Homework Answers
Calculating APR(monthly)
Using TVM Calculation,
I = [FV = 0, PV = 28,000, PMT = -220, N = 240]
I = 7.17%
APR(semiannually) = 2[(1 + 0.0717/12)6 - 1]
APR(semi-annually) = 7.28%
Add Answer to:
A vacation property valued at $28,000 was bought for 240 payments of $220 due at the...
A vacation property valued at $65,000 was bought for 120 payments of $ 1555 due at...
A vacation property valued at $65,000 was bought for 120 payments of $ 1555 due at the end of every 3 months. What nominal annual rate of interest compounded semi-annually was charged?
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nom...
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded annually (Round to two decimal places as needed.)
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded...
A major property developer is concerned about lack of sales due to local economic conditions. To...
A major property developer is concerned about lack of sales due to local economic conditions. To ensure that his condos are occupied, he offers a lease-to-purchase program in which, if people sign a lease by the end of March, they will not have to start making payments until March of the following year. The purchase price of the condo is $191,000. Payments of $1065.67 will be required at the beginning of each month over a 25-year amortization period. If interest...
Jean receives annuity payments at the end of every six months. If she deposits these payments...
Jean receives annuity payments at the end of every six months. If she deposits these payments in an account earning interest at 9% compounded monthly, what is the equivalent semi-annually compounded rate of interest? What sum of money must be deposited at the end of every 3 months into an account paying 6% compounded monthly to accumulate to $25,000 in 10 years? Irina deposited $150 in a savings account at the end of each month for 60 months. If the...
Annuity
1. A car can be purchased by paying $27 000 now or can be leased by paying $725 per month for the next four years, with the first payment due on the day of signing lease. What nominal rate of interest is charged on the lease?Answer: 4. Raj contributes $150 at the beginning of each month into an RRSP paying interest at 5.5% compounded semi-annually. What will be the accumulated balance in the RRSP at the end of 20 years?5. Dana and...
Scheduled payments of $336 due three years ago and $1063 due in four years are to...
Scheduled payments of $336 due three years ago and $1063 due in four years are to be replaced by two equal payments. The first replacement payment is due in two years and the second payment is due in nine years. Determine the size of the tw replacement payments if interest is 5.7% compounded semi-annually and the focal date is two years from now. The size of the two replacement payments is $ (Round the final answer to the nearest cent...
A property was purchased with a down payment of $15,000 and payments of $900 at the...
A property was purchased with a down payment of $15,000 and payments of $900 at the end of each month for twenty-five years. The interest charged on the balance owed was 14% compounded semi-annually. What was the purchase price of the property? TTTT N dual 111 toti TFF T -
A property was purchased for $7261.00 down and payments of $876.00 at the end of every...
A property was purchased for $7261.00 down and payments of $876.00 at the end of every month for 5 years. Interest is 3% per annum compounded quarterly. What was the purchase price of the property? How much is the cost of financing? The purchase price of the property was $ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) The cost of financing is $ 1. (Round the...
1. Find the accumulated value of an annuity due of $500 payable at the beginning of...
1. Find the accumulated value of an annuity due of $500 payable at the beginning of every month for nine years at 8% compounded monthly. 2. Lily purchased a boat valued at $19 000 on an installment plan requiring equal monthly payment for four years. If the first payment is due on the date of purchase and interest is 6.2% compounded monthly, what is the size of the monthly payment? 3. A car can be purchased by paying $27 000...
A property development agreement valued at $45,000 requires semi-annual lease payments of $7,000. The first payment...
A property development agreement valued at $45,000 requires semi-annual lease payments of $7,000. The first payment is due 4 years after the date of the agreement and interest is 9% compounded. For how long will payments be made? ANSWER: The payments will be made for 6 year(s) 0 and month(s). (Type whole numbers.) NOTE*: i would like to know how to get to that answer through a financial calculator in BGN MODE. If it is not possible to calculate through...
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded annually (Round to two decimal places as needed.)
A car valued at $13,900 can be purchased for 5 % down and monthly payments of $400 for three years. What is the nominal rate of interest compounded annually? The nominal rate of interest is% compounded...
Jean receives annuity payments at the end of every six months. If she deposits these payments in an account earning interest at 9% compounded monthly, what is the equivalent semi-annually compounded rate of interest? What sum of money must be deposited at the end of every 3 months into an account paying 6% compounded monthly to accumulate to $25,000 in 10 years? Irina deposited $150 in a savings account at the end of each month for 60 months. If the...
Scheduled payments of $336 due three years ago and $1063 due in four years are to be replaced by two equal payments. The first replacement payment is due in two years and the second payment is due in nine years. Determine the size of the tw replacement payments if interest is 5.7% compounded semi-annually and the focal date is two years from now. The size of the two replacement payments is $ (Round the final answer to the nearest cent...
A property was purchased with a down payment of $15,000 and payments of $900 at the end of each month for twenty-five years. The interest charged on the balance owed was 14% compounded semi-annually. What was the purchase price of the property? TTTT N dual 111 toti TFF T -
A property was purchased for $7261.00 down and payments of $876.00 at the end of every month for 5 years. Interest is 3% per annum compounded quarterly. What was the purchase price of the property? How much is the cost of financing? The purchase price of the property was $ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) The cost of financing is $ 1. (Round the...
1. Find the accumulated value of an annuity due of $500 payable at the beginning of every month for nine years at 8% compounded monthly. 2. Lily purchased a boat valued at $19 000 on an installment plan requiring equal monthly payment for four years. If the first payment is due on the date of purchase and interest is 6.2% compounded monthly, what is the size of the monthly payment? 3. A car can be purchased by paying $27 000...
Most questions answered within 3 hours.
-
In a poll of 504 human resource professionals, 46.4% said that
body piercings and tattoos were...
asked 25 minutes ago -
4. what is group think? does group think bring positive or
negative result? please justify your...
asked 18 minutes ago -
describe conditions and outcomes of boiling
pasteurization and surfacing. which of these treatment can be
considered...
asked 25 minutes ago -
Who is responsible for the protection of information assets of
an organization? What are the four...
asked 20 minutes ago -
A point charge with charge q1 = 4.00 μC is held stationary at
the origin. A...
asked 23 minutes ago -
AdrenalineAdrenaline
Sports Company makes snowboards, downhill skis, cross-country
skis, skateboards, surfboards, and in-line skates. The company...
asked 28 minutes ago -
Compare the Forfaiting and Factoring forms of export
financing
asked 31 minutes ago -
Europe in the 19th century was not dominated by:
a. the scientific quest
b. economic collectivism...
asked 39 minutes ago -
"The economic theory suggests that consumers will not shop at or
spend their money with a...
asked 44 minutes ago -
In your opinion, which provides the most benefit to an
organization, a budget or the budgeting...
asked 54 minutes ago -
What features are centralized in your web application by master
pages? How are master pages implemented...
asked 51 minutes ago -
Write the expression for the molecular wavefunction of (i) a
s-pz sigma bond and (ii) a...
asked 59 minutes ago