Karmen borrowed $5378.00 compounded semi-annually to help finance her education. She contracted to repay the loan i...
1) Carlos has borrowed $8,000 for 8 years at 6% compounded semi-annually. He will repay interest every 6 months plus principal at maturity. He will also deposit X every 6 months into a sinking fund paying 5% compounded semi-annually to pay off the principal at maturity. a) Find X. Carlos goes bankrupt at the end of year 6, just after making his interest payment and sinking fund deposit. The bank confiscates the money in the sinking fund but gets no...
Angel Hall borrowed $82,000 for her granddaughter's college education. She must repay the loan at the end of nine years with 99% interest. What is the maturity value Angel must repay? (Round your answer to the nearest cent.)
Ann Hopkins borrowed $60,000 for her child's education. She must repay the loan at the end of 8 years in one payment with 5% interest. What is the maturity value Ann must repay? (Round your answer to the nearest cent.) Maturity value eBook
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...
3. Lynn borrows $5,000 at 15%/year compounded monthly. She wishes to repay the loan with 12 end-of- month payments. She wishes to make her first payment 3 months after receiving the $5,000. She also wishes that, after the first payment, the size of each payment be 10% greater than the previous payment. What is the size of her sixth payment?
Time to repay installment loan Personal Finance Problem - Mia Salto wishes to determine how long it will take to repay a $13,000 loan given that the lender requires her to make annualend-of-year installment payments of $2,946. a. If the interest rate on the loan is 14%, how long will it take for her to repay the loan fully? b. How long will it take if the interest rate is 11%? c. How long will it take if she has...
A $33,950 loan at 10.6% compounded semi-annually is to be paid off by a series of $4,000 payments that will be made at the end of every six months. How much of the first payment will be credited towards reduction of the principal?
4 of 13 A loan of $24,100 at 3.28% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 4 years. a. Calculate the size of the periodic payment. Round to the nearest cent h Caleulata tha tatalintanant naid a. Calculate the size of the periodic payment. Round to the nearest cent b. Calculate the total interest paid. Round to the nearest cent
1. Shirley wants to go on a trip to Hawaii. She budgets that she can save $108 at the end of every month, and interest in her account is 8% compounded biweekly. By looking at prices, she knows that the trip will cost her $4813 total. How long in years (round to two decimal places) will it take before she can go on her trip? 2. Joey buys a new Honda civic for $18997. He agrees to payments at the...
MATHEMATICS OF BUSINESS AND FINANCE (a) Lush Gardens Co. bought a new truck for $60,000. It paid $6,000 of this amount as a down payment and financed the balance at 5.19% compounded semi-annually. If the company makes payments of $2,200 at the end of every month, how long will it take to settle the loan?(IN YEARS, MONTHS) (b) Evan deposits $800 at the end of every 3 months in an RRSP that is earning 5.10% compounded semi-annually. For the RRSP...