Homework Answers
| Monthly payment | $380.68 | (20000/52.53735) | |||||
| Single payment after 20th payment | $15,689.66 | ||||||
*Kindly acknowledge that rounding off criteria was not given in the question. Hence, I've not rounded of any intermediary calculations. Hence, my final answers are subject to rounding of error. If you know the rounding of criteria please let me know I'll edit the solution accordingly.
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Bob Pearson borrowed $20000 from a bank at an interest rate of 11% compounded monthly. The...
Bob Pearson borrowed $24000 from a bank at an interest rate of 9% compounded monthly. The...
Bob Pearson borrowed $24000 from a bank at an interest rate of 9% compounded monthly. The loan will be repaid in 72 equal monthly installments over 6 years. What is his monthly payment amount? Immediately after his 20th payment, Bob desires to pay off the remainder of the loan in a single payment. What is this remaining balance? Monthly Payment =$ Single payment for remaining Balance after 20th payment = $ Last saved at 10:20:17
Name: SID: nment 5 Barbara borrowed $12 000.00 from the bank at 9% compounded monthly. The...
Name: SID: nment 5 Barbara borrowed $12 000.00 from the bank at 9% compounded monthly. The loan is amortized with end-of-month payments over five years. a) Calculate the interest included in the 20th payment. b) Calculate the principal repaid in the 36th payment. c) Construct a partial amortization schedule showing the details of the first two payments, the 20th payment, the 36th payment, and the last two payments. d) Calculate the totals of amount paid, interest paid, and the principal...
please answer all the questions Question 2 Not yet answered Marked out of 7.00 P Flag...
please answer all the questions
Question 2 Not yet answered Marked out of 7.00 P Flag question Sam Salvetti is planning to retire in 15 years. Money can be deposited at 10% compounded quarterly. What quarterly deposit must be made at the end of each quarter until Sam retires so that he can make a withdrawal of $4200 semiannually over the first five years of his retirement? Assume that his first withdrawal occurs at the end of six months after...
An amount of $15,000 is borrowed from the bank at an annual interest rate 12% h...
An amount of $15,000 is borrowed from the bank at an annual interest rate 12% h Calculate the repavment amounts if the loan ($15 000) will be repaid in two equal installments of $7.500 each, paid at the end of second and fourth years respectively. Interest will be paid each year Click the icon to view the interest and annuity table for discrete compounding when i- 12%% per year . a. The equal end-of-year payments required to pay off the...
44 of 9% compounded monthly. He agreed to pay the loan in 60 equal monthly installments....
44 of 9% compounded monthly. He agreed to pay the loan in 60 equal monthly installments. Right after the 24th payment, John wishes to pay off the remainder of the loan in a lump sum amount. What is the payment size? A. $ 7,473 John secured a home improvement loan in the amount of $ 10,000 from a local bank at an interest rate B. $ 6,000 C. $ 6,528 D.$7.710 Detem
Q1 Mr. Smith borrowed $189,500 at 3.75% per year compounded monthly. Loan is for 20 years....
Q1 Mr. Smith borrowed $189,500 at 3.75% per year compounded monthly. Loan is for 20 years. Compute the monthly payment. Q2 For the same loan in Q1, compute how many months it will take to pay the loan off, if Mr. Smith pays $100 extra to the monthly amount you computed earlier Q3. For the same loan and payment you computed in Q1, compute the amount Mr. Smith owes to the bank immediately after the 89th monthly payment. Q4. Follow...
Please provide the answer showing all steps. Suppose you borrowed $10,000 at an interest rate of...
Please provide the answer showing all steps.
Suppose you borrowed $10,000 at an interest rate of 12%, compounded monthly over 36 months. At the end of the first year (after 12 payments), you want to negotiate with the bank to pay off the remainder of the loan in 8 equal quarterly payments. What is the amount of this quarterly payment, if the interest rate and compounding frequency remain the same?
James King bought a house three years ago that cost $750,000. James put up 20% deposit and borrowed the rest from FC Bank at a rate of 7.2% per annum, compounded monthly, for 10 years. Three months ag...
