

3. the law has been effective

4. the null is rejected, the law has been effective

Step-by-step explanation:

1. hypothesis formulation

H0: p>= 0.82

H1: p< 0.82

2. p = 82% = 0.82

estimated p^ = x/n = 150/200 = 0.75

standard error calculation:

= √0.82(1-0.82)/200

= √0.82x0.18/200

= √0.02716615

Z test statistic calculation:

= 0.75-0.82/0.02716615

= -2.5767

3. this test is 1 tailed

the p-value using a p value calculator is = 0.004983

0.004983 < 0.05 so we Reject null and conclude that the law has been effective.

4. we Reject null at 0.05 if z is less than -1.645.

-2.5767<-1.645 so we Reject H0 and conclude law has been effective and there is a decrease in drivers under this age who use cell phones

It’s real simple just answer it

Answers

Answer:

-6 and negative 1 with the bio

Step-by-step explanation:

-6 and -1 Would be the answer

Factor the expression -8x 2+ 22x - 15

Answers

3(2x-5) is the answer

Which graph(s) show an inverse relationship? Check all that apply.

Answers

Answer:

can you show the graph please?

What is the value of 3 1⁄4 increased by 2 1⁄6?

Answers

65/12 is they answer you’re looking for

Evaluate the expression

y+243.8 when y=79​

Answers

Answer
322.8

explanation

Put 79 as y so do

79+243.8 which equals 322.8

HELP PLEASE!!! LOOK AG PICTURE -which table represents a quadratic function? justify your answer

Answers

Answer:

table two

Step-by-step explanation:

The increase rate for table one is constant that's why it is a linear function

In the second table, however, the increase rate increases as x increases, it is not constant; therefore, table two is a quadratic function.

help i don’t understand this

Answers

Answer:

31.4 in

Step-by-step explanation:

Count the 4 mm lines and add it to 31 ins. So you end up with 31.4 in

Please find the answer

Answers

Answer:

it's 6.2

Step-by-step explanation:

6.2 is the only number that shows up more than once.

what is the 3rd quartile ?

Answers

Answer:

The upper or third quartile, denoted as Q3, is the central point that lies between the median and the highest number of the distribution.

Step-by-step explanation:

Which is the quotient of 40 divided by 3?

Answers

The quotient is 13.3333333333

Find the value of y.
3 cm
5 cm
X
6 cm
у
2 cm
3 cm
y = [?] cm
Enter a decimal rounded to the nearest tenth.

Answers

Answer: 4.3

Step-by-step explanation:

11x2=22

22/3= 7.3

7.3-3= 4.3

What is the volume, in cubic ft, of a rectangular prism with a height of 17ft, a width of 11ftand a length of 18ft?

Answers

Answer:

i got 691ft

Step-by-step explanation:

Answer: 3366

Step-by-step explanation: (17)(11)(18)= 3366

when can a parallelogram also be a kite?

Answers

9514 1404 393

Answer:

  when it is a rhombus

Step-by-step explanation:

A kite is a figure in which the diagonals are perpendicular, and one of them is bisected by the other. It will be a parallelogram if both diagonals bisect each other. Such a figure (with mutually perpendicular bisectors as diagonals) is a rhombus.

A parallelogram that is a rhombus will also be a kite.

help please, i need it asap. thank you

Answers

Answer:

x = 5

Step-by-step explanation:

[tex]\frac{3}{x}[/tex] = [tex]\frac{4.5}{7.5}[/tex]

cross multiply

4.5x = 7.5(3)

4.5x = 22.5

Divide

x = 5

Find the measure of angle x 20

Answers

Answer:

20°

Step-by-step explanation:

[tex]m \angle \: x = 20 \degree \\ (vertical \: \angle s)[/tex]

Answer:

x = 20°

Step-by-step explanation:

By opposite angle

x = 20°

-TheUnknownScientist

Use triangle DEF shown below to answer the question that follows. What is the value of X rounded to the nearest hundredth?

Answers

Answer:

it might be x=63.27

Step-by-step explanation:

A bag contains 7 blue, 4 yellow, and 9 purple marbles.
What is the probability of P(not blue) written as a fraction?

Answers

Answer:

13/20

Step-by-step explanation:

you count up all the marbles together, which is 20 and then count up all the other marbles besides blue, which would be 13 of the 20 marbles are not blue

10 points
What is the total surface area of the
rectangular prism shown in square inches?

