9. Alice needs to take out a loan for $44,695, with an APR of 6.8%. She can only afford to pay $350 a month? Her goal is to pay back the loan in 18 years. Will it be possible for Alice to pay back the loan in 18 years if she pays $350 a month?
9. Alice needs to take out a loan for $44,695, with an APR of 6.8%. She can only afford to pay $350 a month? Her goal is to pay back the loan in 18 years. Will it be possible for Alice to pay back the loan in 18 years if she pays $350 a month?
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
Related questions
Question
i am really struggling with number nine i don't know how to do the apr formula with this question i'm very conf
Transcribed Image Text:93-9
rost
7. Amanda is taking a $16.655, five and a half year car loan, with an
APR of 4.45%. How much will Amanda pay in interest?
12.15.1
·04/45) (1 +
M =
16,655 (0
(1+-0445
9.
Summary
8. Use the credit card statement summary below to determine what
Ari's available credit is if he has a $20,000.00 credit line?
Transactions
) 12.512
1
-
= 1669-05 (12 months) (S. 2 years) = 104148
• 867
16653
Previous
Balance
$6.234.38
Payments
/Credits
$250.00
Financo
Charge
$234.23
20,000.00 -6,234.38 +250-20
= 1395.62
52100
12
ab
$12.328.47
21
Late
Charge
$20.00
MON
5.23
Balance
ما
Alice needs to take out a loan for $44,695, with an APR of 6.8%. She
can only afford to pay $350 a month? Her goal is to pay back the
loan in 18 years. Will it be possible for Alice to pay back the loan in
18 years if she pays $350 a month?
S
2493. EL
Minimum
Payment
$200.00
10. The finance charge on Andrew's credit card bill last month was
$13.50. His APR is 18%. What was his average daily balance?
18)
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