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Question 1 2 pts One of your major customers, just purchased 600 sleeper mattresses. You are...
One of your major customers, just purchased 600 sleeper mattresses. You are awaiting payment on $20,000;...
One of your major customers, just purchased 600 sleeper mattresses. You are awaiting payment on $20,000; you have negotiated an APR of 15.96% on the repayment plan, and a monthly payment of $433.00. The customer will pay off the outstanding amount in months or years. ROUND YOUR ANSWERS TO TWO DECIMAL PLACES
1.) When you purchased your house 12 years ago, you took out a $300,225 mortgage to...
1.) When you purchased your house 12 years ago, you took out a $300,225 mortgage to be paid back monthly over 30 years, with an APR of 6% compounded monthly. You have just made a payment and now have decided to pay the mortgage off by repaying the outstanding balance. a) What is your monthly payment on the mortgage? b.) What is the remaining balance of your mortgage? (Note there are 18 years left on the mortgage.)
i need help on question 3 and 4 Intro You just took out a 15-year traditional...
i
need help on question 3 and 4
Intro You just took out a 15-year traditional fixed-rate mortgage for $500,000 to buy a house. The interest rate is 2.4% (APR) and you have to make payments monthly Attempt 1/10 for 10 pts. Part 1 What is your monthly payment? 3310 Correct Since it's a traditional fixed-rate mortgage, the cash flows are constant and make up an annuity. We can thus use the annuity formula, solved for PMT. Monthly interest rate:r...
Part 2 Attempt 1/10 for 10 pts. How much of your first monthly payment goes towards...
Part 2 Attempt 1/10 for 10 pts. How much of your first monthly payment goes towards paying down the outstanding balance in $)? No decime Submit Part 3 Attempt 1/10 for 10 pts. What is the outstanding balance after 1 year if you have made all 12 payments on time? No decime Submit Part 4 Attempt 1/10 for 10 pts. How much of your 13 monthly payment goes towards paying down the outstanding balance in S)? No decims Submit NA...
You have just purchased a car and, to fund the purchase, you borrowed $20,000. If your...
You have just purchased a car and, to fund the purchase, you borrowed $20,000. If your monthly payments are $473.82 for the next 4 years, what is the APR of the loan?
You have just purchased a car and, to fund the purchase, you borrowed $20,000. If your...
You have just purchased a car and, to fund the purchase, you borrowed $20,000. If your monthly payments are $473.82 for the next 4 years, what is the APR of the loan?
You have an outstanding student loan with required payments of $600 per month for the next...
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 9% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month Looking at your budget, you can afford to pay an extra $250 a month in addition to your required monthly payments of $600, or $850 in total...
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest...
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 10% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra S250 a month in addition to your required monthly payments of $600, or $850 in total...
You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your...
You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $2.720 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 6.012% (APR). How much do you owe on the mortgage today? The amount you owe today...
You need a new car and the dealer has offered you a price of $20,000, with...
You need a new car and the dealer has offered you a price of $20,000, with the following payment options: (a) pay cash and receive a $2,000 rebate, or (b) pay a $5,000 down payment and finance the rest with a 0% APR loan over 30 months. But having just quit your job and started an MBA program, you are in debt and you expect to be in debt for at least the next 2 years. You plan to use...
One of your major customers, just purchased 600 sleeper mattresses. You are awaiting payment on $20,000; you have negotiated an APR of 15.96% on the repayment plan, and a monthly payment of $433.00. The customer will pay off the outstanding amount in months or years. ROUND YOUR ANSWERS TO TWO DECIMAL PLACES
1.) When you purchased your house 12 years ago, you took out a $300,225 mortgage to be paid back monthly over 30 years, with an APR of 6% compounded monthly. You have just made a payment and now have decided to pay the mortgage off by repaying the outstanding balance. a) What is your monthly payment on the mortgage? b.) What is the remaining balance of your mortgage? (Note there are 18 years left on the mortgage.)
i
need help on question 3 and 4
Intro You just took out a 15-year traditional fixed-rate mortgage for $500,000 to buy a house. The interest rate is 2.4% (APR) and you have to make payments monthly Attempt 1/10 for 10 pts. Part 1 What is your monthly payment? 3310 Correct Since it's a traditional fixed-rate mortgage, the cash flows are constant and make up an annuity. We can thus use the annuity formula, solved for PMT. Monthly interest rate:r...
Part 2 Attempt 1/10 for 10 pts. How much of your first monthly payment goes towards paying down the outstanding balance in $)? No decime Submit Part 3 Attempt 1/10 for 10 pts. What is the outstanding balance after 1 year if you have made all 12 payments on time? No decime Submit Part 4 Attempt 1/10 for 10 pts. How much of your 13 monthly payment goes towards paying down the outstanding balance in S)? No decims Submit NA...
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 9% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month Looking at your budget, you can afford to pay an extra $250 a month in addition to your required monthly payments of $600, or $850 in total...
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 10% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra S250 a month in addition to your required monthly payments of $600, or $850 in total...
You have decided to refinance your mortgage. You plan to borrow whatever is outstanding on your current mortgage. The current monthly payment is $2.720 and you have made every payment on time. The original term of the mortgage was 30 years, and the mortgage is exactly four years and eight months old. You have just made your monthly payment. The mortgage interest rate is 6.012% (APR). How much do you owe on the mortgage today? The amount you owe today...
You need a new car and the dealer has offered you a price of $20,000, with the following payment options: (a) pay cash and receive a $2,000 rebate, or (b) pay a $5,000 down payment and finance the rest with a 0% APR loan over 30 months. But having just quit your job and started an MBA program, you are in debt and you expect to be in debt for at least the next 2 years. You plan to use...
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