Save for vacation, How much will she have to put away at

Save for vacation

Assignment Help Financial Management

Reference no: EM131975028

1. Judy recently purchased her first home for $220,000. She made a down payment of $20,000, and financed the balance over 15 years, at 6% interest. If Judy's first payment is due on October 1 of this year, approximately how much interest will she pay in this year?

$2,073.47.

$1,979.76

$3,288.63.

$5,885.09.

2. Hannah has decided to save for a vacation in 17 months. She will save the money into a short-term investment account returning 5% annually. How much will she have to put away at the beginning of each month if the vacation cost is $15,000? (Round to the nearest dollar.)

$856

$850

$807

$801

Reference no: EM131975028

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