Homework Answers
Hence, Number of months is 63.51 or 5.29 years (63.51/12)
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5. Jazlin wants to borrow $25,000. Her bank offers a 5.1% interest rate. She $450 a...
Assume a 360 day year. You borrow $450 from your bank for 3 months. The loan...
Assume a 360 day year.
You borrow $450 from your bank for 3 months. The loan agreement states that you must repay the loan at a rate of $150 per month plus interest. The interest rate for the loan is % above the prime interest rate. During the first month the prime rate is 45%, during the second month it is 5%, and during the third month it is 5%. What is the total amount of interest you pay on...
No Tree Too Tall, Inc. is planning to borrow $12,000 from the bank. The bank offers...
No Tree Too Tall, Inc. is planning to borrow $12,000 from the bank. The bank offers the choice of a 12 percent discount interest loan or a 10.19 percent add-on, one-year installment loan, payable in 4 equal quarterly payments. What is the effective rate of interest on the 10.19 percent add-on loan? a. 16.99% b. 9.50% c. 15.22% d. 22.05% e. 10.19%
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $5...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61.The amount she owes, the monthly payment and the interest rates appear in the table below: Loan Type Annual Percentage rate, APR Loan Amount Monthly Payment Current Debt) S12,000 $11,500 S 1,500 $25,000 Bank Card Auto Loan 18% 5.5% $243.85 $257.88 Department Store Card | 15%...
Wogharts Corp. is planning to borrow $12,000 for one year. a. What is the effective rate...
Wogharts Corp. is planning to borrow $12,000 for one year. a. What is the effective rate of interest if they borrow from a bank that offers an 11.75 percent discount interest loan? b. What is the effective rate of interest if they borrow from a bank that offers a 10.50 percent add-on, one-year installment loan, payable in 4 equal quarterly payments?
You deposit $25,000 in a bank, which offers an annual 5% compound interest rate. Which of...
You deposit $25,000 in a bank, which offers an annual 5% compound interest rate. Which of the following excel functions should you use to determine the amount of money if you decide to withdraw the money after 8 years? Click the answer you think is right FV(0.05,8,25000) FV(0.05,8,,25000) PMT(0.05,8,25000) PMT(0.05,8,25000)
se realizes the his loan Third Attes C6C 6. Claude wants to borrow $25,000 to purchase...
se realizes the his loan Third Attes C6C 6. Claude wants to borrow $25,000 to purchase a car. After looking at his monthly budget, he realize can afford to pay per month is $300. The bank is offering a 5.9% loan. What would the length of his be so that he can stay within his budget? A. 5 years B. 6 years C. 7 years D. 8 years E. 9 years tratar
Company X wants to borrow $10,000,000 floating for 5 years & company Y wants to borrow...
Company X wants to borrow $10,000,000 floating for 5 years & company Y wants to borrow $10,000,000 fixed for 5 years. Company X and Y fixed rate borrowing costs are 10% and 12% respectively Company X and Y floating rate borrowing costs are LIBOR and LIBOR plus 1.5% respectively A swap bank proposes the following interest only swap X will pay the swap bank annual payments on $10,000,000 with the coupon rate of LIBOR- 0.15%, in exchange the swap bank...
Company X wants to borrow $10,000,000 floating for 5 years & company Y wants to borrow...
Company X wants to borrow $10,000,000 floating for 5 years & company Y wants to borrow $10,000,000 fixed for 5 years. Company X and Y fixed rate borrowing costs are 10% and 12% respectively Company X and Y floating rate borrowing costs are LIBOR and LIBOR plus 1.5% respectively. A swap bank proposes the following interest only swap Y will pay the swap bank annual payments on $10,000,000 with a fixed rate of rate of 9.90%. In exchange the swap...
Company X wants to borrow $10,000,000 floating for 5 years; company Y wants to borrow $10,000,000...
Company X wants to borrow $10,000,000 floating for 5 years; company Y wants to borrow $10,000,000 fixed for 5 years. Their external borrowing opportunities are shown here: Fixed-Rate Borrowing Cost Floating-Rate Borrowing Cost LIBOR LIBOR + 1.5% Company X Company Y 10% 12% A swap bank proposes the following interest only swap: Y will pay the swap bank annual payments on $10,000,000 with a fixed rate of rate of 9.90 percent. In exchange the swap bank will pay to company...
Helen wants to buy a car which costs $50,000. She has saved $10,000 already. The bank...
Helen wants to buy a car which costs $50,000. She has saved $10,000 already. The bank offers a loan for 80% of the price of the car at 8% for 5 years with equal monthly payments. If Helen can only save $500 per month to pay the installments on the loan, can she afford to buy the car?
Assume a 360 day year.
You borrow $450 from your bank for 3 months. The loan agreement states that you must repay the loan at a rate of $150 per month plus interest. The interest rate for the loan is % above the prime interest rate. During the first month the prime rate is 45%, during the second month it is 5%, and during the third month it is 5%. What is the total amount of interest you pay on...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61.The amount she owes, the monthly payment and the interest rates appear in the table below: Loan Type Annual Percentage rate, APR Loan Amount Monthly Payment Current Debt) S12,000 $11,500 S 1,500 $25,000 Bank Card Auto Loan 18% 5.5% $243.85 $257.88 Department Store Card | 15%...
You deposit $25,000 in a bank, which offers an annual 5% compound interest rate. Which of the following excel functions should you use to determine the amount of money if you decide to withdraw the money after 8 years? Click the answer you think is right FV(0.05,8,25000) FV(0.05,8,,25000) PMT(0.05,8,25000) PMT(0.05,8,25000)
se realizes the his loan Third Attes C6C 6. Claude wants to borrow $25,000 to purchase a car. After looking at his monthly budget, he realize can afford to pay per month is $300. The bank is offering a 5.9% loan. What would the length of his be so that he can stay within his budget? A. 5 years B. 6 years C. 7 years D. 8 years E. 9 years tratar
Company X wants to borrow $10,000,000 floating for 5 years & company Y wants to borrow $10,000,000 fixed for 5 years. Company X and Y fixed rate borrowing costs are 10% and 12% respectively Company X and Y floating rate borrowing costs are LIBOR and LIBOR plus 1.5% respectively A swap bank proposes the following interest only swap X will pay the swap bank annual payments on $10,000,000 with the coupon rate of LIBOR- 0.15%, in exchange the swap bank...
Company X wants to borrow $10,000,000 floating for 5 years & company Y wants to borrow $10,000,000 fixed for 5 years. Company X and Y fixed rate borrowing costs are 10% and 12% respectively Company X and Y floating rate borrowing costs are LIBOR and LIBOR plus 1.5% respectively. A swap bank proposes the following interest only swap Y will pay the swap bank annual payments on $10,000,000 with a fixed rate of rate of 9.90%. In exchange the swap...
Company X wants to borrow $10,000,000 floating for 5 years; company Y wants to borrow $10,000,000 fixed for 5 years. Their external borrowing opportunities are shown here: Fixed-Rate Borrowing Cost Floating-Rate Borrowing Cost LIBOR LIBOR + 1.5% Company X Company Y 10% 12% A swap bank proposes the following interest only swap: Y will pay the swap bank annual payments on $10,000,000 with a fixed rate of rate of 9.90 percent. In exchange the swap bank will pay to company...
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