Homework Answers
Effective annual rate = (1+r/n)^n - 1
= (1+ 0.03/4)^4 - 1
=3.03%
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Question 3 of 7 Steven took a loan of $8,300 from his parents to purchase equipment...
If money earns 6.36% compounded quarterly, what single payment in three years would be equivalent to...
If money earns 6.36% compounded quarterly, what single payment in three years would be equivalent to a payment of $3,230 due two years ago, but not paid, and $800 today? Round to the nearest cent Next Question Question 3 of 4 Two payments of $17,000 and $2,600 are due in 1 year and 2 years, respectively. Calculate the two equal payments that would replace these payments, made in 3 months and in 4 years if money is worth 10.5% compounded...
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $719.75...
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $719.75 at the end of every six months over ten years. If interest is 6.7% compounded monthly, what was the original loan balance? The original loan balance was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Question 4 Not yet answered Marked out of 1.00 A young photographer took out a loan...
Question 4 Not yet answered Marked out of 1.00 A young photographer took out a loan of $6079 to buy a digital SLR camera and computing equipment. Payments were due to be made at the end of each month for 36 months, with interest charged at a rate of 7.1% p.a. compounded monthly. How much did he have to pay periodically? Flag question (Give your answer to the nearest cent, ignoring the dollar sign.) Answer: 194.301
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate...
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate period has just expired. The loan was originally for $302,000 with 360 payments at 4.3% APR, compounded monthly a. Now that you have made 60 payments, what is the remaining balance on the loan? b. If the interest rate increases by 1.1%, to 5.4% APR, compounded monthly, what will be your new payments? a. Now that you have made 60 payments, what is the...
Question 2 of 5 Shelby had a loan of $135,000 and made payments of $2,500 at...
Question 2 of 5 Shelby had a loan of $135,000 and made payments of $2,500 at the end of every month to settle it. If he received the loan at 2.52% compounded monthly, what was the balance on the loan at the end of three years? $52,202.55 Round to the nearest cent Next Question : cly Ply TY : 12 = 2.52 : 135.000 * 2500 PMI : 19157.37509139 P = 12x3 : 36 AMORT = 52.262.55
1. A construction company borrows $100,000 to purchase equipment with a promise to repay the loan...
1. A construction company borrows $100,000 to purchase equipment with a promise to repay the loan with equal monthly payments over a 6-year period. a. Draw the cash flow diagram b. At an interest rate of 8% compounded monthly, what are the annual payments to pay off the loan in full?
Question 4 of 6 Helen's student loan of $23,000 at 4.62% compounded quarterly was amortized over...
Question 4 of 6 Helen's student loan of $23,000 at 4.62% compounded quarterly was amortized over 5 years with payments made at the end of every month. What was the principal balance on the loan after 3 years? Round to the nearest cent
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate...
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate period has just expired. The loan was originally for $ 310 comma 000 with 360 payments at 4.4 % APR, compounded monthly. a. Now that you have made 60 payments, what is the remaining balance on the loan? b. If the interest rate increases by 0.9 %, to 5.3 % APR, compounded monthly, what will be your new payments? a. Now that you have...
Question 3 of 6 Tan Company purchased a large server for $40,500. The company paid 40.00%...
Question 3 of 6 Tan Company purchased a large server for $40,500. The company paid 40.00% of the value as a down-payment and received a loan for the balance at 5.00% compounded monthly. The loan has a term of 3 years and Tan Company has to make month-end payments to settle the loan. a. What is the size of the month-end payments? $0.00 Round to the nearest cent b. What was the total amount paid to settle the loan? $0.00...
A design studio received a loan of $9,650 at 4.60% compounded semi-annually to purchase a camera....
A design studio received a loan of $9,650 at 4.60% compounded semi-annually to purchase a camera. If they settled the loan in 3 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? Round to the nearest cent b. What was the size of the interest portion on the first payment? Round to the nearest cent c. What was the balance of the loan at end of...
If money earns 6.36% compounded quarterly, what single payment in three years would be equivalent to a payment of $3,230 due two years ago, but not paid, and $800 today? Round to the nearest cent Next Question Question 3 of 4 Two payments of $17,000 and $2,600 are due in 1 year and 2 years, respectively. Calculate the two equal payments that would replace these payments, made in 3 months and in 4 years if money is worth 10.5% compounded...
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $719.75 at the end of every six months over ten years. If interest is 6.7% compounded monthly, what was the original loan balance? The original loan balance was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Question 4 Not yet answered Marked out of 1.00 A young photographer took out a loan of $6079 to buy a digital SLR camera and computing equipment. Payments were due to be made at the end of each month for 36 months, with interest charged at a rate of 7.1% p.a. compounded monthly. How much did he have to pay periodically? Flag question (Give your answer to the nearest cent, ignoring the dollar sign.) Answer: 194.301
Five years ago you took out a 5/1 adjustable rate mortgage and the five-year fixed rate period has just expired. The loan was originally for $302,000 with 360 payments at 4.3% APR, compounded monthly a. Now that you have made 60 payments, what is the remaining balance on the loan? b. If the interest rate increases by 1.1%, to 5.4% APR, compounded monthly, what will be your new payments? a. Now that you have made 60 payments, what is the...
Question 2 of 5 Shelby had a loan of $135,000 and made payments of $2,500 at the end of every month to settle it. If he received the loan at 2.52% compounded monthly, what was the balance on the loan at the end of three years? $52,202.55 Round to the nearest cent Next Question : cly Ply TY : 12 = 2.52 : 135.000 * 2500 PMI : 19157.37509139 P = 12x3 : 36 AMORT = 52.262.55
1. A construction company borrows $100,000 to purchase equipment with a promise to repay the loan with equal monthly payments over a 6-year period. a. Draw the cash flow diagram b. At an interest rate of 8% compounded monthly, what are the annual payments to pay off the loan in full?
Question 4 of 6 Helen's student loan of $23,000 at 4.62% compounded quarterly was amortized over 5 years with payments made at the end of every month. What was the principal balance on the loan after 3 years? Round to the nearest cent
Question 3 of 6 Tan Company purchased a large server for $40,500. The company paid 40.00% of the value as a down-payment and received a loan for the balance at 5.00% compounded monthly. The loan has a term of 3 years and Tan Company has to make month-end payments to settle the loan. a. What is the size of the month-end payments? $0.00 Round to the nearest cent b. What was the total amount paid to settle the loan? $0.00...
A design studio received a loan of $9,650 at 4.60% compounded semi-annually to purchase a camera. If they settled the loan in 3 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? Round to the nearest cent b. What was the size of the interest portion on the first payment? Round to the nearest cent c. What was the balance of the loan at end of...
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