Homework Answers
The monthly deposit is computed as shown below:
Simply plug the following figures in the financial calculator as shown below:
FV = 11,000
N = 4 x 12
= 48
I / Y = 8 / 12
= 0.666666667
PV = 0
Finally press CPT PMT, which will give payment equal to
= $ 195.21 Approximately
Feel free to ask in case of any query relating to this question
Add Answer to:
9. + 0/7.14 points Previous Answers TanFin11 5.3.026. My Not Jessica wants to accumulate $11,000 by...
Jessica wants to accumulate $10,000 by the end of 6 years in a special bank account,...
Jessica wants to accumulate $10,000 by the end of 6 years in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month over the 6-year period. If the bank pays interest at the rate of 6% per year compounded monthly, how much does she have to deposit each month into her account? (Round your answer to the...
1. What monthly payment is required to amortize a loan of $50,000 over 14 years if...
1. What monthly payment is required to amortize a loan of $50,000 over 14 years if interest at the rate of 6%/year is charged on the unpaid balance and interest calculations are made at the end of each month? (Round your answer to the nearest cent.) $ 2. The Flemings secured a bank loan of $368,000 to help finance the purchase of a house. The bank charges interest at a rate of 3%/year on the unpaid balance, and interest computations...
The price of a new car is $28,000. Assume that an individual makes a down payment...
The price of a new car is $28,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 10%/year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 48 mo? Over a period of 72 mo? 48 mo s 72 mo s (b) What will...
-/7.14 points 12. TanFin11 5.3.032. My Not Joe secured a loan of $13,000 five years ago...
-/7.14 points 12. TanFin11 5.3.032. My Not Joe secured a loan of $13,000 five years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 3%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 11 years at the same interest rate. Find the size of the monthly payments he will be required to mak (Round...
Need Help 13. + 4.05/7.14 points Previous Answers TanFin11 5.3.040. My Notes Paula is considering the...
Need Help
13. + 4.05/7.14 points Previous Answers TanFin11 5.3.040. My Notes Paula is considering the purchase of a new car. She has narrowed her search to two cars that are equally appealing to her. Car A costs $26,000, and Car B costs $26,400. The manufacturer of Car A is offering 0% financing for 48 months with zero down, while the manufacturer of Car B is offering a rebate of $2000 at the time of purchase plus financing at the...
4. [0/4 Points] DETAILS PREVIOUS ANSWERS Frad wants to take out a loan. Suppose he can...
4. [0/4 Points] DETAILS PREVIOUS ANSWERS Frad wants to take out a loan. Suppose he can afford to make monthly payments of 600 dollars and the bank charges interest at an annual rate of 6 percent, compounded monthly What is the maximum amount that Fred could afford to borrow if the loan is to be paid off eventually? (Give your answer, in dollars, correct to the nearest dollar) amount he can borrow = [0/4 Points) DETAILS PREVIOUS ANSWERS Derek wants...
Andrea, a self-employed individual, wishes to accumulate a retirement fund of $350,000. How much should she...
Andrea, a self-employed individual, wishes to accumulate a retirement fund of $350,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 2.5%/year compounded monthly, to reach her goal upon retirement 35 years from now? (Round your answer to the nearest cent.)
Andrea, a self-employed individual, wishes to accumulate a retirement fund of $650,000. How much should she...
Andrea, a self-employed individual, wishes to accumulate a retirement fund of $650,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 2.5%/year compounded monthly, to reach her goal upon retirement 25 years from now? (Round your answer to the nearest cent.) $
1. Andrea, a self-employed individual, wishes to accumulate a retirement fund of $250,000. How much should...
1. Andrea, a self-employed individual, wishes to accumulate a retirement fund of $250,000. How much should she deposit each month into her retirement account, which pays interest at a rate of 2.5%/year compounded monthly, to reach her goal upon retirement 35 years from now? (Round your answer to the nearest cent.) 2. Joe secured a loan of $13,000 five years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 3%/year compounded...
+-/3 points TanFin11 5.3.038. My Notes Darla purchased a new car during a special sales promotion by the manufacturer....
+-/3 points TanFin11 5.3.038. My Notes Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $17,000 at a rate of 4.1%/year compounded monthly. Her bank is now charging 6.8%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 years for each loan....
The price of a new car is $28,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 10%/year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 48 mo? Over a period of 72 mo? 48 mo s 72 mo s (b) What will...
-/7.14 points 12. TanFin11 5.3.032. My Not Joe secured a loan of $13,000 five years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 3%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 11 years at the same interest rate. Find the size of the monthly payments he will be required to mak (Round...
Need Help
13. + 4.05/7.14 points Previous Answers TanFin11 5.3.040. My Notes Paula is considering the purchase of a new car. She has narrowed her search to two cars that are equally appealing to her. Car A costs $26,000, and Car B costs $26,400. The manufacturer of Car A is offering 0% financing for 48 months with zero down, while the manufacturer of Car B is offering a rebate of $2000 at the time of purchase plus financing at the...
4. [0/4 Points] DETAILS PREVIOUS ANSWERS Frad wants to take out a loan. Suppose he can afford to make monthly payments of 600 dollars and the bank charges interest at an annual rate of 6 percent, compounded monthly What is the maximum amount that Fred could afford to borrow if the loan is to be paid off eventually? (Give your answer, in dollars, correct to the nearest dollar) amount he can borrow = [0/4 Points) DETAILS PREVIOUS ANSWERS Derek wants...
+-/3 points TanFin11 5.3.038. My Notes Darla purchased a new car during a special sales promotion by the manufacturer. She secured a loan from the manufacturer in the amount of $17,000 at a rate of 4.1%/year compounded monthly. Her bank is now charging 6.8%/year compounded monthly for new car loans. Assuming that each loan would be amortized by 36 equal monthly installments, determine the amount of interest she would have paid at the end of 3 years for each loan....
Most questions answered within 3 hours.
-
3) What are the typical social structures in a global city?
asked 1 hour ago -
Luther Corporation
Consolidated Balance Sheet
December 31, 2019 and 2018 (in $ millions)
Assets
2019
2018...
asked 1 hour ago -
(Expected rate of return and risk) Carter Inc. is evaluating a
security. Calculate the investment’s expected...
asked 4 hours ago -
What specific indicators can point to lack of progress for
African Americans in American society?
asked 5 hours ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 5 hours ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 6 hours ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 7 hours ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 7 hours ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 8 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 8 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 8 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 9 hours ago