Financial Accounting Accounting, Finance, SPSS Research Paper (Research Paper Sample)
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The Time Value of Money—Preparing for Home Ownership
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The Time Value of Money—Preparing for Home Ownership
1 What is the estimated purchase price of the home in 5 years?
This problem deals with the concept of Future value of money which is regared as the amount to which the present investment will grow over specified time when deposited in an account that pays or earns interest at definite period (Ehrhardt & Brigham, 2016). Future value (FV) =PV {1+r}n, FV= 178,000 {1+0.025}5=$ 201,390.70; PV=Present value, r=interest rate, n=period of payment; the estimated purchase price of the home in the next five years=$ 201,390.70
2 How much would need to be saved for the down payment?
Current value of home purchase plan=$ 178,000.
Down payment= (178,000×20%) =$ 35,600
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