Homework Answers
Amount can be calculated as below
Interest rate compounded monthly.
Tenure of loan =30 years=360 months
Down Payment + Present Worth of all EMIs=20000+1500(P/A,5.75%/12,360)=20000+1500(171.3955)=$277,093.5
Hence the maximum building price that we cah afford is $277,093.5
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Problem 2.7 Annual deposits caming monthly interest Given: You wish to buy a building with monthly...
Problem 2.7 Annual deposits earning monthly interest Given: You wish to buy a building with monthly...
Problem 2.7 Annual deposits earning monthly interest Given: You wish to buy a building with monthly payments of $1500 and a $20,000 downpayment. The bank offers a 30-year loan at 5.75% interest compounded monthly. Find: The maximum building price that you can afford
Problem 2.7 A Given: You wish to buy a building with monthly payments of S1500 and...
Problem 2.7 A Given: You wish to buy a building with monthly payments of S1500 and a $20,000 downpayment. The bank offers a 30-year loan at 5.75% interest compounded monthly. Find: The maximum building price that you can afford. interest
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You can afford monthly deposits of $170 into an account that pays 2.7% compounded monthly. How long until you have $9,100 to buy a boat? Type the number of months: ___ (Please square, label, or circle the answer)
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Please answer quickly!!! You can afford monthly deposits of $170 into an account that pays 2.7% compounded monthly. How long until you have $9,100 to buy a boat? Type the number of months: ___ (Please square, label, or circle the answer)
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Given: You wish to borrow $500,000 and the bank charges 15% interest monthly. Find: The monthly payment required to pay off the loan in 30 years.
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 wish to buy a car for $12,000 at a 5% annual interest rate, compounded monthly....
You wish to buy a car for $12,000 at a 5% annual interest rate,
compounded monthly. The loan will be repaid in 5 years with monthly
payments. What is your monthly payment (calculated with the
equations on the next page)? Compare your answer to that obtained
with the built in function, PMT. Be sure to label all cells
appropriately. (There is no need to create a monthly payment table,
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Problem 2.6 Annual deposits earning monthly interest Given: You deposit $10,000 each year at a monthly interest of 8%. Find: The amount you have in 10 years.
Problem 2.7 Annual deposits earning monthly interest Given: You wish to buy a building with monthly payments of $1500 and a $20,000 downpayment. The bank offers a 30-year loan at 5.75% interest compounded monthly. Find: The maximum building price that you can afford
Problem 2.7 A Given: You wish to buy a building with monthly payments of S1500 and a $20,000 downpayment. The bank offers a 30-year loan at 5.75% interest compounded monthly. Find: The maximum building price that you can afford. interest
Given: You wish to borrow $500,000 and the bank charges 15% interest monthly. Find: The monthly payment required to pay off the loan in 30 years.
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 wish to buy a car for $12,000 at a 5% annual interest rate,
compounded monthly. The loan will be repaid in 5 years with monthly
payments. What is your monthly payment (calculated with the
equations on the next page)? Compare your answer to that obtained
with the built in function, PMT. Be sure to label all cells
appropriately. (There is no need to create a monthly payment table,
simply use the equations on the next page.)
Loans: where: and,...
Problem 2.6 Annual deposits earning monthly interest Given: You deposit $10,000 each year at a monthly interest of 8%. Find: The amount you have in 10 years.
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