A loan payment of $2138 was due 43 days ago and another payment of$1474 is due 45 days from now. What single payment 90 days from nowwill pay off the two obligation if interest is to be 8% and the agreedfocal date is 90 days from now? Answer to the nearest cent, ie twodecimals.Answer: 3505.29 xThe correct answer is: 3688.86

When lender lends loan to the borrower for a certain time, he charges rate of interest on the…

Answered: A loan payment of $2138 was due 43 days…

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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What is the time period of a loan for $3,000, at 10% ordinary interest, if the amount of interest is $135.00? (Round any fraction to the next higher day.) O 162 days O 163 days O 164 days O 165 days
Not use excel
Please answer and provide solutions for three questions. 1. Given i(26) = 3.150%, find the equivalent nominal interest rate compounded quarterly. 2. Given an effective quarterly rate of 2.22500%, find the equivalent effective semi-annual rate. (You might need to keep more than the usual number of decimal places!) 3. Given an effective quarterly rate of 1.25000%, find the equivalent nominal rate i(2).
Which results in a lower total interest charge, borrowing $1 comma 520 to be repaid 12 months later as a single-payment loan or borrowing $1 comma 520 to be repaid as a 12-month installment loan? Assume a simple interest method of calculation at 11.50 percent interest. Defend your answer. Note: Round intermediate computations to at least five (5) decimal places. Click on the table icon to view the Monthly Installment Loan Payment Factor (MILPF) table: LOADING.... Question content area bottom Part 1 The amount of interest on the single-payment loan is $ enter your response here. (Round to the nearest cent.)
Assuming that interest is the only finance charge, how much interest would be paid on a $5,000 installment loan to be repaid in 24 monthly installments of $235.54? Round the answer to the nearest cent. $ What is the APR on this loan? Round the answer to 2 decimal places. %
Hi, I need help with the following questions. Thank you! 1) Handley Bank advertises that its standard lending rate is 12% per annum compounding monthly. Which of the following rates represent effective rates that are consistent with the Handley Bank quoted rate (to two decimal places)? Group of answer choices A) 12.68% per annum compounding annually B) None of the other options are correct C) More than one of the other options are correct D) 3.00 % per quarter compounding quarterly E) 1.00 % per month compounding monthly
Calculate the simple interest due on a 72-day loan of P3,000 if the annual interest rate is 4%.
Suppose you take a 3/1 interest-only ARM for $100,000, monthly payments, 30-year term. The initial contract rate is 4.00% and the contract rate for year 4 is 6.50%. What is the balance of the loan at the end of year 4? 94,892.15 98,591.88 96,483.13 95,347.22
If the annual interest rate is 8%, what is the daily interest rate that would be used as the "r" in the time value of money equation? Hint: the equation uses the decimal equivalent of the percent Enter your answer to four decimal places.
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Compute the size of the final payment for the following loan. Periodic Principal $ Payment $ 9900 (540 Payment Payment Interest Rate Compounding Period Period Made at: 1 month beginning monthly % 9 The size of the final payment is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Ee. 272.

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