If you borrow $8,300 with an interest rate of 6 percent, to be repaid in five...
If you borrow $8,300 with an interest rate of 6 percent, to be repaid in five equal yearly payments at the end of the next five years, what would be the amount of each payment? Use Exhibit 1-D. (Round time value factor to 3 decimal places and final answer to 2 decimal places.)
Homework Answers
rate positively ..
| Using financial calculator we can solve this problem | ||||||
| put in calculator - | ||||||
| PV | -8300 | |||||
| FV | 0 | |||||
| I | 6% | |||||
| N | 5 | |||||
| compute PMT | $1,970.39 | |||||
| therefore answer = | $1,970.39 | |||||
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If you borrow $8,300 with an interest rate of 6 percent, to be
repaid in five...
Problem 1-13 (L01.3) If you borrow $12,000 with an interest rate of 8 percent to be...
Problem 1-13 (L01.3) If you borrow $12,000 with an interest rate of 8 percent to be repaid in five equal payments at the end of the next 5 years, what would be the amount of each payment? Use Exhibit 1-D. (Round your PV factor to 3 decimal places and final answer to the nearest whole dollar.) Amount per payment
6 Saved Help Save & Exit Submit Check my work If you borrow $12,500 with an...
6 Saved Help Save & Exit Submit Check my work If you borrow $12,500 with an interest rate of 6 percent to be repaid in seven equal payments at the end of the next 7 years, what would be the amount of each payment? Use Exhibit 1.D. (Round your PVA factor to 3 decimal places and final answer to 2 decimal places.) Amount of each payment 67,366.123 < Prev 9 of 10 Next > 1406 29
6. You would like to borrow $10,000 at an interest rate of 8 percent per year...
6. You would like to borrow $10,000 at an interest rate of 8 percent per year for five years. You agree to make interest and principal payments totaling $2,401.49 at the end of each year. Prepare a loan amortization schedule for each of the five years, showing the beginning principal balance, the total payment of $2,401.49, the interest component of the payment, the principal component of the payment, and the ending principal balance. a. Fill in the blank spaces in...
33.33 A financial company advertises on television that they will pay you $75,000 now in exchange...
33.33 A financial company advertises on television that they will pay you $75,000 now in exchange for annual payments of $12,500 that you are expected to receive for a legal settlement over the next 12 years. You estimate the time value of money at 10 percent. Would you except this offer? 33.32 If a person spends $15 a week on coffee (assume $750 a year), what would be the future value of that amount over 9 years if the funds...
8. Prepare the loan amortization schedule ($15) You borrow $1,000, and the loan is to be repaid in three equal paym...
8. Prepare the loan amortization schedule ($15) You borrow $1,000, and the loan is to be repaid in three equal payments at the end of each of the next three years. The lender charges a 6 percent interest rate on the loan balance that is outstanding at the beginning of each year. 1) Calculate the payment the firm must repay each year. 2) Prepare the loan amortization schedule (fill all the numbers in each cell). Repayment of Remaining Principal Beginning...
8. Prepare the loan amortization schedule ($15) You borrow $1,000, and the loan is to be repaid in three equal paym...
8. Prepare the loan amortization schedule ($15) You borrow $1,000, and the loan is to be repaid in three equal payments at the end of each of the next three years. The lender charges a 6 percent interest rate on the loan balance that is outstanding at the beginning of each year. 1) Calculate the payment the firm must repay each year. 2) Prepare the loan amortization schedule (fill all the numbers in each cell). Beginning Amount Repayment of Principal...
To borrow $3,700, you are offered an add-on interest loan at 9.3 percent with 12 monthly...
To borrow $3,700, you are offered an add-on interest loan at 9.3 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer to 2 decimal places.) Equal payment Use the amount you borrowed and the monthly payments you computed to calculate the APR of the loan. Then, use that APR to compute the EAR of the loan. (Do not round intermediate calculations and round your final answer to 2 decimal places.) EAR %
You borrow a $324355 add-on interest loan from the credit union and will repay in equal...
