Question
In: Advanced Math
The Johnsons have accumulated a nest egg of $40,000 that they intend to use as a...
The Johnsons have accumulated a nest egg of $40,000 that they intend to use as a down payment toward the purchase of a new house. Because their present gross income has placed them in a relatively high tax bracket, they have decided to invest a minimum of $2300/month in monthly payments (to take advantage of the tax deduction) toward the purchase of their house. However, because of other financial obligations, their monthly payments should not exceed $2900. If local mortgage rates are 3.5%/year compounded monthly for a conventional 30-year mortgage, what is the price range of houses that they should consider? (Round your answers to the nearest cent.)
| least expensive | $ |
| most expensive | $ |
Solutions
Colby Messinger answered 2 years agoRelated Solutions
The Johnsons have accumulated a nest egg of $40,000 that they intend to use as a...
The Johnsons have accumulated a nest egg of $40,000 that they
intend to use as a down payment toward the purchase of a new house.
Because their present gross income has placed them in a relatively
high tax bracket, they have decided to invest a minimum of
$2500/month in monthly payments (to take advantage of the tax
deduction) toward the purchase of their house. However, because of
other financial obligations, their monthly payments should not
exceed $3100. If local mortgage...
The Johnsons have accumulated a nest egg of $50,000 that they intend to use as a...
The Johnsons have accumulated a nest egg of $50,000 that they
intend to use as a down payment toward the purchase of a new house.
Because their present gross income has placed them in a relatively
high tax bracket, they have decided to invest a minimum of
$2700/month in monthly payments (to take advantage of the tax
deduction) toward the purchase of their house. However, because of
other financial obligations, their monthly payments should not
exceed $3000. If the Johnsons...
The Johnsons have accumulated a nest egg of $50,000 that they intend to use as a...
The Johnsons have accumulated a nest egg of
$50,000 that they intend to use as a down payment
toward the purchase of a new house. Because their present gross
income has placed them in a relatively high tax bracket, they have
decided to invest a minimum of $2900/month in
monthly payments (to take advantage of the tax deduction) toward
the purchase of their house. However, because of other financial
obligations, their monthly payments should not exceed
$3500. If local mortgage...
The Johnsons have accumulated a nest egg of $50,000 that they intend to use as a...
The Johnsons have accumulated a nest egg of $50,000 that they
intend to use as a down payment toward the purchase of a new house.
Because their present gross income has placed them in a relatively
high tax bracket, they have decided to invest a minimum of
$2400/month in monthly payments (to take advantage of the tax
deduction) toward the purchase of their house. However, because of
other financial obligations, their monthly payments should not
exceed $3000. If local mortgage...
The Johnsons have accumulated a nest egg of $50,000 that they intend to use as a...
The Johnsons have accumulated a nest egg of $50,000 that they
intend to use as a down payment toward the purchase of a new house.
Because their present gross income has placed them in a relatively
high tax bracket, they have decided to invest a minimum of
$2900/month in monthly payments (to take advantage of the tax
deduction) toward the purchase of their house. However, because of
other financial obligations, their monthly payments should not
exceed $3200. If the Johnsons...
Your parents have accumulated a $150,000 nest egg. They have been planning to use this money...
Your parents have accumulated a $150,000 nest egg. They have
been planning to use this money to pay college costs to be incurred
by you and your sister, Courtney. However, Courtney has decided to
forgo college and start a nail salon. Your parents are giving
Courtney $18,000 to help her get started, and they have decided to
take year-end vacations costing $12,000 per year for the next four
years. Use 6 percent as the appropriate interest rate throughout
this problem....
Your parents have accumulated a $140,000 nest egg. They have been planning to use this money...
Your parents have accumulated a $140,000 nest egg. They have
been planning to use this money to pay college costs to be incurred
by you and your sister, Courtney. However, Courtney has decided to
forgo college and start a nail salon. Your parents are giving
Courtney $17,000 to help her get started, and they have decided to
take year-end vacations costing $7,000 per year for the next four
years. Use 7 percent as the appropriate interest rate throughout
this problem....
Your parents have accumulated a $160,000 nest egg. They have been planning to use this money...
Your parents have accumulated a $160,000 nest egg. They have
been planning to use this money to pay college costs to be incurred
by you and your sister, Courtney. However, Courtney has decided to
forgo college and start a nail salon. Your parents are giving
Courtney $31,000 to help her get started, and they have decided to
take year-end vacations costing $11,000 per year for the next four
years. Use 9 percent as the appropriate interest rate throughout
this problem....
Your parents have accumulated a $150,000 nest egg. They have been planning to use this money...
Your parents have accumulated a $150,000 nest egg. They have
been planning to use this money to pay college costs to be incurred
by you and your sister, Courtney. However, Courtney has decided to
forgo college and start a nail salon. Your parents are giving
Courtney $18,000 to help her get started, and they have decided to
take year-end vacations costing $12,000 per year for the next four
years. Use 6 percent as the appropriate interest rate throughout
this problem....
Your parents have accumulated a $140,000 nest egg. They have been planning to use this money...
Your parents have accumulated a $140,000 nest egg. They have
been planning to use this money to pay college costs to be incurred
by you and your sister, Courtney. However, Courtney has decided to
forgo college and start a nail salon. Your parents are giving
Courtney $23,000 to help her get started, and they have decided to
take year-end vacations costing $9,000 per year for the next four
years. Use 9 percent as the appropriate interest rate throughout
this problem....
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