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the following question please: One of your classmates borrows a $50,000 (x) at a nominal interest...
a total Nominal and Effective Interest Rates mates 4-88 Pete borrows $10,000 to purchase a used...
a total Nominal and Effective Interest Rates mates 4-88 Pete borrows $10,000 to purchase a used car. He t will must repay the loan in 48 equal end-of-period costs A s an Ezon. ve a monthly payments. Interest is calculated at 11/49 per month. Determine the following: (a) The amount of the monthly payment (b) The nominal annual interest rate ddie (c) The effective annual interest rate of
Ralph has just borrowed 1780 dollars to purchase a new stereo, at a nominal rate of interest of 11.6 percent convertible monthly. Although he is charged interest from the moment he borrows the money,...
Ralph has just borrowed 1780
dollars to purchase a new stereo, at a nominal rate of interest of
11.6 percent convertible monthly. Although he is charged interest
from the moment he borrows the money, the first payment is not due
for 9 months. If he will make 24 monthly payments, how much
interest is in the 17th payment?
ANNUITIES: Problem5 Prev Up Next (1 pt) Ralph has just borrowed 1780 dollars to purchase a new stereo, at a nominal rate...
Please include how to input into finance calculator. 1) Derek borrows $267,226.00 to buy a house....
Please include how to input into finance calculator. 1) Derek borrows $267,226.00 to buy a house. He has a 30-year mortgage with a rate of 4.72%. (A) What is the monthly mortgage payment? (B) how much does he owe on the mortgage after making 89.00 payments? 2) If he borrows $35,341.00 to buy a car. He will make monthly payments for 6 years. The car loan has an interest rate of 5.52%. After a 15.00 months Derek decides to pay...
1. Callan Muffley borrows $900,000 to buy a house. The stated annual interest rate on the...
1. Callan Muffley borrows $900,000 to buy a house. The stated annual interest rate on the loan is 3.6% with monthly payments over 40 years (3.6% annual, compounded monthly). a) Set up the amortization schedule for the first month of the loan. (4 Points) b) Set up the amortization schedule for the loan with exactly six months to go.(4 Points) Interest Reduction inEnding Principal Principal Balance Month Beginning MonthlyI PrincipalPayment Balance e) What are Callan's total payments to principal during...
Chrome Co. borrows $1,665,000 at an interest rate of 7.32% APR monthly with equal monthly payments...
Chrome Co. borrows $1,665,000 at an interest rate of 7.32% APR monthly with equal monthly payments of $15,265 and a 4 year stop. a) What is the loan balance at the end of month 36? b)What is the balloon payment due, after the regular monthly payment, at the end of year 4? Please show work
You receive a $35,000 car LEASE at 6% nominal annual for 60 months. Interest is compounded...
You receive a $35,000 car LEASE at 6% nominal annual for 60 months. Interest is compounded daily and you make monthly payments. Your Residual value at the end of your lease is $15,000. Assume LEASE payments are made at the BEGINNING of the month, (first payment due immediately). What is your monthly LEASE payment?
Your firm is considering the purchase of a new office phone system. You can either pay...
Your firm is considering the purchase of a new office phone system. You can either pay (Option 1) $32,000 now, or (Option 2)$1,000 per month for 36 months. 1. Suppose your firm currently borrows at 6% per year compounding monthly. Which option is best? 2. Suppose your firm currently borrows at 10% per year compounding monthly. Which payment plan option is more attractive in this case? Interest rate aside, what factors may force your firm into option 2.
You are thinking about a vintage car that costs $50,000. The car dealer proposes the following deal:...
You are thinking about a vintage car that costs $50,000. The car dealer proposes the following deal: He will lend you the money, and you will repay the loan by making the same payment every three months for the next 20 years (i.e. 80 total payments). If the interest rate is 6% APR with monthly compounding, how much will you have to pay every three months?
You buy a new home for $500,000 on the first day of the month. You put down $50,000 and finance the rest with a mortgage at 6% annual interest compounded monthly on the last day of the month. Your mon...
You buy a new home for $500,000 on the first day of the month. You put down $50,000 and finance the rest with a mortgage at 6% annual interest compounded monthly on the last day of the month. Your monthly payments including principal and interest are 2500. Your payments are due on the first day of the month, starting next month. What is your loan balance after your third monthly payment ? explain how you got the answer !
Can you help to answer this question step by step? The answer is 10857.27. Problem 41.21...
Can you help to answer this question step by step? The answer is
10857.27.
Problem 41.21 | Betty borrows 19,800 from Bank X. Betty repays the loan by making 36 equal payments of principal at the end of each month. She also pays interest on the unpaid balance each month at a nominal rate of 12%, compounded monthly. Immediately after the 16th payment is made, Bank X sells the rights to future payments to Bank Y. Bank Y wishes to...
a total Nominal and Effective Interest Rates mates 4-88 Pete borrows $10,000 to purchase a used car. He t will must repay the loan in 48 equal end-of-period costs A s an Ezon. ve a monthly payments. Interest is calculated at 11/49 per month. Determine the following: (a) The amount of the monthly payment (b) The nominal annual interest rate ddie (c) The effective annual interest rate of
Ralph has just borrowed 1780
dollars to purchase a new stereo, at a nominal rate of interest of
11.6 percent convertible monthly. Although he is charged interest
from the moment he borrows the money, the first payment is not due
for 9 months. If he will make 24 monthly payments, how much
interest is in the 17th payment?
ANNUITIES: Problem5 Prev Up Next (1 pt) Ralph has just borrowed 1780 dollars to purchase a new stereo, at a nominal rate...
1. Callan Muffley borrows $900,000 to buy a house. The stated annual interest rate on the loan is 3.6% with monthly payments over 40 years (3.6% annual, compounded monthly). a) Set up the amortization schedule for the first month of the loan. (4 Points) b) Set up the amortization schedule for the loan with exactly six months to go.(4 Points) Interest Reduction inEnding Principal Principal Balance Month Beginning MonthlyI PrincipalPayment Balance e) What are Callan's total payments to principal during...
Can you help to answer this question step by step? The answer is
10857.27.
Problem 41.21 | Betty borrows 19,800 from Bank X. Betty repays the loan by making 36 equal payments of principal at the end of each month. She also pays interest on the unpaid balance each month at a nominal rate of 12%, compounded monthly. Immediately after the 16th payment is made, Bank X sells the rights to future payments to Bank Y. Bank Y wishes to...
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