Homework Answers
rate positively ..
| We have to use financial calculator to compute the annual payment | ||||||||
| put in calculator | ||||||||
| FV | 0 | |||||||
| PV | -10000 | |||||||
| I | 7% | |||||||
| N | 8 | |||||||
| Compute PMT | $1,674.68 | |||||||
| Table | ||||||||
| year | Principal beg-year | Payment end year | Interest | Principal | ||||
| 1 | 10000 | $1,674.68 | 700.00 | $974.68 | ||||
| 2 | $9,025.32 | $1,674.68 | 631.77 | $1,042.91 | ||||
| 3 | $7,982.42 | $1,674.68 | 558.77 | $1,115.91 | ||||
| 4 | $6,866.51 | $1,674.68 | 480.66 | $1,194.02 | ||||
| 5 | $5,672.49 | $1,674.68 | 397.07 | $1,277.60 | ||||
| 6 | $4,394.88 | $1,674.68 | 307.64 | $1,367.04 | ||||
| 7 | $3,027.85 | $1,674.68 | 211.95 | $1,462.73 | ||||
| 8 | $1,565.12 | $1,674.68 | 109.56 | $1,565.12 | ||||
| Ans 2) a) = | Annual payment = | $1,674.68 | ||||||
| Ans 5) | Interest payment in year 3 = | 558.77 | ||||||
| ans 6) | Balance of principle at the end of year 8 = | 0 | ||||||
Add Answer to:
QUESTION 4 For 2a)2(c) using the following information You borrow $10.000 today with interest rate 7...
For 2(a)-2(c) using the following information. You borrow $10,000 today with interest rate 7%, and you...
For 2(a)-2(c) using the following information. You borrow $10,000 today with interest rate 7%, and you plan to pay the bank back with 8 equal annual payment. Let us assume the first payment happen at the end of each year Principal beg. Payment Yearyear end year Interest Principal 2(a) how much is the annual payment? We were unable to transcribe this image
4. You are about to borrow $16,000 from a bank at an interest rate of 7%...
4. You are about to borrow $16,000 from a bank at an interest rate of 7% compounded annually. You are required to make five equal repayments in the amount of $3,500 per year, with the first repayment occurring at the end of year 1. a. Show the interest payment and principal payment in each year. b. How much is still owing at the end of year 5? c. What annual payments would be required to completely pay off the loan...
suppose you borrow $10,000 today ; and promise to pay the loan back in 6 years...
suppose you borrow $10,000 today ; and promise to pay
the loan back in 6 years with a total payment (principal plus
interest) of 15,092. what annual interest rate is the bank
charging? assume that compounding is annual.
uisst ydu do the homework omework is not timed. may view your answers and the correct answers after each atternpt. Note, however, that Canvas only shows t ct answers; it does not display the solution method nay use any of your course...
Problem Statement: Suppose you borrow $ 2500 at 4% annual interest that you plan to repay...
Problem Statement: Suppose you borrow $ 2500 at 4% annual interest that you plan to repay in four equal annual payments. How much will the annual payment be? How much of each payment is interest? Solution: Include the decimal point if needed. Round to the hundredth of a decimal point. What is the 3rd interest payment and the 3rd principle payment? Pmt 3 Beg Prin $1298.99 Int Pmt $ Prin Pmt $ End Prin $662.22
3.You borrow $100,000 today, the annual interest rate is 12%, you repay the interest and principle...
3.You borrow $100,000 today, the annual interest rate is 12%, you repay the interest and principle once a year. The loan will be payoff in 30 years. What is your annual payment? 4.Matt plans to make 35 equal yearly deposits into his retirement account starting one vear from now (t-1). Starting at t-36, he will make 20 equal withdrawals of S150,000 each year from this account. The intere must Matt deposit each year to satisfy his retirement needs? 5.Kevin is...
You borrow money (take out a mortgage) to buy a house. You borrow $800,000 which you...
You borrow money (take out a mortgage) to buy a house. You borrow $800,000 which you will pay back with 10 equal payments made at the end of each of the next 10 years. The annual interest rate is 7 percent. Your first payment will be ____ principal payment, and _____ interest paid.
9. You are offered an investment with a quoted annual interest rate of 6.75% with quarterly...
9. You are offered an investment with a quoted annual interest rate of 6.75% with quarterly compounding of interest. What is your effective annual interest rate? 10. You are offered an annuity that will pay $15,000 per year for 20 years (the first payment will occur one year from today). If you feel that the appropriate discount rate is 3%, what is the annuity worth to you today? 11. If you deposit $6,500 per year (each deposit is made at...
