Percentage of your gross paycheck amount

Assignment Help Financial Management

Reference no: EM131328230

1. Suppose that you wish to have $1277852 in an investment account after 16 years, by making deposits from your biweekly paycheck (26 times per year). If the annual interest rate on your investment account is 4.2% and your total salary for the year is $106403, what should your deposits be, as a percentage of your gross paycheck amount? Use the totaI salary per paycheck. No need to consider FICA or tax withholding amounts for this question.

2. When Carl bought his car, he took out a 5-year loan auto loan for $23339. The loan has a 5.8% annual interest rate and has monthly payments.If Carl now has 2 year(s) of payments remaining, how much does he still owe on this loan?

3. A married couple wants to buy a $276762 house. They can afford to put $50034 down toward the house. For the remaining amount, they will take out a 30 year loan (with monthly payments). Based on their credit rating, the bank offers them an annual rate of 11.2%. When there are 5 years left in the loan, they realize they can pay their remaining balance all at once. How much in interest would they avoid paying by doing this?

Reference no: EM131328230

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