Time Value of Money Personal Finance Application

Time to repay installment loan  Personal Finance Problem      Mia Salto wishes to determine how long it will take to repay a $17,000 loan given that the lender requires her to make annual end-of-year installment payments of $2,745.   a.  If the interest rate on the loan is 12%, how long will it take for her to repay the loan fully?   b.  How long will it take if the interest rate is 9%?   c.  How long will it take if she has to pay 15% annual interest?   d. Reviewing your answers in parts a, b, and c, describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully.

Time to repay installment loan Personal Finance Problem Mia Salto wishes to determine how long it will take to repay a $18,000 loan given that the lender requires her to make annual end-of-year installment payments of $3,379. 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 to pay 18% annual interest? d. Reviewing your answers in parts a, b, and c, describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully. a. If Mia can borrow at an annual interest rate of 14%, the amount of time it will take for her to repay the loan fully is years. (Round to two decimal places.) C

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Ttme Value of of Money Tim wants to borrow $400,000 from Bank of America on a 30-year mortgage. a. What would Tim's monthly payments be on his motgage? b. Amortize the loan and determine: Interest expense for the first quarter of the loan. Cash flows for the first quarter of the loan. Loan balance at the end of the first quarter of the loan. Please show your calculations, part b is very important. If you are using the TVM chart, please state whether you used PVoA, FVoA, PVoSA, FVoSA.

Problem Set for Credit Card Debt MATH 113: Section 9.4a Page 2 of 2 3. Rachel is purchasing a new camera that costs $3800 for her photography business. Rachel uses a credit card that has an APR of 16.99%. a. How long will it take her to pay off the camera if she makes monthly payments of $75? b. How much will she pay in the long run for the camera if she makes monthly payments of$75?

Question 9 Assume that Sean and Catherine only pay the minimum payment on Credit Card #2 (balance $6,500). The minimum balance is 3% of the total balance. What is their minimum monthly payment? $195 Question 10 Using the BankRate calculator and the minimum payment you calculated above, if Sean and Catherine pay the minimum payment plus an additional $25, how many months would it take them to pay off their credit card loan based on a 15.9% APR?

Business Maths

O CONSUMER MATHEMATICS Finding the monthly payment, total payment, and interest for a... When Laura bought her house, she got her mortgage through a bank. The mortgage was a personal, amortized loan for $99,500, at an interest rate of 3.75%, with monthly payments for a term of 40 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Laura's monthly payment. (b) If Laura pays the monthly payment each month for the full term, find her total amount to repay the loan. $0 (c) If Laura pays the monthly payment each month for the full term, find the total amount of interest she will pay. $0 X Monthly Payment Formula M= P r 12 r 1- ( 1 + 12 ) - 12t

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Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary.a. The amount of a monthly payment within the time frame givenb. The total amount paid over the time period12. APR of 17.99% paid off within 1 year APR of 24% paid off within 3 years

Financial Accounting

Suppose you want to have $700,000 for retirement in 20 years. Your account earns 7% interest. a) How much would you need to deposit in the account each month? b) How much interest will you earn? S Question Help: Video Submit Question Q Search hp H

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You lend a friend ​$10,000​, for which your friend will repay you ​$27,027 at the end of 5 years. What interest rate are you charging your​ "friend"?       Question content area bottom Part 1 The interest rate you are charging your friend on the loan is enter your response here​%.

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General Accounting

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In the Excel Payment Function file that follows, you are looking to see what your basic mortgage payment will be if you buy a home for $250,000.  It will be  a 30-year mortgage. The interest your bank will charge will be 7.5%.  In cell C5, create a function that determines what your monthly payment will be.