21. You borrowed 75 percent of a new car priced at $20,000 with an interest rate of 7 percent interest for 6 years. What is the amount of your monthly payment? What should be the formula on cell B4 to find the amount of your monthly payment? A 1 Price 2 Interest Rate 3 Years B $20,000 7% 6 4 Monthly Payment =PV 5 D PV(rate, nper, pmt, [fv], [type]) a. =PMT(B2*12,B3/12,-0.75*B1,0) b. =PMT(B2,B3,-B1,0) c. =PMT(B2/12,B3*12,-0.75*B1,0) d. =PMT(B2/12,B3*12,-B1,0) e. =PMT(B2/12, B3/12,-0.75*B1,0)
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- If you borrow $6,000 for 4 years and agree to pay back $8000, what simple interest rate will you end up paying? O 6.77% O 5.25% O 9.67% 8.33%Q3. Suppose you want to borrow S40,000 for a new car. You can borrow at 8% per year, compounded monthly. If you take a 5-year loan, what is your monthly payment? A5778 B) 5697 5796 D) S684Suppose you decide to buy a car for $25,485, including taxes and licensing fees. You saved $10,000 for a down payment and can get a five- year loan at 6.52%. Use the present value of an annuity formula to find the monthly payment. Round to the nearest cent as needed. -nt pmt 1- P = $218.99 O $303.13 O $498.88 O $8413.52
- Jenny puts $200 into a savings account today, the account pays an annual interest rate of 5%, but compounded semiannually, and you withdraw $100 after 6 months. What would your ending balance be 20 years after the initial $100 deposit was made? m Nper (or N) =n*m Rate (or I/Y)=i/m PV PMT FV Identify variables and use excelHow much money should you deposit in your account now if you are looking to have $7000 after 5 years. The bank pays 7% interest rate per year? Select one: O a. P= $6990.90 O b. P= $9990.90 O c. P= $4990.90 O d. P= $3374.48You have decided to buy a car. The car cost RM 50 Q00 You are taking a loan from a bank with the interest rate is 3%. The number of years to pay back the loan is 5 years. And you are decided to pay 10% down payment for the car B) Using the interest charge based on original balance, calculate i. the total interest charged the instalment price the monthly payment. ii. iii.
- How would be the principal amount of loan if you need to borrow $300,000 for one year with a discount loan of 8%? * O 3750000 O 411764.7 O 375000 O 24000 O 326086.963. Amortization Schedule. Use Excel and calculator. You decide to buy a new BMW that costs $50,000. You want to borrow all the money at a 7.5% (annual) interest rate. You want to pay it in 5 years. Find your yearly payment and fill in the amortization schedule below. Schedule of Payments Pmt Beginning Paymen How much of your Payment goes out as interest? # balance L 0 1 2 3 4 5 $50,000 How much of your Payment Balanc goes to your principal? e $50,000Q8 You want to buy a $195,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. a.how much is the loan amount going to be ?$____b.what will your monthly payments be if the interest rate is 5%? $____c.what will your monthly payments be if the interest rate is 6%? $____
- If you borrow $5,400 at a simple interest of 5% per year, how much will be repayed after 6 years? a. $7,020 b. $5,670 c. $7,237 d. $1,620 e. $1,837 Clear my choiceQ18 Say that you purchase a house for $206,000 by getting a mortgage for $185,000 and paying a $21,000 down payment. If you get a 25-year mortgage with an interest rate of 6 percent, what are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.)PAYMENT? What would the loan balance be in ten years? (Round the payment amount to the nearest cent but do not round any other interim calculations. Round your final answer to 2 decimal places.)LOAN BALANCE? If the house appreciates at 2 percent per year, what will be the value of the house in ten years? (Do not round intermediate calculations and round your final answer to 2 decimal places.)FUTURE VALUE? How much of this value is your equity? (Do not round intermediate calculations and round your final answer to 2 decimal places.)Equity?Question 4 > You want to buy a $199,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be if the interest rate is 6%? c) What will your monthly payments be if the interest rate is 7%? > Nevt Oestion