ZuoTi.Pro
Question

5 points Save Answer How much is your loan amount today if you are going to repay using 63 equal monthly payments of $339 wit
5 points How much is your loan amount today if you are going to repay using 63 equal monthly payments of $339 with annual int
business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Loan amount today =Present value of monthly payments = pv = PMT*(1-(1/(1+r^n)}/ $18,513.55 339*(1-(1/(1.004583463)))/0.004583

0 0
Add a comment
Know the answer?
Add Answer to:
5 points Save Answer How much is your loan amount today if you are going to...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Question 13 Not yet answered Points out of 3.75 (NOTE: ENTER YOUR ANSWER WITHOUT THE $...

    Question 13 Not yet answered Points out of 3.75 (NOTE: ENTER YOUR ANSWER WITHOUT THE $ AND COMMA, ROUNDED TO THE NEAREST DOLLAR, for instance as 105023, not as $105,022.78.) Holiday Out Properties borrowed $1.9 million in order to finance construction of a new hotel in Orlando, Florida. If the interest rate on the loan is 7%, and the loan will be completely paid-off in 12 years in equal annual payments, what will be the amount of the annual payment?...

  • Amortization Table In order to buy a house, Robert is going to borrow $220,000 today with...

    Amortization Table In order to buy a house, Robert is going to borrow $220,000 today with an 8.50% nominal annual rate of interest. He is going to make monthly payments over 15 years. Assuming full amortization of the loan, what percentage of his second monthly payment will go toward the repayment of principal?(round each calculation to the nearest dollar.) a. 28.25% b. 29.65% c. 26.55% d. 27.90% e. 30.15%

  • Suppose that you have borrowed $275,000 in the form of a 25-year loan with an annual...

    Suppose that you have borrowed $275,000 in the form of a 25-year loan with an annual interest rate of 5.5% with monthly payments and monthly compounding. How much principal will you pay in the 13th year of the loan?

  • James wants to take out a loan. He can afford to make monthly payments of 100...

    James wants to take out a loan. He can afford to make monthly payments of 100 dollars and wants to pay the loan off after exactly 30 years. What is the maximum amount that James can afford to borrow if the bank charges interest at an annual rate of 8 percent, compounded monthly? (Give your answer, in dollars, correct to the nearest dollar.) Nicola borrows 60000 dollars from a bank that charges interest at an annual rate of 10 percent,...

  • You borrow $100,000 today. You will repay the loan with 5 equal annual payments starting next...

    You borrow $100,000 today. You will repay the loan with 5 equal annual payments starting next year. Each payment is equal to $20,000 In addition to these payments, you will make a "balloon payment" in year 5 . If the interest rate on the loan is 2% APR, compounded annually, how big is the balloon payment? Group of answer choices $6,304 $6,960 $5,731 $6,327

  • You borrowed some money at 8 percent per annum. You repay the loan by making three...

    You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments of $ 210 (first payment made at t = 1), followed by five annual payments of $ 411 , followed by four annual payments of $ 811 . How much did you borrow? (Round your answer to 2 decimal places; record your answer without commas and without a dollar sign).

  • 72. Currently, you owe the bank $19,600 for a car loan. The loan has an interest...

    72. Currently, you owe the bank $19,600 for a car loan. The loan has an interest rate of 7.75 percent and monthly payments of $620. Your financial situation recently changed such that you can no longer afford these payments. After talking with your banker and explaining the situation, he has agreed to lower the monthly payments to $450 while keeping the interest rate at 7.75 percent. How much longer will it take you to repay this loan than you had...

  • please answer all of the following questions 25. You currently owe $26,000 on a car loan...

    please answer all of the following questions 25. You currently owe $26,000 on a car loan at 4.25 percent interest. If you make monthly payments of $596.59 per month, how long i.e., number of months rounded to one decimal place) will it take you to fully repay the loan? 26. It is now January 1. You plan to make 5 deposits of $300 each, one every 6 months, with the first payment being made exactly six months from today. If...

  • Can anyone help me solve these without excel? 1) If Serena invests $10,000 today in a...

    Can anyone help me solve these without excel? 1) If Serena invests $10,000 today in a project and receives $7,000 one year from today and $5,000 two years from today in return, what is her annual internal rate of return? You can assume that her effective annual discount rate is 20%. 2) Jamie will buy a $2,000,000 house today. She will make a 20% deposit, and borrow the remaining amount in the form of a mortgage. She will repay the...

  • How much will $20,000 invested today at 3 percent interest be worth in 5 years if...

    How much will $20,000 invested today at 3 percent interest be worth in 5 years if it is compounded annually? How much will it be worth in 5 years if compounded monthly? Value Today- Rate- Number of years- Months per year- Compounding periods- Rate per quarter- Annual FV- Monthly FV-

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT