Homework Answers
To solve this, we need to use the N or NPER function of any financial calculator or Excel as shown below:
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section/7473/assignment/14090 Manded Question 9 of 13 Lush Gardens bought a new truck for $74,000. It paid...
Question 11 of 13 Lush Gardens bought a new truck for $85,000. It paid $10,000 as...
Question 11 of 13 Lush Gardens bought a new truck for $85,000. It paid $10,000 as a down payment and financed the balance at 4.50% compounded monthly. If the company makes payments of $1,650 at the end of every month, how long will it take to pay off the loan? year(s) + month(s) Round up to the next payment period. Give your answer in years and months.
Lush Gardens bought a new truck for $73,000. It paid $8,000 as a down payment and...
Lush Gardens bought a new truck for $73,000. It paid $8,000 as a down payment and financed the balance at 5.00% compounded monthly. If the company makes payments of $1,625 at the end of every month, how long will it take to pay off the loan?
MATHEMATICS OF BUSINESS AND FINANCE (a) Lush Gardens Co. bought a new truck for $60,000. It...
MATHEMATICS OF BUSINESS AND FINANCE (a) Lush Gardens Co. bought a new truck for $60,000. It paid $6,000 of this amount as a down payment and financed the balance at 5.19% compounded semi-annually. If the company makes payments of $2,200 at the end of every month, how long will it take to settle the loan?(IN YEARS, MONTHS) (b) Evan deposits $800 at the end of every 3 months in an RRSP that is earning 5.10% compounded semi-annually. For the RRSP...
3. a) b) You plan to save money for a down payment of $42,000 to purchase...
3.
a)
b)
You plan to save money for a down payment of $42,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter int an account that earns interest at 4.50% compounded annually. How long wil it take you to save the planned amount? months O years Express the answer in years and months, rounded to the next payment period Lush Gardens Co. bought a new truck for $54,000. It paid $4,860...
3. Silver Sun Aviation just bought a new food truck. To pay for the food truck,...
3. Silver Sun Aviation just bought a new food truck. To pay for the food truck, the company took out a loan that requires Silver Sun Aviation to pay the bank a special payment of 3,160 dollars in 3 month(s) and also pay the bank regular payments of 3,980 dollars each month forever. The interest rate on the loan is 1.46 percent per month and the first monthly payment of 3,980 dollars will be paid in 1 month. What was...
How much will be your payment if you were planning to buy a house for $175,000...
How much will be your payment if you were planning to buy a house for $175,000 with 10% down if a bank was willing to give you a 30-year loan at 4.5% interest per year compounded monthly? Payments are to be made at the end of each month. $589 $645 $798 $867 16.67 points QUESTION 2 Say you bought a house for $195,000 with 10% down, and financed it from a bank for a 30-year term at 5.00% interest...
/section/7473/assignment/14090 Mandeep Question 7 of 13 If an account that pays intertest at 9.0% compounded semi-annually,...
/section/7473/assignment/14090 Mandeep Question 7 of 13 If an account that pays intertest at 9.0% compounded semi-annually, how much should you deposit today to pay yourself $1,200 every six months for 9 years if the first withdraw is deferred for 2 years and six months Round to the nearest cent Next Question
Question 8 (of 10) value: 1.00 points On September 1. 2013, Susan Chao bought a motorcycle...
Question 8 (of 10) value: 1.00 points On September 1. 2013, Susan Chao bought a motorcycle for $40,000. She paid S1,100 down and financed the balance with a five-year loan at an APR of 8.2 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (ie., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a...
Penny bought a new truck today from Middlefield Motors. She will receive a cash rebate of...
Penny bought a new truck today from Middlefield Motors. She will receive a cash rebate of 4,100 dollars from Middlefield Motors today, pay 27,600 dollars to Middlefield Motors in 1 year(s), receive a cash rebate of 5,500 dollars from Middlefield Motors in 4 year(s), and pay 25,600 dollars to Middlefield Motors in 7 year(s). If the discount rate is 12.39 percent, then what is the present value of the cash flows associated with this transaction? Note: the correct answer is...
A) Penny bought a new truck today from Middlefield Motors. She will receive a cash rebate...
A) Penny bought a new truck today from Middlefield Motors. She will receive a cash rebate of 3,500 dollars from Middlefield Motors today, pay 23,700 dollars to Middlefield Motors in 1 year(s), receive a cash rebate of 8,800 dollars from Middlefield Motors in 2 year(s), and pay 25,100 dollars to Middlefield Motors in 9 year(s). If the discount rate is 8.67 percent, then what is the present value of the cash flows associated with this transaction? Note: the correct answer...
Question 11 of 13 Lush Gardens bought a new truck for $85,000. It paid $10,000 as a down payment and financed the balance at 4.50% compounded monthly. If the company makes payments of $1,650 at the end of every month, how long will it take to pay off the loan? year(s) + month(s) Round up to the next payment period. Give your answer in years and months.
Lush Gardens bought a new truck for $73,000. It paid $8,000 as a down payment and financed the balance at 5.00% compounded monthly. If the company makes payments of $1,625 at the end of every month, how long will it take to pay off the loan?
3.
a)
b)
You plan to save money for a down payment of $42,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter int an account that earns interest at 4.50% compounded annually. How long wil it take you to save the planned amount? months O years Express the answer in years and months, rounded to the next payment period Lush Gardens Co. bought a new truck for $54,000. It paid $4,860...
/section/7473/assignment/14090 Mandeep Question 7 of 13 If an account that pays intertest at 9.0% compounded semi-annually, how much should you deposit today to pay yourself $1,200 every six months for 9 years if the first withdraw is deferred for 2 years and six months Round to the nearest cent Next Question
Question 8 (of 10) value: 1.00 points On September 1. 2013, Susan Chao bought a motorcycle for $40,000. She paid S1,100 down and financed the balance with a five-year loan at an APR of 8.2 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (ie., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a...
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