Homework Answers
![Loan amount to be amortised = $15,101.02 [ 13,0001.0025460] Monthly payment = pmt = Loan = [(1-(1/(1+r^n)))/r] 15,101.02 = [(](http://img.homeworklib.com/questions/493b51e0-77ba-11ea-9332-09ddc6046128.png?x-oss-process=image/resize,w_560)
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-/7.14 points 12. TanFin11 5.3.032. My Not Joe secured a loan of $13,000 five years ago...
Joe secured a loan of $12,000 two years ago from a bank for use toward his...
Joe secured a loan of $12,000 two years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 5%/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 15 years at the same interest rate. Find the size of the monthly payments he will be required to make. (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...
14. # -/7.18 points TanFin11 5.3.048. My Notes Five years ago, Diane secured a bank loan...
14. # -/7.18 points TanFin11 5.3.048. My Notes Five years ago, Diane secured a bank loan of $340,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 years, and the interest rate was 6%/year compounded monthly on the unpaid balance. Because the interest rate for a conventional 30-year home mortgage has now dropped to 2.5%/year compounded monthly, Diane is thinking of refinancing her property. (Round your answers to...
6. + -17.14 points TanFin11 5.3.022. My Notes The Flemings secured a bank loan of $368,000...
6. + -17.14 points TanFin11 5.3.022. My Notes 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 are made at the end of each month. The Flemings have agreed to repay the loan in equal monthly installments over 25 years. What should be the size of each repayment if the loan is to be amortized at the...
The management of Gibraltar Brokerage Services anticipates a capital expenditure of $20,000 in 3 yr for...
The management of Gibraltar Brokerage Services anticipates a capital expenditure of $20,000 in 3 yr for the purpose of purchasing new computers and has decided to set up a sinking fund to finance this purchase. If the fund earns interest at the rate of 10%/year compounded quarterly, determine the size of each (equal) quarterly installment that should be deposited in the fund. (Round your answer to the nearest cent.) $ Need Help? Read it Tato Tuter 11. [-/0.1 Points) DETAILS...
Five years ago, Diane secured a bank loan of $310,000 to help finance the purchase of...
Five years ago, Diane secured a bank loan of $310,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 25 yr, and the interest rate was 6%/year compounded monthly on the unpaid balance. Because the interest rate for a conventional 25-yr home mortgage has now dropped to 4%/year compounded monthly, Diane is thinking of refinancing her property. How much less would Diane's monthly mortgage payment be if she refinances?...
Five years ago, Diane secured a bank loan of $380,000 to help finance the purchase of...
Five years ago, Diane secured a bank loan of $380,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 years, and the interest rate was 10% per year compounded monthly on the unpaid balance. Because the interest rate for a conventional 30-year home mortgage has now dropped to 7% per year compounded monthly, Diane is thinking of refinancing her property. (Round your answers to the nearest cent.) (A)...
Five years ago, Marcus bought a house. He secured a mortgage from his bank for $2,000,000...
Five years ago, Marcus bought a house. He secured a mortgage from his bank for $2,000,000 . The mortgage had monthly payments for 20 years with an interest rate of 6.0% compounded monthly. However, after five years, it is time to renegotiate the mortgage. Interest rates have fallen to 4.5% compounded monthly, and Marcus still intends to make monthly payments and to pay back the debt over the remaining 15 years. a) How much were Marcus' initial monthly payments? (1...
9. + 0/7.14 points Previous Answers TanFin11 5.3.026. My Not Jessica wants to accumulate $11,000 by...
9. + 0/7.14 points Previous Answers TanFin11 5.3.026. My Not Jessica wants to accumulate $11,000 by the end of 4 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 4-year period. If the bank pays interest at the rate of 8% per year compounded monthly, how much does she have to deposit...
Five years ago, Marcus bought a house. He secured a mortgage from his bank for $420,000...
Five years ago, Marcus bought a house. He secured a mortgage from his bank for $420,000 . The mortgage had monthly payments for 20 years with an interest rate of 6.0% compounded monthly. However, after five years, it is time to renegotiate the mortgage. Interest rates have fallen to 4.5% compounded monthly, and Marcus still intends to make monthly payments and to pay back the debt over the remaining 15 years. Please provide rough work. a) How much were Marcus'...
14. # -/7.18 points TanFin11 5.3.048. My Notes Five years ago, Diane secured a bank loan of $340,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 30 years, and the interest rate was 6%/year compounded monthly on the unpaid balance. Because the interest rate for a conventional 30-year home mortgage has now dropped to 2.5%/year compounded monthly, Diane is thinking of refinancing her property. (Round your answers to...
6. + -17.14 points TanFin11 5.3.022. My Notes 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 are made at the end of each month. The Flemings have agreed to repay the loan in equal monthly installments over 25 years. What should be the size of each repayment if the loan is to be amortized at the...
The management of Gibraltar Brokerage Services anticipates a capital expenditure of $20,000 in 3 yr for the purpose of purchasing new computers and has decided to set up a sinking fund to finance this purchase. If the fund earns interest at the rate of 10%/year compounded quarterly, determine the size of each (equal) quarterly installment that should be deposited in the fund. (Round your answer to the nearest cent.) $ Need Help? Read it Tato Tuter 11. [-/0.1 Points) DETAILS...
Five years ago, Diane secured a bank loan of $310,000 to help finance the purchase of a loft in the San Francisco Bay area. The term of the mortgage was 25 yr, and the interest rate was 6%/year compounded monthly on the unpaid balance. Because the interest rate for a conventional 25-yr home mortgage has now dropped to 4%/year compounded monthly, Diane is thinking of refinancing her property. How much less would Diane's monthly mortgage payment be if she refinances?...
9. + 0/7.14 points Previous Answers TanFin11 5.3.026. My Not Jessica wants to accumulate $11,000 by the end of 4 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 4-year period. If the bank pays interest at the rate of 8% per year compounded monthly, how much does she have to deposit...
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