13) The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] 5-Year 4-Year Loan 30-Year 15-Year Credit Cards Car Car Туре Mortgage Mortgage Loan Loan October Rate (%) 3.93 3.14 4.30 4.24 13.10 November Rate (%) 4.09 3.31 4.31 4.26 13.10 December 4.09 3.34 4.34 4.29 13.10 Rate (%) You currently owe $9000 on your credit card, which charges interest at the October 2015 rate. What is the least you need to pay per month to pay off the card in 5 years? (Round your answer to the nearest cent.) %24

13) The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] 5-Year 4-Year Loan 30-Year 15-Year Credit Cards Car Car Туре Mortgage Mortgage Loan Loan October Rate (%) 3.93 3.14 4.30 4.24 13.10 November Rate (%) 4.09 3.31 4.31 4.26 13.10 December 4.09 3.34 4.34 4.29 13.10 Rate (%) You currently owe $9000 on your credit card, which charges interest at the October 2015 rate. What is the least you need to pay per month to pay off the card in 5 years? (Round your answer to the nearest cent.) %24

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $70,000 8 3 4 9 months $
Investigate the effect of the interest rate on simple interest amortized auto loans by finding the monthly payment and the total interest for a four-year loan of $15,000 at the following interest rates. (Round all answers to the nearest cent.) (a) 6.5% payment total interest (b) 6.75% payment total interest (c) 7.0% payment total interest $ 355.72 $ 2054.04 $ 357.46 $2174.04 $ 359.19 $ 2280 (d) 8.0% payment $366.19 total interest $ 2606.04 X X X
Some lenders offer loans with biweekly payments rather than monthly payments. Investigate the effect of this on home loans by finding the payment and total interest on a thirty-year simple interest amortized loan of $150,000 at 13% interest. (Round your answers to the nearest cent.) (a) if payments are made monthly payment $ total interest $ (b) if payments are made biweekly payment $ total interest $
4. DETAILS MY NOTES WANEFMAC7 3.3.070. The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. HINT [See Examples 5 and 7.] Loan 30-Year 15-Year Type Mortgage Mortgage 5-Year 4-Year Credit Car Loan Car Loan Cards October Rate (%) 3.93 3.14 4.30 4.24 13.10 November 4.09 3.31 4.31 4.26 13.10 Rate (%) December 4.09 3.34 4.34 4.29 13.10 Rate (%) Twelve years into your 15-year $600,000 mortgage begun in October 2015, you inherit your rich uncle's estate and decide to pay off the outstanding principal on your mortgage. What is that amount? (Do not round the payment amount to the nearest cent. Round the final outstanding principal to the nearest cent.) $
Find i (the rate per period) and n (the number of periods) for the following loan at the given annual rate. Monthly payments at $291.40 are made for 8 years to repay a loan at 6.8% compounded monthly. (Type an integer or decimal rounded to four decimal places as needed.) Find i (the rate per period) and n (the number of periods) for the following loan at the given annual rate.
1. An installment loan is repaid a. in a single payment after a specified period of time. b. in equal payments over a specified period of time. 2. The amount of an installment loan depends on a. the amount financed, the number of payments, and the annual percentage rate. b. whether the borrower can afford to make a down payment. 3. With each monthly payment on an installment loan, the amount you owe to principal a. decreases. b. increases. 4. With each monthly payment on an installment loan, the percentage of your payment allocated to principal a. decreases. b. increases. 5. The final payment of an installment loan consists of a. the previous balance only. b. the previous balance plus current month's interest. 6. The finance charge on an 18-month, $5,000 installment loan is less thalon a a. 12-month, $5,000 installment loan. b. 24-month, $5,000 installment loan. Chap
(U2.3,Q25) The following table shows annual rates for various types of loans in 2015. Assume monthly payments and compounding periods. LoanType 30-YearMortgage 15-YearMortgage 5-YearCar Loan 4-YearCar Loan CreditCards OctoberRate (%) 3.93 3.14 4.30 4.24 13.10 NovemberRate (%) 4.09 3.31 4.31 4.26 13.10 DecemberRate (%) 4.09 3.34 4.34 4.29 13.10 You purchased a $25,000 car using a 5-year loan in October 2015. With the same monthly payments, how much could you have financed had you waited until November? (Do not round the payment amount to the nearest cent. Round the final the final amount you could have financed to the nearest cent.) $ ____ With the same monthly payments, how much could you have financed had you waited until December? (Do not round the payment amount to the nearest cent. Round the final the final amount you could have financed to the nearest cent.) $ ____
(a)What is the rebate fraction of a 36 month loan paid off after the 12th payment? (b) What is the rebate fraction of a 42 month loan paid off after the 18th payment?

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS