Homework Answers
1.
237.24
2.
112.24
3.
25650.40
Add Answer to:
2. Amortization. Tanner has just begun paying off his student loans of $30,000 which he has...
To finance his education, Chris took out student loans totalling $28,400. He consolidated these loans into...
To finance his education, Chris took out student loans totalling $28,400. He consolidated these loans into a single loan with monthly payments for 10 years and an interest rate of 8%. After making payments for 6 years, his grandfather has graciously offered to pay off the remaining balance. Calculate the amount needed to pay off his loan. 1. The amount needed to pay off this loan after 6 years is $ (Round to the nearest cent as needed.)
To finance his education Chris took out student loans totaling $33 300. He consolidated these loans...
To finance his education Chris took out student loans totaling $33 300. He consolidated these loans into a single loan with monthly payments for 10 years and an interest rate of 6% Aer making payments for 4 years, his grandfather has graciously offered to pay of the remaining balance Calculate the amount needed to pay off his loan The amount needed to pay off this loan after 4 years is (Round to the nearest cent as needed)
3. What is Paul's monthly payment if he wants to repay his student loans completely within 10 years? Assume P...
3. What is Paul's monthly payment if he wants to repay his student loans completely within 10 years? Assume Paul pays a 5 percent annual interest rate (compounded monthly) on his student loan. Construct the amortization schedule of Paul's student loan for the first three months. Jinhee Ju. 27. has an annual salary of $37,000. Jinhee wants to buy a new car in 3 years, and she wants to save enough money to make a $7,000 down payment on the...
You borrowed $70,000 in student loans. You plan to make monthly payments to repay the debt....
You borrowed $70,000 in student loans. You plan to make monthly payments to repay the debt. The interest rate is fixed at 3.3% APR (with monthly compounding). a) If the loans are for 10 years, find the monthly payment. b) Suppose that you decide to pay $300 more per month instead of the required monthly payment. How long will it take to pay off the loan?
The problem: Monica's current debt consists of three types of loans: a bank card, an auto...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan, and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61. The amount she owes, the monthly payment, and the interest rates appear in the table below: Loan Type Bank Card Auto Loan Department Store Card TOTALS Loan Amount Annual Percentage rate, APR (Current Debt) Monthly Payment 18% $12,000 $243.85 5.5% $11,500 $257.88 15% R $...
Problem Set 1. A man is paying off a debt of $15,000 with regular payments of...
Problem Set 1. A man is paying off a debt of $15,000 with regular payments of $300 at the end of each month. Annual interest is 18% compounded monthly. (a) Find the exact amount of time to at least five decimal places that it will take to pay off this loan. (b) Determine the size of the balloon payment to be made to pay off the loan at the time of the last regular payment. (c) Determine the size of...
After graduating with a master's degree, Gabrielle combined all of her student loans into a single...
After graduating with a master's degree, Gabrielle combined all
of her student loans into a single loan of $23,000.00 with an
interest rate of 5.2% compounded quarterly. If she is planning to
pay off the loan in 10 years, what will her quarterly payment
be?
The quarterly payment would be $. (Round to 2 decimal places.)
Compare three student loans for $80,000 for 4 years of college. Compare varying student loan offers,...
Compare three student loans for $80,000 for 4 years of college. Compare varying student loan offers, their monthly payments and total repayment cost. Three possible examples: Student 1) immediately. A loan at fixed 6.25% that you pay for 10 years starting right away as a normal installment loan, Student 2) Pay interest only. Pay interest at fixed 6.25% for the four years you are in college. Then for 6 years after college, pay the loan as a 6 year installment...
Vanna has just financed the purchase of a home for $200 000. She agreed to repay the loan by making equal monthly blended payments of $3000 each at 4%/a, compounded monthly. (14 marks) Create an amortization table using a Microsoft Excel spreadsheet. In y
Vanna has just financed the purchase of a home for $200 000. She agreed to repay the loan by making equal monthly blended payments of $3000 each at 4%/a, compounded monthly. a. Create an amortization table using a Microsoft Excel spreadsheet. In your answer include all the formulas used.b.How long will it take to repay the loan?c. How much will be the final payment?d. Determine how much interest she will pay for her loan.e. Use Microsoft Excel to graph the amortization...