You borrow a $324355 add-on interest loan from the credit union and will repay in equal installments over 10 years. The nominal rate of interest is 4.19 %. Assuming quarterly repayment and simple rate of interest, obtain the equal quarterly payments Round your final answer to two decimal places. D Question 2 1.5 pts Mr. Anthony Banderus obtained a bullet loan of $170373 at a nominal rate of interest of 5.78 percent for 4 years. If repayment is scheduled at...
(b) The future value of $1,200 saved each year for 10 years at 6 percent. (Round...
(b) The future value of $1,200 saved each year for 10 years at 6 percent. (Round time value factor to 3 decimal places and final answer to 2 decimal places.) Future value (c) The amount a person would have to deposit today (present value) at an Interest rate of 6 percent to have $1,200 five years from now. (Round time value factor to 3 decimal places and final answer to 2 decimal places.) Present value (d) The amount a person...
In an attempt to have funds for a down payment, Jan Carlson plans to save $3,300...
In an attempt to have funds for a down payment, Jan Carlson plans to save $3,300 a year for the next five years. With an interest rate of 8 percent, what amount will Jan have available for a down payment after the five years? Use Exhibit 1-B. (Round time value factor to 3 decimal places and final answer to 2 decimal places.) Down payment 10
Problem 1-13 (L01.3) If you borrow $12,000 with an interest rate of 8 percent to be repaid in five equal payments at the end of the next 5 years, what would be the amount of each payment? Use Exhibit 1-D. (Round your PV factor to 3 decimal places and final answer to the nearest whole dollar.) Amount per payment
6 Saved Help Save & Exit Submit Check my work If you borrow $12,500 with an interest rate of 6 percent to be repaid in seven equal payments at the end of the next 7 years, what would be the amount of each payment? Use Exhibit 1.D. (Round your PVA factor to 3 decimal places and final answer to 2 decimal places.) Amount of each payment 67,366.123 < Prev 9 of 10 Next > 1406 29
8. Prepare the loan amortization schedule ($15) You borrow $1,000, and the loan is to be repaid in three equal payments at the end of each of the next three years. The lender charges a 6 percent interest rate on the loan balance that is outstanding at the beginning of each year. 1) Calculate the payment the firm must repay each year. 2) Prepare the loan amortization schedule (fill all the numbers in each cell). Repayment of Remaining Principal Beginning...
8. Prepare the loan amortization schedule ($15) You borrow $1,000, and the loan is to be repaid in three equal payments at the end of each of the next three years. The lender charges a 6 percent interest rate on the loan balance that is outstanding at the beginning of each year. 1) Calculate the payment the firm must repay each year. 2) Prepare the loan amortization schedule (fill all the numbers in each cell). Beginning Amount Repayment of Principal...
To borrow $3,700, you are offered an add-on interest loan at 9.3 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer to 2 decimal places.) Equal payment Use the amount you borrowed and the monthly payments you computed to calculate the APR of the loan. Then, use that APR to compute the EAR of the loan. (Do not round intermediate calculations and round your final answer to 2 decimal places.) EAR %
You borrow a $324355 add-on interest loan from the credit union and will repay in equal installments over 10 years. The nominal rate of interest is 4.19 %. Assuming quarterly repayment and simple rate of interest, obtain the equal quarterly payments Round your final answer to two decimal places. D Question 2 1.5 pts Mr. Anthony Banderus obtained a bullet loan of $170373 at a nominal rate of interest of 5.78 percent for 4 years. If repayment is scheduled at...
(b) The future value of $1,200 saved each year for 10 years at 6 percent. (Round time value factor to 3 decimal places and final answer to 2 decimal places.) Future value (c) The amount a person would have to deposit today (present value) at an Interest rate of 6 percent to have $1,200 five years from now. (Round time value factor to 3 decimal places and final answer to 2 decimal places.) Present value (d) The amount a person...
In an attempt to have funds for a down payment, Jan Carlson plans to save $3,300 a year for the next five years. With an interest rate of 8 percent, what amount will Jan have available for a down payment after the five years? Use Exhibit 1-B. (Round time value factor to 3 decimal places and final answer to 2 decimal places.) Down payment 10
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