What price will a finance company pay to a merchant for a conditional sale contract that...
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What price will a finance company pay to a merchant for a conditional sale contract that requires 12 monthly payments of $381 beginning in six months? The finance company requires a rate of return of 15% compounded monthly. (Do not round intermediate calculations and round your final answer to 2 decimal places.) |
| The finance company will pay | $ |
Homework Answers
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What price will a finance company pay to a merchant for a
conditional sale contract that...
What price will a finance company pay to a merchant for a conditional sale contract that...
What price will a finance company pay to a merchant for a conditional sale contract that requires 18 monthly payments of $321 beginning in six months? The finance company requires a rate of return of 14% compounded monthly. (Do not round intermediate calculations and round your final answer to 2 decimal places.) The finance company will pay $
An installment contract for the purchase of a car requires payments of $328.37 at the end...
An installment contract for the purchase of a car requires payments of $328.37 at the end of each month for 5.75 years. Interest is 7% per annum compounded monthly (a) What is the amount financed? (b) How much is the interest cost? (a) The amount financed is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest is $7 (Round the final answer to the nearest...
What is the current economic value of an inheritance that will pay $3700 to the beneficiary...
What is the current economic value of an inheritance that will pay $3700 to the beneficiary at the beginning of every three months for 15 years starting when the beneficiary reaches 21 years of age, 5 1/4 years from now? Assume that money can earn 7.2% compounded monthly. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Current economic value $
What is the current economic value of an inheritance that will pay $3300 to the beneficiary...
What is the current economic value of an inheritance that will pay $3300 to the beneficiary at the beginning of every three months for 15 years starting when the beneficiary reaches 21 years of age, 5 1/4 years from now? Assume that money can earn 6.8% compounded monthly. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Current economic value $
What is the current economic value of an inheritance that will pay $3700 to the beneficiary...
What is the current economic value of an inheritance that will pay $3700 to the beneficiary at the beginning of every three months for 15 years starting when the beneficiary reaches 21 years of age, 5 1/4 years from now? Assume that money can earn 7.2% compounded monthly. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Current economic value $ I need steps and not excel method
A contract can be fulfilled by making an immediate payment of $3825, or equal payments at...
A contract can be fulfilled by making an immediate payment of $3825, or equal payments at the end of every six months for 3 years. What is the size of the semi-annual payments at 11% per annum compounded quarterly? The semi-annual payments are $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
Finance
linda store has estimated monthly financing requirements for the next six months as follows: January$9,400 April$9,400 February3,400 May10,400 March4,400 June5,400 Short-term financing will be utilized for the next six months. Projected annual interest rates are: January8.0% April15.0% February9.0% May12.0% March12.0% June12.0% a. Compute total dollar interest payments for the six months. To convert an annual rate to a monthly rate, divide by 12. (Round intermediate calculations and final answers to 2 decimal places.) Total dollar interest payments $ b-1. Compute the total dollar interest payments if long-term financing at 12 percent had...
What is the current economic value of an inheritance that will pay $2900 to the beneficiary...
What is the current economic value of an inheritance that will pay $2900 to the beneficiary at the beginning of every three months for 25 years starting when the beneficiary reaches 21 years of age, 3 1/4 years from now? Assume that money can earn 6.4% compounded monthly. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Current economic value $
What is the current economic value of an inheritance that will pay $3500 to the beneficiary...
What is the current economic value of an inheritance that will pay $3500 to the beneficiary at the beginning of every three months for 20 years starting when the beneficiary reaches 21 years of age, 4 1/4 years from now? Assume that money can earn 7% compounded monthly. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Current economic value$
A local finance company quotes an interest rate of 18 percent on one-year loans. So, if...
A local finance company quotes an interest rate of 18 percent on one-year loans. So, if you borrow $26,000, the interest for the year will be $4,680. Because you must repay a total of $30,680 in one year, the finance company requires you to pay $30,680/12, or $2,556.67, per month over the next 12 months. What interest rate would legally have to be quoted? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal...
An installment contract for the purchase of a car requires payments of $328.37 at the end of each month for 5.75 years. Interest is 7% per annum compounded monthly (a) What is the amount financed? (b) How much is the interest cost? (a) The amount financed is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest is $7 (Round the final answer to the nearest...
A contract can be fulfilled by making an immediate payment of $3825, or equal payments at the end of every six months for 3 years. What is the size of the semi-annual payments at 11% per annum compounded quarterly? The semi-annual payments are $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)
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