1-determine how much of the loan will be paid off by the final ballon payment 2-how...
1-determine how much of the loan will be paid off by the final
ballon payment
2-how much loan must be paid off by the monthly payment
3-the monthly payments needed to pay off the portion of the
loan that is not paid off by the final balloon payment
(Complex stream of cash flows) Roger Sterling has decided to buy an ad agency and is going to finance the purchase with seller financing that is, a loan from the current owners...
To finance his education, Chris took out student loans totalling $28,400. He consolidated these loans into a single loan with monthly payments for 10 years and an interest rate of 8%. After making payments for 6 years, his grandfather has graciously offered to pay off the remaining balance. Calculate the amount needed to pay off his loan. 1. The amount needed to pay off this loan after 6 years is $ (Round to the nearest cent as needed.)
To finance his education Chris took out student loans totaling $33 300. He consolidated these loans into a single loan with monthly payments for 10 years and an interest rate of 6% Aer making payments for 4 years, his grandfather has graciously offered to pay of the remaining balance Calculate the amount needed to pay off his loan The amount needed to pay off this loan after 4 years is (Round to the nearest cent as needed)
3. What is Paul's monthly payment if he wants to repay his student loans completely within 10 years? Assume Paul pays a 5 percent annual interest rate (compounded monthly) on his student loan. Construct the amortization schedule of Paul's student loan for the first three months. Jinhee Ju. 27. has an annual salary of $37,000. Jinhee wants to buy a new car in 3 years, and she wants to save enough money to make a $7,000 down payment on the...
The problem: Monica's current debt consists of three types of loans: a bank card, an auto loan, and a department store card. She owes a total of $25,000 and her monthly payments sum to $549.61. The amount she owes, the monthly payment, and the interest rates appear in the table below: Loan Type Bank Card Auto Loan Department Store Card TOTALS Loan Amount Annual Percentage rate, APR (Current Debt) Monthly Payment 18% $12,000 $243.85 5.5% $11,500 $257.88 15% R $...
Problem Set 1. A man is paying off a debt of $15,000 with regular payments of $300 at the end of each month. Annual interest is 18% compounded monthly. (a) Find the exact amount of time to at least five decimal places that it will take to pay off this loan. (b) Determine the size of the balloon payment to be made to pay off the loan at the time of the last regular payment. (c) Determine the size of...
After graduating with a master's degree, Gabrielle combined all
of her student loans into a single loan of $23,000.00 with an
interest rate of 5.2% compounded quarterly. If she is planning to
pay off the loan in 10 years, what will her quarterly payment
be?
The quarterly payment would be $. (Round to 2 decimal places.)
1-determine how much of the loan will be paid off by the final
ballon payment
2-how much loan must be paid off by the monthly payment
3-the monthly payments needed to pay off the portion of the
loan that is not paid off by the final balloon payment
(Complex stream of cash flows) Roger Sterling has decided to buy an ad agency and is going to finance the purchase with seller financing that is, a loan from the current owners...
Most questions answered within 3 hours.
-
A 4.45 percent coupon municipal bond has 12 years left to
maturity and has a price...
asked 8 minutes ago -
13. In the book, “The Goal” to what country does Alex convince
Johnny the company should...
asked 10 minutes ago -
Write a simple Python program to find the day for the given
date. The procedure to...
asked 15 minutes ago -
5) A semi-permeable membrane is used to separate pyruvic acid
from an aqueous solution of 0.1...
asked 17 minutes ago -
The resistance of the body varies from approximately 500 kΩ
(when it is very dry) to...
asked 21 minutes ago -
Please explain how participation income and expenses are
allocated to each partner. Where is this defined?
asked 30 minutes ago -
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 46 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 50 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 49 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 55 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 54 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 1 hour ago