None A payday loan company charges you 4% interest to borrow money for just twoweeks. What is the equivalent annual percentage rate?Your Answer:Answer▷ View hint for Question 11Question 12 (0.15 points)What is the total amount you will have to repay for your $29,000 student loan if theinterest rate is 6% APR and you pay equal monthly payments over the 10 year life ofthe loan?Your Answer:

Question 11: Equivalent Annual Percentage Rate (APR)The payday loan company charges 4% interest for…

Answered: A payday loan company charges you 4%…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?
Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for 15,000 with a nominal interest rate of 11%. However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?
Imagine you have a credit card balance of $1,000 that you would like to pay off within one year. The annual interest rate on that credit card is 16%, but interest compounds monthly, and you are required to make a payment each month. What amount would you have to pay monthly to pay off this balance within one year? Question options: a $90.71 b $80.66 c $83.33 d $99.12
You borrow $14,000.00 to buy a car at 8.9% compounded quarterly. You'll repay the loan in equal monthly payments over 5 years. Payments are made at the end of each month. How much interest will you pay over the term of your loan? Question 5 options: $ 3356.71 $ 3369.75 $ 3396.28 $ 3330.94
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Can you I solve using excel formulas please. If you have 7% APR loan for 25,000, your monthly payments are 300. How many months will it take to pay off loan if the bank changes monthly payments to 250 (same interest rate)?
Assume you graduate from college with $35,000 in student loans. If your interest rate is fixed at 4.66% APR with monthly compounding and you repay the loans over a 10-year period, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.) Your monthly payment will be $
Step 1:Suppose that your Stafford loans plus accumulated interest total $31,811 at the time that you start repayment and the interest rate is 6.8% APR.If you elect the standard repayment plan of a fixed amount each month for 10 years, what is your monthly payment?(Fill in the blank below and round your answer to 2 decimal places.)Your monthly payment would be $______. STEP 2: How much will you pay in interest?(Fill in the blank below and round your answer to the nearest whole number.)You would pay a total of $______ in interest. STEP 3: However, because your accumulated outstanding federal loans total more than $30,000, you can elect to repay over 25 years instead.Fill in the blanks (Give your answers to two decimal places):If you do that:Your monthly payment would be $______.You will pay $______ in interest.Answer 1:Answer 2:
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Assume you graduate from college with $26,000 in student loans. If your interest rate is fixed at 5.00% APR with monthly compounding and you repay the loans over a 10-year period, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.) Your monthly payment will be $_____ (Round to the nearest cent.)
Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $989 per month, and the total finance charge is $9,504. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) Need Help? Read It Watch It Master It
Question Help ▼ You are looking to buy a car and you have been offered a loan with an APR of 5.6%, compounded monthly. a. What is the true monthly rate of interest? b. What is the EAR? (Note: Be careful not to round any intermediate steps less than six decimal places.) a. What is the true monthly rate of interest? The monthly rate of interest is %. (Round to four decimal places.) b. What is the EAR? The EAR is %. (Round to four decimal places.)

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