3. 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 t 0 1 2 3 6 $50,000 How much of your payment goes to your principal? Balanc $50,000

3. 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 t 0 1 2 3 6 $50,000 How much of your payment goes to your principal? Balanc $50,000

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

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Similar questions

Not sure where to start this one Suppose that you purchase a new home that costs $180,000. A local bank offers you a 3% fixed rate mortgage loan for 30 years. Also, you are required to make a 20% down payment immediately. a) Find your monthly payment. b) Find the interest amount and the principal amount in your first monthly payment. c) Find the total interest paid for 30 years.
If Your bank _offers to lend y~u $100,000 at_ an 8.5% annual interest rate to start your new business. The terms reqwre you to amortize the loan with 10 equal end-of-year payments. How much interest would you be paying in Year 2?
Suppose 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
You purchase a new TV with a store credit card for $800. You have a year to pay off the TV, but interest accrues. The nominal rate is 12% compounded weekly. You pay back the full amount plus interest in one year, How much do you owe? O a. 866.51 O b. 832.59 O c. 901.87 O d. 896
4. Today you purchase a previously owned Tesla Model 3 for $40,000. You take out a 0.25% per month loan for the full amount to be repaid using 48 equal monthly payments. The first payment is due one month from today. How much of your second monthly payment is interest and how much is principal? You'll need to compute the monthly payment first.
(Loan amortization) To buy a new house, you must borrow $135,000. To do this, you take out a $135,000, 25-year, 9 percent mortgage. Your mortgage payments, which are made at the end of each year (one payment each year), include both principal and 9 percent interest on the declining balance. How large will your annual payments be? The amount of your annual payments will be $ (Round to the nearest cent.)
You need to have $31,000 in 5 years. You can earn an annual interest rate of 3 percent for the first 3 years, and 3.6 percent for the next 2 years. How much do you have to deposit today? rev: 01_30_2018_QC_CS-115320, 02_01_2018_QC_CS-115650 $25,421.63 $26,432.03 $26,278.95 $26,740.87 $25,975.44
You are going to make the following contributions into a savings account: Year 1: $0 (1 year from today) Year 2: $1000 Year 3: $1000 Year 4: $2000 Year 5: $0 Year 6: $0 The account will earn 7.23% in interest per year. How much will be in the account exactly 6 years from today? To nearest $0.01

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