2 years ago you borrowed $75,000 to buy a car. The loan was a 6-year loan with monthly payments with a 3.2% APR. You have decided to repay the loan today (2 years after you borrowed the money). How much do you owe the bank?
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How much do you owe the bank?
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- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.You currently have a four-year-old mortgage outstanding on your house. You make monthly payments of $1,900. You have just made a payment. The mortgage has 26 years to go (i.e., it had an original term of 30 years). Show the timeline from your perspective. How would the timeline differ if you created it from the bank's perspective? Show the timeline from your perspective. (Select the best choice below.) A. Month 1 4 360 + Cash Flow $1,900 $1,900 $1,900 $1,900 $1,900 $1,900 В. Month 1 3 4 312 Cash Flow - $1,900 - $1,900 - $1,900 - $1,900 - $1,900 С. Month 1 2 3 4 360 Cash Flow - $1,900 - $1,900 - $1,900 - $1,900 - $1,900 - $1,900 D. Month 1 3 312 Cash Flow $1,900 $1,900 $1,900 $1,900 $1,900Solve this question
- You have just deposited $3,000 in an unusual bank account that pays interest biannually (ance every 2 years). I the 2-year interest rate is 7% (lotal interest over 2 years is 7%, not 7% per year), how much wil you have in the account aftor 6 years? Aher 6 years, the amount you will have in the account is S (Round to the nearest cent.)Today, you borrowed $6,200 on your credit card to purchase some furniture. The interest rate is 14.9 percent. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $120? Group of answer choices 6.93 years 7.23 years 6.40 years 7.31 years 5.87 yearsA friend asks to borrow 455 form you and in return will pay you $58 in one year. If your bank is offering a 6% interest rate on deposits and loans: a) how much would you have in one year if you depostied the $55 instead? b) how much money could you borrow today if you pay the bank $58 in one year?
- A friend asks to borrow $48 from you and return will pay you $51 in one year. If your bank is offering a 6.5% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $48 instead? b. How much money could you borrow today if you pay the bank $51 in one year? c. Should you loan the money to your friend or deposit it in the bank? DYou just borrowed $490,000 for a mortgage on your new home. The mortgage has a 30-year term with monthly payments and an APR of 6.96%. a. How much will you pay in interest, and how much will you pay in principal, during the first year? Question content area bottom Part 1 a. How much will you pay in interest, and how much will you pay in principal, during the first year? Principal: $enter your response here. (Round to the nearest dollar.) Interest: $enter your response here. (Round to the nearest dollar.)4. You want to deposit $600 in a savings account. Account A earns 3.5% simple interest per year. Account B earns 3.3% interest compounded annually. a. Which account should you choose if you invest your money for 3 years? 6 years? Explain. b. After how many years is the balance in Account B greater than the balance in Account A? c. After how many years is the difference between the account balances greater than $5?
- You bought a house for $500,000 with a 30 year bank loan that has quarterly payments at an interest rate of 7% (APR). Immediately after year 10 (20 years left on the loan). You will resell the house for $ 600,000 and completely pay off the rest of the loan. How much do you have to pay the bank to completely pay off the loan? $428, 652.86 $426,866.75 $361, 273.83 $514,383.43A friend asks to borrow $53.00 from you and in return will pay you $56.00 in one year. If your bank is offering a 5.7% interest rate on deposits and loans: a. How much would you have in one year if you deposited the $53.00 instead? b. How much money could you borrow today if you pay the bank $56.00 in one year? c. Should you loan the money to your friend or deposit it in the bank? a. How much would you have in one year if you deposited the $53.00 instead? If you deposit the $53.00 in the bank today, you will have $ in one year. (Round to the nearest cent.)A few years down the road you have moved out, buying your own home. You decide to take another look at your finances. Your outstanding loan of $275 per month only has 8 payments left on it (out of the original 60) with an interest rate of 11.75%. a. What is the finance charge “f”? b. What is the unearned interest “u”? c. How much would it cost to pay it off on payment #53?
