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- You make the following monthly payments. Your total net income (net of taxes) is $4,000. Calculate your savings ratio. Rent $600 Entertainment $300 Car payment $253 $500 Credit card payment $100 $450 Utilities $200 Gasoline $185 Groceries $250 Retirement savings $150 Student loan payment $300 O 17.80%. O 16.18%. O 29.05%. O 29.48%. You spend Save for Later Health insurance Taxes Submit An:John already has $55,600 today in his savings account earning 5.5% compounded semiannually. The account will receive automatic monthly contributions of $560 for the next 6 years. In 3.5 years from now, John will withdraw a lump sum of $5.660 from the account. a) How much will be in the account right after the withdrawal? PV - PMT FV Balance after the lump withdrawal b) How much will be in the account in 6 years from now? Balance =An individual earns $75,000 annually. Monthly rent is $2,200, and 20% of monthly cash income is spent on utilities, groceries, and transportation. To pay off a credit card in six months, the client agrees to monthly payments of $1,650.What is the monthly debt-to-income ratio?
- Solve the following problem using 6.2%, up to $117,000, for social security tax and 1.45%, no wage limit, for Medicare tax. Kristy Dunaway has biweekly gross earnings of $1,550. What are her total social security and Medicare tax withholdings for a whole year? Round to the nearest cent when necessary. Social security: $ Medicare: $Ed and Marta are paid $2 comma 410 after taxes every month. Monthly expenses include $777 on housing and utilities, $395 for auto loans, $164 on food, and an average of $713 on clothing and other variable expenses. Assuming that they save excess funds, calculate and interpret their savings ratio. Hint: Prepare an income statement, and then compute the ratio.Lois received a 9-year subsidized student of $38,000 at an anual interest rate of 3.125%. Determin her monthly payment on the loan after she graduates in 3 years. Round your answer to the nearest cent.
- Dylan contributed $700 at the end of every 3 months, for 4 years, into a Registered Retirement Savings Plan (RRSP) earning 3.50% compounded quarterly. a. What is the future value of the fund at the end of 4 years? $0.00 Round to the nearest cent b. What is the amount of interest earned over the 4-year period? $0.00 Round to the nearest cent1. Cameron designates 10% of his monthly earnings as charitable contributions. After deducting this amount, he deposits 5% of the remaining amount into a money market account earning 2%. If Cameron's monthly earnings are $4,800 what amount interest will he earn on his deposit each month? 2. Find the maturity value for a loan on $4,225 at 8% made on March 5 and due on May 5 of the same year. Assume a 365-day year. 3. Republic Bank advertises their interest rates at 7 % %. You decide to apply for a loan in the amount of $9,000 for 90 days. The bank grants your loan and the loan officer tells you that there is a document preparation fee of $150 that needs to be paid at the time you sign the documents for the loan. Find the APR. Assume a 360-day year. 4. You took out a loan of $5,000 on May 2 and went back on June 15 to make a payment of $1,200. The loan was at 4% for 1 year. What was your remaining balance after making that payment?Devin started a fund that would pay out $1,400.00 every month in perpetuity. The fund earns 3.72% compounded monthly. Answer the following questions, rounding your answers to two decimal places. a. How much money would be required to set up this fund? %$4 Round to the nearest cent b. How much less money is required to set up the fund than if the money was earning 3.72% compounded semi-annually? $4 Round to the nearest cent
- Brittany contributed $3,750 at the end of every 3 months, for 5 years, into a Registered Retirement Savings Plan (RRSP) earning 3.50% compounded quarterly. a. What is the future value of the fund at the end of 5 years? $0.00 Round to the nearest cent b. What is the amount of interest earned over the 5-year period? $0.00 Round to the nearest centThe Carp family makes a $30,000 down payment on a $150,000 home. They finance it for 15 years at 3 7/8%. If annual taxes are $2,970 and homeowners insurance is $940, what will their total PITI payment be? If the bank charges 2 discount points, how much will the Carp family pay for them? Referring to question #15, if the Carp's have a gross monthly income of $5,600 and total fixed monthly expenses of $2,720, which includes their house payment, calculate the housing ratio and the debt to income ratio. Do they qualify?Ariells borrows 400,000 at i-.03. She repays this loan by paying off only the interést due at the end of each year to the lender and depositing a level amount Y at the end of each year into a sinking fund account offering 6% APY so as to accumulate the full balance of the loan amount in the sinking fund at the end of 15 years. Find the AEIR that Arielle has ended up paying on this loan. O A..01744 OB. 0115 O C..02009 O D..01194 O E..01586