Analysis For The Thomas Family Assume That They Could Afford To Make The Same Extra Payment As The Jeffersons But Ins 1 (43.78 KiB) Viewed 35 times
so the mintly payment is 87.44 for Thomas Family. and the Extra 1/12th is 1136.64.
Analysis For The Thomas Family Assume That They Could Afford To Make The Same Extra Payment As The Jeffersons But Ins 2 (21.87 KiB) Viewed 35 times
Analysis: For the Thomas Family: assume that they could afford to make the same extra payment as the Jeffersons, but instead they decide to put that money (#2a. from Procedures above) into a savings plan called an annuity. Use the Future Value mini financial calculator of the Financial Toolbox spreadsheet to calculate how much they will have in their savings plan at the end of 30 years at the various interest rates. Write your answers (to the nearest dollar) in the appropriate cells of the table below. For the Jefferson Family: assume that they save nothing until their loan is paid off, but then after their debt is paid, they start putting their full monthly payment and 1/12 (#2b. from Procedures above) into a savings plan. The time in months they invest is equal to360 months minus the number of months needed to pay off the loan (#3 from Procedures above) multiplied by 12. Use the Future Value mini financial calculator to calculate how much they will have in their savings plan at the various interest rates. Write your answers to the nearest dollar) in the appropriate cells of the table below.
Thomas Family 1/12" of Monthly Payment Annuity Amount in 360 Months Jefferson Family Monthly Payment + Extra 1/12 Annuity Amount in 360 Months Rates 0% 1% 2% 3% 4% 5% 6% 7% 8% Rates 0% 1% 2% 3% 4% 5% 6% 7% 8%
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