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1. 2. 3. If you lend $1,000 to a friend for 5 years at an interest...
1) Loan amortization and EAR You want to buy a car, and a local bank will lend you $10,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 11% with interest paid monthly. What will be the monthly loan payment? Round your answer to the nearest cent. $ What will be the loan's EAR? Round your answer to two decimal places. % 2) Effective rate of interest Find the interest rates...
You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized over 3 years (36 months), and the nominal interest rate would be 8%, with interest paid monthly. What is the monthly loan payment? Round your answer to the nearest cent.
Problem 5-10 (similar to (Solving for in compound interest) You lend a friend $5,000, for which your friend will repay you $22,000 at the end of 14 years. What interest rate are you charging your friend? The interest rate you are charging your friend is % (Round to two decimal places.)
1. A friend asks to borrow $57 from you and in return will pay you $60 in one year. If your bank is offering a 6% interest rate on deposits and loans: (a) How much (in $) would you have in one year if you deposited the $57 instead? (Round your answer to the nearest cent.) (b) How much money (in $) could you borrow today if you pay the bank $60 in one year? (Round your answer to the...
You are about to buy a house for $369,000. If you pay 16% down and borrow the rest at a 4.4% rate for 30 years, what will be your monthly payments? Round to the nearest cent.
You want to buy a car, and a local bank will lend you $30,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 4% with interest paid monthly. What will be the monthly loan payment? Do not round intermediate steps. Round your answer to the nearest cent. $ What will be the loan's EAR? Do not round intermediate steps. Round your answer to two decimal places. %
Loan amortization and EAR You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 12% with interest paid monthly. What will be the monthly loan payment? Round your answer to the nearest cent. What will be the loan's EAR? Round your answer to two decimal places.
Related to Checkpoint 5.6) (Solving for charging your "friend"? You lend a friend $10,000, for which your friend will repay you $27,027 a theend of 5 years. What interest rate are you The interest rate you are charging your friend on the loan is %. (Round to the nearest whole percent.)
5.08 You want to buy a car, and a local bank will lend you $30,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 10% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places. Monthly loan payment: $ EAR: %
you need $11,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 6 years, with the first payment to be made one year from today. He requires a 9% annual return. What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent. $ How much of your first payment will be applied to...