3 1m 11 11. Mrs. Tran would like to finance for a car loan of $25,700. The bank offers her a loan with an annual 5.7% interest rate compounded continuously. Assume a present value of the income flow, how much will her monthly payment be if she plans to finance for six years. inuously at the constant rate of $3,500 per year for 18 пр al 1-3x²
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1m 11
11. Mrs. Tran would like to finance for a car loan of $25,700. The bank offers her a loan with an
annual 5.7% interest rate compounded continuously. Assume a present value of the income flow, how
much will her monthly payment be if she plans to finance for six years.
inuously at the constant rate of $3,500 per year for 18
пр
al
1-3x²](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F781ef419-9bb6-4039-a05c-04a5e8a9a026%2F395059da-a808-4a96-8467-3b972c76cbda%2Fowy3m4_processed.jpeg&w=3840&q=75)
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- 15. Helen Barns wishes to purchase a new home and borrows $389,000 with a repayment plan of 25 annual equal installments, paid at the end of the year. If the bank is offering an interest rate of 14% wat is the annual payment? Rent N = $56,599 25 i = 14% PV of ordinary Annuity 6.8729274 Factor = F.V. = 389,000.00Suppose that, to purchase a car, you are obtaining a personal loan from your uncle in the amount of S65,000 (now) to be repaid in five years. it your uncle could earn 6% interest (oompounded annually) on his money invested in various sources, what minimum lump-sum payment five years trom now would make your uncle happy economically? OA S78648 OB S134, 168 OC s06,985 Oo S92, 241D3) You borrow $22947 to buy a car. You will have to repay this loan by making equal monthly payments for 15 years. The bank quoted an APR of 9%. How much is your monthly payment (in $ dollars)? $________.
- A woman wants to borrow $10,742 in order to buy a car. She wants to repay the loan by monthly installments for 6 years. If the interest rate on this loan is 5.5% per year, compounded monthly, what is the amount of each payment? (Round your answer to the nearest cent.) Submit QuestionNn.160. Subject :- FinanceSuppose you lend $11,500 to a friend at an APR of 10.00%. Your friend will pay you back beginning next month with 60 monthly installments. You can reinvest the payments you receive in your money market account at an APR of 1.10%, calculated monthly. a. How much will your friend pay you each month? ______________ b. How much will you have in your account at the end of 60 months? (to nearest $___________________ c. What is your effective annual return (EAR), _._ _%?______________
- You lend a friend $50,000. Your friend will repay you in 6 equal annual end-of-year payments of $12,000. You will receive the first payme one year from now. What rate of return does your loan earn? 14.86% 12.50% 11.53% 6.00%2. Your aunt invested in a variable insurance product of universal bank. If her annual premium is P40 000 for 10 years, what single amount should your aunt invest today instead of an annuity? How much will be paid out to your aunt after 10 years? Assume that the interest rate is 4% compounded monthly.If you borrows $60,000 from the bank at 10% interest over the 7 years of the loan. • What equal annual payments must be made to discharge the loan, plus pay the bank its required rate of interest (round to the nearest dollar)? • How much of his first payment will be applied to Interest? To Principle? • How much of his second payment will be applied to Interest? To Principle?
- 2. Mr. and Mrs. Rich are interested in purchasing an annuity that will pay them $2,500.00 per month starting next month for 25 years. If the best rate of return that they could get is 4.65% compounded semi-annually, calculate using both the algebraic and the calculator method, a) how much should they pay now for this annuity? P/Y C/Y I/Y PV PMT FV b) Calculate the total interest paid over the term of the annuity. P/Y C/Y N I/Y PV PMT FVEf 110.(c) Alata Kwaku borrowed ¢2,130 from his uncle and promised to pay him ¢2,720 after 2 years. With annual compounding, find the implied annual rate of interest for this loan.(d) Oberima Adonteng’s bank account pays 8.8% annual interest, compounded monthly. If the present value is ¢2, its future value is ¢4. How long will it take the money to double in the account?