Afra has borrowed $6000 and agreed to pay it back in three equal payments to be...
Afra has borrowed $6000 and agreed to pay it back in three equal payments to be made in 3 months intervals from today (i.e. 3 months from today, 6 months from today and 9 months from today). Find the size of the payments if interest is 5% p.a. compounding semi-annually.
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Afra has borrowed $6000 and agreed to pay it back in three equal
payments to be...
A $26,000 loan borrowed 5 years ago, has been scheduled for re-pay starting today. The payment...
A $26,000 loan borrowed 5 years ago, has been scheduled for re-pay starting today. The payment schedule is equal monthly payments made at the end of every month for the next 10 years. Find the size of the payments if interest is 3.6% p.a. compounding monthly
Question 12 (1 point) Charles just borrowed $3,565.00 and agreed to repay it with three equal...
Question 12 (1 point) Charles just borrowed $3,565.00 and agreed to repay it with three equal payments. The first will be in 2 months, the second in 4 months and the third in 6 months Usin g a simple interest rate of 5.25% per annum, calculate the size of each payment. today as the focal date and express your answer to 2 decimal places Use Your Answer Answer
(S marks) Seven months ago Amir agreed to pay Robert three payments of ssoo, $700 and...
(S marks) Seven months ago Amir agreed to pay Robert three payments of ssoo, $700 and $900 in four, twelve and eighteen months from the date of the agreement. No payments have been made and Amir and Robert have renegotiated the terms of the agreement to make one single payment six months from today. If the agreed upon rate of interest was 6% per annum. what is the size of that single payment? 244.3 t SSgu -75.BU8 3. (4 marks)...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
You borrowed $1,200 to buy a new computer and agreed to pay the loan back 3...
You borrowed $1,200 to buy a new computer and agreed to pay the loan back 3 years later; if the loan has a 10 percent interest rate, what is the balance you will owe at that time? You recently purchased a new car for 18,000 by agreeing to make equal annual payments for 5 years. If the interest rate on your loan is 8 percent, how much is each payment?
You borrowed $4,000.00 at 1% per month and agreed to repay in equal monthly payments over...
You borrowed $4,000.00 at 1% per month and agreed to repay in equal monthly payments over the next 3 years. What is your monthly payment? 3. You borrowed $10,000.00 which is to be repaid in equal quarterly payments of $1,336.00 over the next 2 years 4. a) Determine the interest rate per interest period based on quarterly compounding. b) What are the nominal and effective interest rates?
7. In how many months will $5000 grow to $6000 at 9.5% p.a.? Part 2 Single...
7. In how many months will $5000 grow to $6000 at 9.5% p.a.? Part 2 Single Payment & Equated Payments 8. Sam owes Danny $500 due 3 months ago, $500 due today, and 1200 due in 10 months from today. After negotiating with Danny, Sam agrees to make a single payment in 8 months from today. Calculate the size of the single payment made in 8 months from today, if the money is worth 6% p.a. 9. Julie is supposed...
4. You borrowed $5,000.00 at 1.5% per month and agreed to repay in equal monthly payments...
4. You borrowed $5,000.00 at 1.5% per month and agreed to repay in equal monthly payments over the next 5 years. What is your monthly payment? 3 5. You borrowed $12,000.00, which is to be re-paid in equal quarterly payments of $1,084.00 over the next 3 years. a) Determine the interest rate per interest period based on quarterly compounding. 3 b) What are the nominal and effective interest rates?
Question 12 (1 point) Charles just borrowed $3,565.00 and agreed to repay it with three equal payments. The first will be in 2 months, the second in 4 months and the third in 6 months Usin g a simple interest rate of 5.25% per annum, calculate the size of each payment. today as the focal date and express your answer to 2 decimal places Use Your Answer Answer
(S marks) Seven months ago Amir agreed to pay Robert three payments of ssoo, $700 and $900 in four, twelve and eighteen months from the date of the agreement. No payments have been made and Amir and Robert have renegotiated the terms of the agreement to make one single payment six months from today. If the agreed upon rate of interest was 6% per annum. what is the size of that single payment? 244.3 t SSgu -75.BU8 3. (4 marks)...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
You borrowed $4,000.00 at 1% per month and agreed to repay in equal monthly payments over the next 3 years. What is your monthly payment? 3. You borrowed $10,000.00 which is to be repaid in equal quarterly payments of $1,336.00 over the next 2 years 4. a) Determine the interest rate per interest period based on quarterly compounding. b) What are the nominal and effective interest rates?
7. In how many months will $5000 grow to $6000 at 9.5% p.a.? Part 2 Single Payment & Equated Payments 8. Sam owes Danny $500 due 3 months ago, $500 due today, and 1200 due in 10 months from today. After negotiating with Danny, Sam agrees to make a single payment in 8 months from today. Calculate the size of the single payment made in 8 months from today, if the money is worth 6% p.a. 9. Julie is supposed...
4. You borrowed $5,000.00 at 1.5% per month and agreed to repay in equal monthly payments over the next 5 years. What is your monthly payment? 3 5. You borrowed $12,000.00, which is to be re-paid in equal quarterly payments of $1,084.00 over the next 3 years. a) Determine the interest rate per interest period based on quarterly compounding. 3 b) What are the nominal and effective interest rates?
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