Purchase Solution

Dave Bidini has saved 20000 for a down payment on a home

Not what you're looking for?

Ask Custom Question

Dave Bidini has saved 20000 for a down payment on a home and plans to save another 5000 at the end of each year for the next 5 yrs. He expects to earn 7.25% compounded annually on his savings. How much will be have in 5 years time?

Calculate the FV of an ordinary annuity consisting of quarterly payments of 1200 for 5 yrs if the payments earn 10% compounded quarterly for the first two yrs and 9% compounded quarterly for the last three years.

Purchase this Solution
Solution Summary

A Complete, Neat and Step-by-step Solution is provided in the attached file.

Purchase this Solution
Free BrainMass Quizzes
Geometry - Real Life Application Problems

Understanding of how geometry applies to in real-world contexts

Solving quadratic inequalities

This quiz test you on how well you are familiar with solving quadratic inequalities.

Exponential Expressions

In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.

Probability Quiz

Some questions on probability

Know Your Linear Equations

Each question is a choice-summary multiple choice question that will present you with a linear equation and then make 4 statements about that equation. You must determine which of the 4 statements are true (if any) in regards to the equation.

View More Free Quizzes
Related BrainMass Solutions

  • Mathematics

    down payment of $20,000 on a $175,000 home, what would be their monthly mortgage payment assuming they finance for 25 years at 6.75%?

  • Yearly Savings Calculations

    Calculate how much you need to save for the next five years to purchase this home and put down 20% as a down payment.

  • Business Law Exercises

    In this case, the lower price will be recorded on the contract for the sale of the house. Home buyers make counter offers all of the time to try and bring the price down on the home that they want.

  • Mortgage loans using a financial calculator

    She has saved enough to put down 20% for the purchase and will finance the other 80%. Given her income level, she feels that she can afford a monthly house payment of $800. 1. How much money will she be able to borrow from the bank? 2.

  • Affordable Mortgage And Purchase Price

    They have saved about $60,000 in a money market fund on which they earned $5,840 last year (included in the $60,000). They plan to use most of this for a 20% down payment and closing costs.

  • loan payments

    They presently have savings of $50,000 that could be used for the down payment. They are saving $1,000 a month and earn 3% APR compounded monthly on their savings.

  • Calculating the desired amonut of investment

    502779 Calculating the desired amount of investment Jane Alexander currently has $6,750 in a money market account paying 6.35 percent annually. She plans to use this amount and her savings over the next 8 years to make a down payment on a house.

  • Personal Finance

    They have saved about $60,000 in a money market fund on which they earned $5,840 last year (included in the $60,000). They plan to use most of this for a 20% down payment and closing costs.

  • Future value

    4283 Calculating the future value of a savings account. Mr. & Mrs. Corey are newlyweds and want to purchase a home, but they need a down payment of $10,000.

View More Related Solutions