6. You agree to pay $150 per month for 48 months for a $5,700. What is...
6. You agree to pay $150 per month for 48 months for a $5,700. What is the monthly interest rate? What is the effective annual rate (EAR)?
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6. You agree to pay $150 per month for 48 months for a
$5,700. What is...
1. Seven years ago, you put $500 in a bank account earning 6%/year. What is the...
1. Seven years ago, you put $500 in a bank account earning 6%/year. What is the bank account balance today? 2. You want to double your money in 5 years. What rate of return do your need to earn? 3. At 4% per year, how long does it take for $500 to grow to $750? 4. What is the present value of an annuity due that pays $1000 per month for two years if the interest rate is 6%/year compounded...
5) A man agrees to pay $300 per month for 48 months to pay off a...
5) A man agrees to pay $300 per month for 48 months to pay off a car loan. If interest of 12% per annum is charged monthly, how much did the car originally cost? How much interest was paid? 6) Chase Bank was offering a 30-year fixed-rate mortgage of 7.38%. George and Debby Ashton purchased a house for $180,000. After putting 20% down as a down payment. they finance the balance with Chase Bank. a. Determine the size of the...
Suppose you are offered an investment opportunity that will pay you $5352.41 per month for 48...
Suppose you are offered an investment opportunity that will pay you $5352.41 per month for 48 months. To make this investment, you must invest a total of $175000, but only $17500 is in cash at the start. You must borrow the rest of the investment ($157500) from Lo-Rate Bank at 18% APR, with monthly compounding, and the entire loan must be repaid at the end of the 48 months in one lump sum, which will total $321847.83. To be clear,...
show all work pleasee :) 5) A man agrees to pay $300 per month for 48...
show all work pleasee :)
5) A man agrees to pay $300 per month for 48 months to pay off a car loan. If interest of 12% per annum is charged monthly, how much did the car originally cost? How much interest was paid? 6) Chase Bank was offering a 30-year fixed-rate mortgage of 7.38%. George and Debby Ashton purchased a house for $180,000. After putting 20% down as a down payment. they finance the balance with Chase Bank. a....
You agree to deposit $500 at the beginning of each month into a bank account for...
You agree to deposit $500 at the beginning of each month into a
bank account for the next 24 months. At the end of the 24th month,
you will have $13,000 in your account. If the bank compounds
interest monthly, what annual interest rate will you have
earned?
Note: Only use the formula listed and show the steps of how you
reached the answer, I don't need to know just the answer, I'm
trying to learn. Thank you. Don't use...
You agree to deposit $500 at the beginning of each month into a bank account for...
You agree to deposit $500 at the beginning of each month into a
bank account for the next 24 months. At the end of the 24th month,
you will have $13,000 in your account. If the bank compounds
interest monthly, what annual interest rate will you have
earned?
Note: Please post the formula used to solve the question and
list the steps taken to reach the answer, please don't use excel. I
provided a list of formulas, please state the...
Suppose you borrow $18,000 from your bank to buy a car. You agree to pay $416.57...
Suppose you borrow $18,000 from your bank to buy a car. You agree to pay $416.57 per month for 48 months. What is the APR for the loan?
Your friend offers to sell you her car for $30,000 today. You agree to pay $14,000...
Your friend offers to sell you her car for $30,000 today. You agree to pay $14,000 today but the balance in exactly 17 months when you expect to have some cash. How much will you need to pay your friend in 17 months if the interest rate is 8% per annum compounding monthly?
Loan 2 Beginning-of-month repayment 3 Interest Rate, i 4 Months, n 5 Amount of Loan 24...
Loan 2 Beginning-of-month repayment 3 Interest Rate, i 4 Months, n 5 Amount of Loan 24 $1,500 Recreate the above in excel. You seek to borrow $1,500 from a friend to cover your gym fees. You promise to repay the loan in 24 monthly repayments commencing today. If the effective annual interest (EAR) rate is 24.3% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00)
$1000 is invested for seven months at an interest rate of 1% per month. Determine: a)...
$1000 is invested for seven months at an interest rate of 1% per month. Determine: a) the effective seven month interest rate b) the effective annual interest rate
5) A man agrees to pay $300 per month for 48 months to pay off a car loan. If interest of 12% per annum is charged monthly, how much did the car originally cost? How much interest was paid? 6) Chase Bank was offering a 30-year fixed-rate mortgage of 7.38%. George and Debby Ashton purchased a house for $180,000. After putting 20% down as a down payment. they finance the balance with Chase Bank. a. Determine the size of the...
show all work pleasee :)
5) A man agrees to pay $300 per month for 48 months to pay off a car loan. If interest of 12% per annum is charged monthly, how much did the car originally cost? How much interest was paid? 6) Chase Bank was offering a 30-year fixed-rate mortgage of 7.38%. George and Debby Ashton purchased a house for $180,000. After putting 20% down as a down payment. they finance the balance with Chase Bank. a....
You agree to deposit $500 at the beginning of each month into a
bank account for the next 24 months. At the end of the 24th month,
you will have $13,000 in your account. If the bank compounds
interest monthly, what annual interest rate will you have
earned?
Note: Only use the formula listed and show the steps of how you
reached the answer, I don't need to know just the answer, I'm
trying to learn. Thank you. Don't use...
You agree to deposit $500 at the beginning of each month into a
bank account for the next 24 months. At the end of the 24th month,
you will have $13,000 in your account. If the bank compounds
interest monthly, what annual interest rate will you have
earned?
Note: Please post the formula used to solve the question and
list the steps taken to reach the answer, please don't use excel. I
provided a list of formulas, please state the...
Loan 2 Beginning-of-month repayment 3 Interest Rate, i 4 Months, n 5 Amount of Loan 24 $1,500 Recreate the above in excel. You seek to borrow $1,500 from a friend to cover your gym fees. You promise to repay the loan in 24 monthly repayments commencing today. If the effective annual interest (EAR) rate is 24.3% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00)
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