Answers

Answer:

D. 286.5 in.^2

Step-by-step explanation:

3 X 7.5+ 3 X 11.5 + 3 X 7.5+ 11.5 X 3 + 7.5 X 11.5 + 7.5 X 11.5=

22.5 + 34.5 + 22.5 + 34.5 + 86.25 + 86.25=

total surface area= 286.5 in.^2

Express the quantity of the Cayennepepper im lemon juice in form one​

Answers

Answer:

HUH

Step-by-step explanation:

Can somebody explain how I'm supposed to do this??

Answers

Answer:

C

Step-by-step explanation:

You take the points and input them into the equation. If they all equal the set then it is the equation. So for example a point on the graph is (2,30) so in this case x is 2 so you would do y= 15(2) which is 30. So that equation and point checks out. Repeat with the others

Answer:

its c

Step-by-step explanation:

:)

BRAINLIEST FOR CORRECT ANSWER, IM FAILING SCHOOL AND NEED HELP ASAP. EVEN OFFICIAL HELP COUNTS

Answers

6 and 8 are vertical angles

which equation has the solutions x equals 1 plus or minus the square root of 5​

Answers

Answer:

d. x2 – 2x – 4 = 0

Step-by-step explanation:

13. Jessica has taken 8 quizzes. The mean of her scores is 92. Her first 6 scores are shown.
96, 90, 88, 92, 94, 90
If Jessica got the highest score possible on her seventh quiz, what score did she get on her
eighth quiz? What would be her median score Show your work and explain your reasoning.

Answers

Answer: Median= 91; 8th quiz score=86

Step-by-step explanation: The sum of the scores is 8×92=736. Subtract the 6 given scores and then a 100 for the seventh quiz to find the score she got on the 8th quiz, this is an 86. Now that you have all the scores, arrange them all in the least to greatest order and find the average of the middle two numbers (median), which is 91!

Graph the line.
Y= 4/3 x

Answers

Answer:

hope this helps :)

Step-by-step explanation:

Determine the value of A, the NET salary received by Mr Makatle for
1.3 Show how the UIF contribution of R82.36 was calculated.
1.4 Mr Makatle claims that the cumulative medical and contributions indicate on teza
advice is incorrect. Verily using calculations, whether is claim is valid
5 Calculate his monthly tax contribution as a percentage of his gross szias-
UESTION 2
Danielle is a 48-year-old female who works for MK Designs. She eares a trasie by
FR45 600,50 and an annual bonus equal to her basic monthly salary. Her sa
come for the 2018/2019 tax year is made up of her basic monthly salary on
Ons​

Answers

Answer:

hfgf td utdu6kjyyyudytdcyu6   vfhdutd,ld

Step-by-step explanation:

1. The value of A, the Net Salary received by Mr. Makatle is R 5,369.49 (R8,236,00 - R 2 866,51), which is the gross pay minus total deductions.

2. The UIF contribution of R82.36 was calculated as 1% of R8236,00 (R 8,236 x 1%).

3. Mr. Makatle's claims that the cumulative medical contributions indicated on his pay advice are incorrect are valid.

The cumulative medical contributions for the year are supposed to total R 17,640 (R 1 764,00 x 10) instead of R 6,177.00, which represents the pension's cumulative contributions.

4. Mr. Makatle's monthly tax contribution as a percentage of his gross salary is 4.8865%.

Tax contribution = R 402.45

Gross monthly salary = R 8 236

Percentage of tax contribution to gross salary = 4.8865% (R402.45/R8,236 x 100)

5. For question 2, we can use the rates computed from Mr. Makate's salary advice to calculate Danielle's net pay for the year.

Danielle's Net Pay:

Basic Salary                        FR 45 600,50

PAYE                                        R 2,228.27 (4.8865%)

UIF                                               R 456.01 (1%)

Pension Fund                        R 3 420. 04 (7.5%)

Medical Aid contribution        R 9,766.72  (21.418%)

TOTAL DEDUCTIONS           R 15,871.04

NET SALARY                       R 29,729.46

What is net pay?

The net pay is the difference between a salary earner's gross income and the deductions made before the payment of salary.

The net pay represents the amount that the salary earner goes home with.

The net pay is also known as the take-home pay.

