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Question 3 (of 5) Marilyn was supposed to pay $1240 to Bernice on March 1. Some...
17. value: 10.00 points Marilyn was supposed to pay $1450 to Bernice on March 1. Some...
17. value: 10.00 points Marilyn was supposed to pay $1450 to Bernice on March 1. Some time later Marilyn paid Bernice an equivalent payment of $1528.01, allowing for a time value of money of 4.5% compounded monthly. When did Marilyn make the payment? Marylin made the payment months later.
On January 1, LaQuita bought an used car for $7,200 and agreed to pay for it...
On January 1, LaQuita bought an used car for $7,200 and agreed to pay for it as follows: 1/3 down payment, the balance to be paid in 36 equal monthly payments, the first payment due February 1, an annual interest rate of 9% compounded monthly. a. What is the amount of LaQuita's monthly payment b. During the summer LaQuita made enough money to pay off the entire balance due on the car as of October 1 (October 1 payment plus...
Instructor-created question Question Help A student takes out a loan of $2,600 at the beginning of...
Instructor-created question Question Help A student takes out a loan of $2,600 at the beginning of each semester (semi-annually) for 11 semesters to pay for college. The loan charges 7.4% interest compounded semiannually. The student graduates after the 11 semesters and refinances the loan to a lower 6.7% rate compounded monthly with monthly payment (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid The monthly payment is $ (Round to...
Please round to 2 decimal places. A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $369 instead of the monthly payment require...
Please round to 2 decimal
places.
A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $369 instead of the monthly payment required by the oan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $358.12 How much extra did she pay per month? (Round your answer to the nearest cent.) s 10.88 b) How many $369 payments will she...
Lupe made a down payment of $2500 toward the purchase of a new car. To pay...
Lupe made a down payment of $2500 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 12%/year compounded monthly. Under the terms of her finance agreement she is required to make payments of $200/month for 36 months. What was the cash price of the car? (Round your answer to the nearest cent.) $
You need a car for 5 years. You have 3 options: 1) pay $19,999 now 2)...
You need a car for 5 years. You have 3 options: 1) pay $19,999 now 2) pay $0 down and 6% interest, compounded monthly, on monthly payments for 5 years. 3) make lease payments (recall….leases paid at the beginning of each time period) for $299/month for 5 years…and you must pay $1000 down. The salvage value of the vehicle = $6500 after 5 years. Construct a choice table for interest rates from 0%-50%. Also – provide a plot of either...
1. You won $100 000 in a lottery and you want to set some of that...
1. You won $100 000 in a lottery and you want to set some of that sum aside for 10 years. After 10 years, you would like to receive $2400 at the end of every 3 months for 8 years. How much of your winnings must you set aside if interest is 5.5% compounded quarterly? 2. A sum of money is deposited at the end of every month for 10 years at 7.5% compounded monthly. After the last deposit, interest...
on present value of annuity sheila davidson borrowered money from her credit union and agreed to...
on present value of annuity sheila davidson borrowered money
from her credit union and agreed to repay the loan in blended
monthly payments of $161.75 over a 4 year period. interest on the
loan was 9% compounded monthly
Business Math 2 G6 e https//clansroom.google.com/1//MauoOTO3MOYEMDa c) How much interest will there be? On present value of annuity Sheila davidson borrowed money from her credit union and agreed to repay the loan in blended monthly payments of $161.75 over a 4 year...
16 Credit Card Offers Randy just cancelled his credit card with a large bank. A week...
16 Credit Card Offers Randy just cancelled his credit card with a large bank. A week later, a representative of the bank called Randy with an offer of a "better" credit card that will advance Randy $2,000 when he accepts it. Randy could not refuse the offer and several days later receives a check for $2,000 from the bank. With this money, Randy decides to buy a new computer. At the next billing cycle (a month later), the $2,000 advance...
Anthony invested a sum of money 4 yr ago in a savings account that has since paid interest at the rate of
9. Anthony invested a sum of money 4 yr ago in a savings account that has since paid interest at the rate of 7%/year compounded quarterly. His investment is now worth $22,438.81. How much did he originally invest? Please round the answer to the nearest cent. 10. Joe plans to deposit $300 at the end of each month into a bank account for a period of 2 yr, after which he plans to deposit S500 at the end of each month into the same...
17. value: 10.00 points Marilyn was supposed to pay $1450 to Bernice on March 1. Some time later Marilyn paid Bernice an equivalent payment of $1528.01, allowing for a time value of money of 4.5% compounded monthly. When did Marilyn make the payment? Marylin made the payment months later.
On January 1, LaQuita bought an used car for $7,200 and agreed to pay for it as follows: 1/3 down payment, the balance to be paid in 36 equal monthly payments, the first payment due February 1, an annual interest rate of 9% compounded monthly. a. What is the amount of LaQuita's monthly payment b. During the summer LaQuita made enough money to pay off the entire balance due on the car as of October 1 (October 1 payment plus...
Instructor-created question Question Help A student takes out a loan of $2,600 at the beginning of each semester (semi-annually) for 11 semesters to pay for college. The loan charges 7.4% interest compounded semiannually. The student graduates after the 11 semesters and refinances the loan to a lower 6.7% rate compounded monthly with monthly payment (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid The monthly payment is $ (Round to...
Please round to 2 decimal
places.
A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $369 instead of the monthly payment required by the oan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $358.12 How much extra did she pay per month? (Round your answer to the nearest cent.) s 10.88 b) How many $369 payments will she...
1. You won $100 000 in a lottery and you want to set some of that sum aside for 10 years. After 10 years, you would like to receive $2400 at the end of every 3 months for 8 years. How much of your winnings must you set aside if interest is 5.5% compounded quarterly? 2. A sum of money is deposited at the end of every month for 10 years at 7.5% compounded monthly. After the last deposit, interest...
on present value of annuity sheila davidson borrowered money
from her credit union and agreed to repay the loan in blended
monthly payments of $161.75 over a 4 year period. interest on the
loan was 9% compounded monthly
Business Math 2 G6 e https//clansroom.google.com/1//MauoOTO3MOYEMDa c) How much interest will there be? On present value of annuity Sheila davidson borrowed money from her credit union and agreed to repay the loan in blended monthly payments of $161.75 over a 4 year...
16 Credit Card Offers Randy just cancelled his credit card with a large bank. A week later, a representative of the bank called Randy with an offer of a "better" credit card that will advance Randy $2,000 when he accepts it. Randy could not refuse the offer and several days later receives a check for $2,000 from the bank. With this money, Randy decides to buy a new computer. At the next billing cycle (a month later), the $2,000 advance...
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