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(1). 2.3 To purchase a new truck it is necessary to borrow $30,000. The bank car...
To purchase a new truck, you borrow $30,000. The bank offers a 6-year loan at an...
To purchase a new truck, you borrow $30,000. The bank offers a 6-year loan at an interest rate of 3.25% compounded annually. If you make only one payment at the end of the loan period, repaying the principal and interest: a. What is the number of time periods (n) you should use in solving this problem? b. What rate of interest (i), per period of time, should be used in solving this problem? c. Is the present single amount of...
construction planning equipment and methods
To purchase a new truck it is necessary to borrow $18,550. The bank offers a 5-yr loan at an interest rate of 4:% compounded monthly. You will be making monthly payments on the loan. What is the total amount that must be paid back?a. What is the number of time periods (n) you should use in solving tqis problem? b. What rate of interest (i), per period of time, should be used in solving this problem? c. Is the present single amount...
2. What amount must be invested today at an annual interest rate of 47% if you...
2. What amount must be invested today at an annual interest rate of 47% if you want to purchase a $450,000 machine 4 yr. in the future? Answer the following: a. What is the number of time periods (n) you should use in solving this problem? (2 Pts) b. What rate of interest (i), per period of time, should be used in solving this problem? (2 Pts) c. Is the present single amount of money (P) known? (Yes, No) (2...
Assume that you want to borrow $800,000 in order to purchase a new car. As you...
Assume that you want to borrow $800,000 in order to purchase a new car. As you are a fresh graduate, you can only find one lender, Come-On Finance Limited, willing to grant you an auto loan. In fact, a friend of yours can also give you a helping hand. You are now comparing the following loans under different terms offered by the two parties. Loan 1: Borrow $800,000 from Come-On Finance as an add-on 4% simple interest loan, with quarterly...
When you borrow money to buy a house, a car, or for some other purpose, you...
When you borrow money to buy a house, a car, or for some other purpose, you repay the loan by making periodic payments over a certain period of time. Of course, the lending company will charge interest on the loan. Every periodic payment consists of the interest on the loan and the payment toward the principal amount. To be specific, suppose that you borrow $1,000 at an interest rate of 7.2% per year and the payments are monthly. Suppose that...
You borrow $500,000 to purchase a home. The bank charges an interest rate of 5.75 percent...
You borrow $500,000 to purchase a home. The bank charges an interest rate of 5.75 percent (APR) and the loan will be paid in equal monthly installments over 30 years. What is your monthly payment? What is the total interest paid over 30 years? How much interest is paid in the first payment? What is the effective interest rate (EAR) on the loan?
On July 1, 20x4, you borrow $4571743 from a bank. The bank requires that you repay...
On July 1, 20x4, you borrow $4571743 from a bank. The bank requires that you repay the loan as follows: each 6 months, one-tenth of the principal balance must be repaid plus interest. The interest rate on the loan is 6%. What is the interest expense for the year ended December 31, 20x4? Select one: Oa. $205728 Ob. $5216867 c. $274305 O d. $137152 Check
On 1/1/21, you purchase a used car for $5,000 with a 12% loan (note) payable monthly....
On 1/1/21, you purchase a used car for $5,000 with a 12% loan (note) payable monthly. Payments of principal and interest are made at the end of each month for the next three years. Required a. Compute the amount of your monthly payment. b. Create an effective interest amortization table in Excel for the entire life of the car loan payable using the following columns: payment number, payment date, beginning carrying value, effective interest rate, interest expense, cash paid (principal...
2-1 On a loan for $25,000 to purchase a new car, what are the monthly payments...
2-1 On a loan for $25,000 to purchase a new car, what are the monthly payments at an annual interest rate of 6% (0.5% per month) paid over four years? 2-2 You borrow $20,000 at an annual interest rate of 8%. You will pay the loan back in two equal payments at the end of year 1 and year 4. a. Calculate the amount to be paid each year using the factor tables b. Draw the fully labeled cash flow...
i would like someto check these answers and see if they are right or wrong. if...
i would like someto check these answers and see if they are
right or wrong. if wrong please help
250,000 Mortgage Calculator Mortgage Interest Rate Periods Per year 6 % Mortgage Type (Year) 10 o Payment per period $2,775.51 1 Total principal and interest $333,061.51 12 Total Interest Paid $83,061.51 1 5 $2,109.64 $379,735.57 $129,735.57 3 0 $1,498.88 $539,595.47 $289,595.47 13 15 Mortgage Calculator 1250000 5 Mortgage 6 Interest Rate 7 Periods Per year 10.06 9 Mortgage Type (Year) 10...
2. What amount must be invested today at an annual interest rate of 47% if you want to purchase a $450,000 machine 4 yr. in the future? Answer the following: a. What is the number of time periods (n) you should use in solving this problem? (2 Pts) b. What rate of interest (i), per period of time, should be used in solving this problem? (2 Pts) c. Is the present single amount of money (P) known? (Yes, No) (2...
Assume that you want to borrow $800,000 in order to purchase a new car. As you are a fresh graduate, you can only find one lender, Come-On Finance Limited, willing to grant you an auto loan. In fact, a friend of yours can also give you a helping hand. You are now comparing the following loans under different terms offered by the two parties. Loan 1: Borrow $800,000 from Come-On Finance as an add-on 4% simple interest loan, with quarterly...
On July 1, 20x4, you borrow $4571743 from a bank. The bank requires that you repay the loan as follows: each 6 months, one-tenth of the principal balance must be repaid plus interest. The interest rate on the loan is 6%. What is the interest expense for the year ended December 31, 20x4? Select one: Oa. $205728 Ob. $5216867 c. $274305 O d. $137152 Check
2-1 On a loan for $25,000 to purchase a new car, what are the monthly payments at an annual interest rate of 6% (0.5% per month) paid over four years? 2-2 You borrow $20,000 at an annual interest rate of 8%. You will pay the loan back in two equal payments at the end of year 1 and year 4. a. Calculate the amount to be paid each year using the factor tables b. Draw the fully labeled cash flow...
i would like someto check these answers and see if they are
right or wrong. if wrong please help
250,000 Mortgage Calculator Mortgage Interest Rate Periods Per year 6 % Mortgage Type (Year) 10 o Payment per period $2,775.51 1 Total principal and interest $333,061.51 12 Total Interest Paid $83,061.51 1 5 $2,109.64 $379,735.57 $129,735.57 3 0 $1,498.88 $539,595.47 $289,595.47 13 15 Mortgage Calculator 1250000 5 Mortgage 6 Interest Rate 7 Periods Per year 10.06 9 Mortgage Type (Year) 10...
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