Victor earns a gross annual income of $64,570 and is buying a home for $125,340. He is making a 15% down payment and financing the rest with a 20-year loan at 3.75% interest.
What is the mortgage amount he will borrow?
Can he afford this mortgage? Justify your response.
What will his monthly mortgage payment be?
What will his total payment for the house be?
What is the amount of interest he will pay?
Sandy made several investments. She bought 1000 shares of a company’s stock for $8.60/share, she bought a bond with a face value of $2500 and a coupon rate of 7%, and she invested $5000 into a fund that is expected to grow by 3.5% per year.
Sandy pays a broker a commission of $14 to buy and sell stock. After one year, Sandy sold all her shares, when they were worth $9.15/share. What was her net gain or loss? Show your work.
The bond Sandy purchased will mature in 10 years. How much interest will she receive semiannually?
How long will it take the fund she invested in to be worth $10,000?
Sandy’s gross annual income is $51,350. She is paid biweekly and has 5% deducted from her paycheck for her 403(b). Her employer matches her deduction, up to 4%. How much is deposited into Sandy’s 403(b) each payday?
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