Question Completion:

Mr. Paul Makatle is an employee at a clothing factory The following deductions are made from his gross monthly salary:

• 7,5% of his gross monthly salary for pension fund contributions

• UIF (Unemployment Insurance Fund) of 1% of his gross monthly salary

• PAYE (Pay as you earn) tax as per tax bracket

Use the salary advice below that Mr. Makatle receives for December 2020 to answer the questions that follow.

Basic Salary                        R 8 236,00

PAYE                                      R 402.45 (4.8865%)

UIF                                           R 82,36 (1%)

Pension Fund                        R 617,70 (7.5%)

Medical Aid contribution  R 1 764,00  (21.418%)

TOTAL DEDUCTIONS     R 2 866,51

NET SALARY                   R 5 369,49

GROSS SALARY IRP5 PARTICULARS-cumulative year to date:

R 82360,00

Total Employee's Tax R 6177.00

Medical Aid contr R 6,177.00

Question 1 Requirements:

1. Determine the value of A, the NET salary received by Mr. Makatle

2. Show how the UIF contribution of R82.36 was calculated.

3. Mr. Makatle claims that the cumulative medical contributions indicated on his pay advice are incorrect. Verify, using calculations, whether his claim is valid

4. Calculate his monthly tax contribution as a percentage of his gross salary.

5. Calculate Danielle's net pay for the year, using Makatle's pay advice.

Learn more about gross and net salaries at https://brainly.com/question/25267964

Please help this is due tomorrow!!!

Answers

Answer:

Use the Pythagorean therm

Step-by-step explanation:

A squared(one leg) + B square(one leg) = C(aka the hypotenuse)

brainlist plz

Other Questions
Eating soup that has been time-temperature abused can result in? Which solution for z makes the equation true?? 10+10+z=40=10 (pls explain why. Thanks) what type of membrane is the visking tubing Complete the table below for the equation y=1+2x Find the area of the figure. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) internal control framework consists of five interrelated components. Which of the following is NOT a factor pertaining to the control environment component?a) Operating performance reviews.b) Management integrity.c) Ethical values.d) Personnel development. What are some benefits of paying taxes? Check all that apply.ensuring that the needs of the nation are fulfilledpaying for public works such as highways and museumsreducing the amount of money consumers can spendslowing growth in the economypaying for government programs that help citizens Cody did not understand the concepts of the special cases when factoring. Explain the concept of the perfect square binomial. Use an example to help explain to her how it is a special case and how to factor it using the special case rules. Generating Equivalent ExpressionsSimplify the expressionby applying the distributive property & combining like terms.Show work.6(x + 4y) + 3x - 20y I really need help on this Calculate the following future values in the following questions using the interest rates supplied. The total time is 25 years, and the present value is $2,500. (9 marks)5% compounded quarterly, quarterly payment.5% compounded monthly, monthly payment.5% compounded daily, daily payment (365 days). true/false. economists sometimes refer to the resource category land as natural resources. Why is the United States of America represented on the Virgin Islands flag? what is the meaning of the word illustrious as used in the last paragraph Which of these describe a unique polygon 3 questions 4 is about what percent of 9?About what percent of 7560 is 3000?1.3 is about what percent of 27?Please help me my teacher does not explain how to do this well.. Savvy Drive-Ins Ltd. borrowed money by issuing $5,500,000 of 6% bonds payable at 975 on July 1, 2016 Te bonds are 10-year bonds and pay interest each January 1 and July 1 How much cash did Savvy receive when it issued the bonds payable? Journalize this transaction 2. How much must Savvy pay back at maturity? When is the maturity date? 3. How much cash interest will Savvy pay each six months? 4. How much interest expense will Savvy report each six months? Assume the straight-line amortization method. Journalize the entries for accrual of interest and amortization of discount on December 31, 2016, and payment of interest on January 1, 2017 cash interest will Sa 3. How much vvy pay each six months? Savvy will pay interest of S 4. How much interest expense will Savvy report each six months? A client sent a PDF to be included as a page in a book you are designing. The client misspelled several words in the PDF. The PDF is a scan of text. What can you do to fix the misspelled words?OptionsA. File > Export to > Microsoft WordB. Tools > Organize PagesC. Tools > Edit PDFD. Tools > Accessibility Goal- Evaluate the article as an economist.Role- EconomistAudience- World Economic ForumSituation- You have been appointed as the lead economist to make an analysis and evaluation (judgements), about recent market condition.Product- A detailed economic evaluation of an article that include (Diagram/s; Terminology/Analysis and Evaluation) help ASAP! Ill mark brainliest!