A lease of $9,200 had to be repaid with payments of $375 at the beginning of...
A lease of $9,200 had to be repaid with payments of $375 at the beginning of every quarter. The interest rate charged was 5.00% compounded quarterly.
How many payments are required to repay the debt?
What is the size of the final payment?
Homework Answers
Please refer to below spreadsheet for calculation and answer. Cell reference also provided.
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A lease of $9,200 had to be repaid with payments of $375
at the beginning of...
2. a) b) The value of a 8 year lease that requires payments of $850 made...
2.
a)
b)
The value of a 8 year lease that requires payments of $850 made at the beginning of every quarter is $25,000. What is the nominal interest rate compounded quarterly? % Round to two decimal places How much did Mitchell deposit every month in his savings account if he had $11,000 after 12 month-end deposits? The money in his savings account was growing at 2.12% compounded monthly. Round to the nearest cent
all the information are provided 2) A debt of $32 000 is repaid by payments of...
all the information are provided
2) A debt of $32 000 is repaid by payments of $2950 made at the end of every six months. Interest is 8.28% compounded quarterly. a. What is the number of payments needed to retire the debt? b. What is the cost of the debt for the first five years? c. What is the interest paid in the 10th payment period? d. Construct a partial amortization schedule showing details of the first five payments.
Question 4 The value of a 7 year lease that requires payments of $750 made at...
Question 4
The value of a 7 year lease that requires payments of $750 made at the beginning of every month is $60,800. What is the nominal interest rate compounded monthly? % Round to two decimal places You invested $8,500 at the end of each quarter for 6 years in an investment fund. At the end of year 6, if the balance in the fund was $224,000, what was the nominal interest rate compounded quarterly? Round to two decimal places
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after seven years. Interest is 9% compounded monthly for the first two years, 10% compounded quarterly for the next two years, and 10% compounded semi-annually thereafter. What is the size of the final payment? The final payment is $ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after...
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after six years. Interest is 5% compounded quarterly for the first two years, 6% compounded monthly for the next two years, and 6% compounded semi-annually thereafter. What is the size of the final payment? The final payment is $ 1. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places...
2. You take out a home loan of $500 000, which will be repaid in 40 level payments at the end of each six-month period,...
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The lease agreement specified quarterly payments of $3,500 beginning September 30, 2021, the beginning of the...
The lease agreement specified quarterly payments of $3,500 beginning September 30, 2021, the beginning of the lease, and each quarter (December 31, March 31, and June 30) through June 30, 2024 (three-year lease term). The florist had the option to purchase the truck on September 29, 2023, for $7,000 when it was expected to have a residual value of $16,000. The estimated useful life of the truck is four years. Mid-South Auto Leasing's quarterly interest rate for determining payments was...
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A $92,000 mortgage is to be repaid over a ten-year period by monthly payments rounded up...
A $92,000 mortgage is to be repaid over a ten-year period by monthly payments rounded up to the next-higher $100. Interest is 4.6% compounded semi-annually. (a) Determine the number of rounded payments required to repay the mortgage. (b) Determine the size of the last payment. (c) Calculate the amount of interest saved by rounding the payment up to the next higher $100 versus rounding the payment to the nearest cent.
A finance lease agreement calls for quarterly lease payments of $5,519 over a 10-year lease term,...
A finance lease agreement calls for quarterly lease payments of $5,519 over a 10-year lease term, with the first payment on July 1, the beginning of the lease. The annual interest rate is 8%. Both the present value of the lease payments and the cost of the asset to the lessor are $154,000. Required: a. Prepare a partial amortization table up to the October 1 payment. b. What would be the amount of interest expense (revenue) the lessee (lessor) would...
2.
a)
b)
The value of a 8 year lease that requires payments of $850 made at the beginning of every quarter is $25,000. What is the nominal interest rate compounded quarterly? % Round to two decimal places How much did Mitchell deposit every month in his savings account if he had $11,000 after 12 month-end deposits? The money in his savings account was growing at 2.12% compounded monthly. Round to the nearest cent
all the information are provided
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Question 4
The value of a 7 year lease that requires payments of $750 made at the beginning of every month is $60,800. What is the nominal interest rate compounded monthly? % Round to two decimal places You invested $8,500 at the end of each quarter for 6 years in an investment fund. At the end of year 6, if the balance in the fund was $224,000, what was the nominal interest rate compounded quarterly? Round to two decimal places
A demand loan of $8000.00 is repaid by payments of $4000.00 after two years, $4000.00 after four years, and a final payment after seven years. Interest is 9% compounded monthly for the first two years, 10% compounded quarterly for the next two years, and 10% compounded semi-annually thereafter. What is the size of the final payment? The final payment is $ . (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places...
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2. You take out a home loan of $500 000, which will be repaid in 40 level payments at the end of each six-month period, starting in six months. The annual interest rate is 5% (a) Compute the size of the repayments if interest is compounded every six months. (b) Suppose instead that interest is compounded monthly but repay- ments are still made every six months. Determine the equivalent annual interest rate for payments made every six months and find...
The lease agreement specified quarterly payments of $3,500 beginning September 30, 2021, the beginning of the lease, and each quarter (December 31, March 31, and June 30) through June 30, 2024 (three-year lease term). The florist had the option to purchase the truck on September 29, 2023, for $7,000 when it was expected to have a residual value of $16,000. The estimated useful life of the truck is four years. Mid-South Auto Leasing's quarterly interest rate for determining payments was...
1. You won $100 000 in a lottery and you want to set some of that sum aside for 10 years. After 10 years, you would like to receive $2400 at the end of every 3 months for 8 years. How much of your winnings must you set aside if interest is 5.5% compounded quarterly? 2. A sum of money is deposited at the end of every month for 10 years at 7.5% compounded monthly. After the last deposit, interest...
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