You plan to borrow $40,000 at a 6% annual interest rate. The terms require you to...
You plan to borrow $40,000 at a 6% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2?
2-2 You borrow $20,000 at an annual interest rate of 8%. You will pay the loan...
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 diagram. c. Complete the following table: BOY alanceamount BOY+Interest)Payment Interest Total Balance f) 3 4
Lyon, Tigah, Barry, and Dorthe each borrow $3,500 and plan to pay it back over 2 years at 7% interest. 3. , What is the total interest that each one pays over the life of the loan if the interest...
Lyon, Tigah, Barry, and Dorthe each borrow $3,500 and plan to pay it back over 2 years at 7% interest. 3. , What is the total interest that each one pays over the life of the loan if the interest rate is compounded quarterly? [20] .Lyon pays back his loan in one payment at the end of 2 years. " Tigah pays back her loan with annual interes t payments and the principal payment at the end of 2 years....
For 2(a)-2(c) using the following information. You borrow $10,000 today with interest rate 7%, and you plan to pay the bank back with 8 equal annual payment. Let us assume the first payment happen at the end of each year Principal beg. Payment Yearyear end year Interest Principal 2(a) how much is the annual payment? We were unable to transcribe this image
4. You are about to borrow $16,000 from a bank at an interest rate of 7% compounded annually. You are required to make five equal repayments in the amount of $3,500 per year, with the first repayment occurring at the end of year 1. a. Show the interest payment and principal payment in each year. b. How much is still owing at the end of year 5? c. What annual payments would be required to completely pay off the loan...
suppose you borrow $10,000 today ; and promise to pay
the loan back in 6 years with a total payment (principal plus
interest) of 15,092. what annual interest rate is the bank
charging? assume that compounding is annual.
uisst ydu do the homework omework is not timed. may view your answers and the correct answers after each atternpt. Note, however, that Canvas only shows t ct answers; it does not display the solution method nay use any of your course...
Problem Statement: Suppose you borrow $ 2500 at 4% annual interest that you plan to repay in four equal annual payments. How much will the annual payment be? How much of each payment is interest? Solution: Include the decimal point if needed. Round to the hundredth of a decimal point. What is the 3rd interest payment and the 3rd principle payment? Pmt 3 Beg Prin $1298.99 Int Pmt $ Prin Pmt $ End Prin $662.22
3.You borrow $100,000 today, the annual interest rate is 12%, you repay the interest and principle once a year. The loan will be payoff in 30 years. What is your annual payment? 4.Matt plans to make 35 equal yearly deposits into his retirement account starting one vear from now (t-1). Starting at t-36, he will make 20 equal withdrawals of S150,000 each year from this account. The intere must Matt deposit each year to satisfy his retirement needs? 5.Kevin is...
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 diagram. c. Complete the following table: BOY alanceamount BOY+Interest)Payment Interest Total Balance f) 3 4
Lyon, Tigah, Barry, and Dorthe each borrow $3,500 and plan to pay it back over 2 years at 7% interest. 3. , What is the total interest that each one pays over the life of the loan if the interest rate is compounded quarterly? [20] .Lyon pays back his loan in one payment at the end of 2 years. " Tigah pays back her loan with annual interes t payments and the principal payment at the end of 2 years....
Most questions answered within 3 hours.
-
Instructions Part 1 - Implementation of a Doubly Linked
List Attached you will find the code...
asked 1 hour ago -
You work for a factory making bricks. A coworker accidentally
contaminated one of the bricks with...
asked 1 hour ago -
for python-3
I want to prompt the user to enter their first name and then
Call...
asked 1 hour ago -
Q3 If the formation of a hairpin loop requires a minimum
stem
length of 6 contiguous...
asked 1 hour ago -
Enzymes work by lowering the _____ of a reaction.
Select one:
a. activation energy
b. entropy...
asked 2 hours ago -
Assume three digits are used to represent positive integers and
also assume the following operations are...
asked 2 hours ago -
How many stairs can a 63-kg person climb up with the energy
contained in a candy...
asked 3 hours ago -
Problem 1
A 0.150 kg baseball pitched at 40.0 m/s is hit on a horizontal
line...
asked 3 hours ago -
Variance in reproductive success. The variance among male
reproductive success is 2 and the variance among...
asked 5 hours ago -
To decide your fate, you will play a board game on a simple
board: a linear...
asked 7 hours ago -
1. What are specialty engines? ( )
a. Logical Processors that perform specialized functions
b. An...
asked 8 hours ago -
a. What double precision floating point
number is represented by the following 64-bit binary? Show your...
asked 9 hours ago