James King bought a house three years ago that cost $750,000. James put up 20% deposit and borrowed the rest from FC Bank at a rate of 7.2% per annum, compounded monthly, for 10 years. Three months ago, FC Bank notified James that after the last monthly payment for the third year, the interest rate on his loan will increase to 9.6% per annum, compounded monthly, in line with market rates. Also, from the fourth year of his loan James...
how to solve this problem in details (20 points) You applied at Byblos Bank for a...
how to solve this problem in details
(20 points) You applied at Byblos Bank for a loan of $400,000 to buy a new home. The loan committee at the bank approved your request and decided to charge you an annual interest rate of 12 percent compounded monthly. The loan will be repaid in monthly installments for 30 years. Determine the value of each monthly payment. b. Determine the beginning balance, interest charges, fraction of the principal paid, and ending balance...
14. United Sales Association (USA) recently borrowed $25,000 from its bank at a simple interest rate...
14. United Sales Association (USA) recently borrowed $25,000 from its bank at a simple interest rate of 11 percent. The loan is for one year, and the loan agreement calls for the interest to be added to the amount borrowed and the total amount to be repaid in monthly installments. (a) What are the loan’s monthly payments? (b) Compute the loan’s APR and, rEAR.
Bob Pearson borrowed $24000 from a bank at an interest rate of 9% compounded monthly. The loan will be repaid in 72 equal monthly installments over 6 years. What is his monthly payment amount? Immediately after his 20th payment, Bob desires to pay off the remainder of the loan in a single payment. What is this remaining balance? Monthly Payment =$ Single payment for remaining Balance after 20th payment = $ Last saved at 10:20:17
Name: SID: nment 5 Barbara borrowed $12 000.00 from the bank at 9% compounded monthly. The loan is amortized with end-of-month payments over five years. a) Calculate the interest included in the 20th payment. b) Calculate the principal repaid in the 36th payment. c) Construct a partial amortization schedule showing the details of the first two payments, the 20th payment, the 36th payment, and the last two payments. d) Calculate the totals of amount paid, interest paid, and the principal...
please answer all the questions
Question 2 Not yet answered Marked out of 7.00 P Flag question Sam Salvetti is planning to retire in 15 years. Money can be deposited at 10% compounded quarterly. What quarterly deposit must be made at the end of each quarter until Sam retires so that he can make a withdrawal of $4200 semiannually over the first five years of his retirement? Assume that his first withdrawal occurs at the end of six months after...
An amount of $15,000 is borrowed from the bank at an annual interest rate 12% h Calculate the repavment amounts if the loan ($15 000) will be repaid in two equal installments of $7.500 each, paid at the end of second and fourth years respectively. Interest will be paid each year Click the icon to view the interest and annuity table for discrete compounding when i- 12%% per year . a. The equal end-of-year payments required to pay off the...
44 of 9% compounded monthly. He agreed to pay the loan in 60 equal monthly installments. Right after the 24th payment, John wishes to pay off the remainder of the loan in a lump sum amount. What is the payment size? A. $ 7,473 John secured a home improvement loan in the amount of $ 10,000 from a local bank at an interest rate B. $ 6,000 C. $ 6,528 D.$7.710 Detem
Q1 Mr. Smith borrowed $189,500 at 3.75% per year compounded monthly. Loan is for 20 years. Compute the monthly payment. Q2 For the same loan in Q1, compute how many months it will take to pay the loan off, if Mr. Smith pays $100 extra to the monthly amount you computed earlier Q3. For the same loan and payment you computed in Q1, compute the amount Mr. Smith owes to the bank immediately after the 89th monthly payment. Q4. Follow...
Please provide the answer showing all steps.
Suppose you borrowed $10,000 at an interest rate of 12%, compounded monthly over 36 months. At the end of the first year (after 12 payments), you want to negotiate with the bank to pay off the remainder of the loan in 8 equal quarterly payments. What is the amount of this quarterly payment, if the interest rate and compounding frequency remain the same?
how to solve this problem in details
(20 points) You applied at Byblos Bank for a loan of $400,000 to buy a new home. The loan committee at the bank approved your request and decided to charge you an annual interest rate of 12 percent compounded monthly. The loan will be repaid in monthly installments for 30 years. Determine the value of each monthly payment. b. Determine the beginning balance, interest charges, fraction of the principal paid, and ending balance...
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