Omar just took out a loan from the bank for 142,894 dollars. He plans to repay...
Omar just took out a loan from the bank for 142,894 dollars. He plans to repay this loan by making a special payment to the bank of 26,888 dollars in 3 months and by also making equal, regular monthly payments of X. If the interest rate on the loan is 0.8 percent per month, he makes his first regular monthly payment later today, and he makes his last regular monthly payment made in 7 months from today, then what is X, the amount of the regular monthly payment?
Homework Answers
| Total loan | 142894 | |||
| Less: Present value of special payment | 26252.88 | |||
| Payment | 26888 | |||
| Multiply: Annuity PVF at 0.80% | 0.976379 | |||
| Present value of payment made months for 7period | 116641.1 | |||
| Divide: Annuity PVF at 0.8% for 7 periods9 year | 6.78127 | |||
| Monthly payment to be made each 7 period | 17200.48 | |||
Add Answer to:
Omar just took out a loan from the bank for 142,894 dollars. He
plans to repay...
Jens just took out a loan from the bank for 59,516 dollars. He plans to repay...
Jens just took out a loan from the bank for 59,516 dollars. He plans to repay this loan by making a special payment to the bank of 5,460 dollars in 3 years and by also making equal, regular annual payments of X for 7 years. If the interest rate on the loan is 11.84 percent per year and he makes his first regular annual payment in 1 year, then what is X, Jens’s regular annual payment?
answer those 4 please Fatima just borrowed 83,364 dollars. She plans to repay this loan by...
answer those 4 please Fatima just borrowed 83,364 dollars. She plans to repay this loan by making a special payment of 29,387 dollars in 7 years and by making regular annual payments of 13,147 dollars per year until the loan is paid off. If the interest rate on the loan is 17.93 percent per year and she makes her first regular annual payment of 13,147 dollars immediately, then how many regular annual payments of 13,147 dollars must Fatima make? Round...
Celeste just borrowed 36,800 dollars. She plans to repay this loan by making equal quarterly payments...
Celeste just borrowed 36,800 dollars. She plans to repay this loan by making equal quarterly payments of 2,894.03 dollars for 14 quarters. If she makes her first quarterly payment later today, then what is the quarterly interest rate on the loan? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
Celeste just borrowed 39,000 dollars. She plans to repay this loan by making equal quarterly payments...
Celeste just borrowed 39,000 dollars. She plans to repay this loan by making equal quarterly payments of 2,546.48 dollars for 17 quarters. If she makes her first quarterly payment later today, then what is the quarterly interest rate on the loan? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098. Please show your work
Quantum Pizza took out a loan from the bank today for 22,700 dollars. The loan requires...
Quantum Pizza took out a loan from the bank today for 22,700 dollars. The loan requires Quantum Pizza to make a special payment of 13,800 dollars to the bank in 5 years and also make regular, fixed payments of X to the bank each year forever. The interest rate on the loan is 4.3 percent per year and the first regular, fixed annual payment of X will be made to the bank in 1 year. What is X, the amount...
Quantum Pizza took out a loan from the bank today for 21,000 dollars. The loan requires...
Quantum Pizza took out a loan from the bank today for 21,000 dollars. The loan requires Quantum Pizza to make a special payment of 13,700 dollars to the bank in 5 years and also make regular, fixed payments of X to the bank each year forever. The interest rate on the loan is 7.86 percent per year and the first regular, fixed annual payment of X will be made to the bank in 1 year. What is X, the amount...
George Costanza has just taken out an $18,718.00, 60-month car loan from his local bank with...
George Costanza has just taken out an $18,718.00, 60-month car loan from his local bank with a 7.20% interest rate compounded monthly. At the end of the second year, George plans on making a $3,167.00 payment directly to the loan’s principal and then to keep on making his regular monthly payments. How many months remain on the loan after the extra payment is made? (Do not round)
An investment, which is worth 30,300 dollars and has an expected return of 7.42 percent, is...
An investment, which is worth 30,300 dollars and has an expected return of 7.42 percent, is expected to pay fixed annual cash flows forever with the next annual cash flow expected in 1 year. What is the present value of the annual cash flow that is expected in 7 years from today? Quantum Pizza took out a loan from the bank today for 24,500 dollars. The loan requires Quantum Pizza to make a special payment of 13,500 dollars to the...
You take out a loan for $12257 today. The bank requires that you repay the loan...
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
You take out a loan for $12257 today. The bank requires that you repay the loan...
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
Most questions answered within 3 hours.
-
A researcher is using a two-tailed hypothesis test with α =
.05 to evaluate the effect...
asked 58 minutes ago -
Two long, straight wires are parallel and 8.5 cm apart. The top
wire carries a current...
asked 2 hours ago -
Three arguments used to promote trade barriers are the national
security argument, the infant-industry argument, and...
asked 2 hours ago -
Question 3:
Percentage of Completion
Method (12 marks) On January 1, 2017, Eagle Construction Ltd.
started...
asked 2 hours ago -
A company purchased a tract of land for its natural resources at
a cost of $2,042,900....
asked 2 hours ago -
1. These financial statement item are
for UPS Company at fiscal year-end, October 31, 2019.
...
asked 2 hours ago -
PYTHON HOMEWORK
When an object is falling because of gravity, the following
formula can be used...
asked 2 hours ago -
Which of the following groups is comprised solely of
chemoheterotrophs?
Click all that apply.
animals
fungi...
asked 2 hours ago -
What is the feminist theory in 100 words or more?
book: Juvenile Justice In America, Clemens...
asked 3 hours ago -
1) What is the probability of a randomly selected value from a
normally distributed population falling...
asked 3 hours ago -
Why is it important for managers to include social
responsibility and environmental responsibility along with goals...
asked 3 hours ago -
THIS IS THE CODE I AM TRYING TO RUN
code
# def main():
#Reading a as...
asked 3 hours ago