A used car dealer tells you that if you put $2,500 down on a particular car your payments will be $ 450 per month for 5 years at a nominal interest rate of 15%. Assuming monthly compounding, what is the cost of the car?

Q: If Charlie invests $50,000 in a cheese company today and is offered a 7% interest rate. How much…

A: The investment function shows the direct relationship between interest rate and investment. It means…

Q: The annual income from a rental house is $24,000. The annual expenses are $6000. If the house can be…

A: Present value: present value of a sum that is to be received or paid in the future, discounted at an…

Q: Jackie takes out a loan for $38,000 at an interest rate of 6% for a period of 5 years. Assuming she…

A: A loan is a sum of money that is borrowed from a lender with the expectation of being paid back,…

Q: i will 10 upvotes urgent Picabo borrows $1,000. To repay the amount she makes 12 equal monthly…

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Q: Leon and Heidi decided to invest $2500annually for only the first nine years of their marriage. The…

A: A sum's present value (PV) after it has increased with compound interest for a predetermined number…

Q: 2. What is the monthly payment for a loan of 100,000 over 5 years nominal interest rate is 12%…

A: Loan amount = $ 100,000 Tenure = 5 years = 5 × 12 months = 60 months Interest rate = 12% (compounded…

Q: A man wishes to have 30,000 when he retires 16 years from now. If he can expect to receive 4% annual…

A: Step 1: Given Value for Calculation Future Value = fv = 30,000Number of Payment = n = 16Interest…

Q: What is the present equivalent value

A: Given the weekly balance deposit is $ 359. Time period (t) given is 5 years.   APR (rate of…

Q: Lee wills loaned Audrey $17300 to open her shop after 5 years Audrey will pay back Lee with 16%…

A: The formula for compound interest will be: A=P1+R4004t Where A is the amount received after 4 years…

Q: You can afford $200 per month car payment. You've found 3 years loan at 2.2% annual interest rate,…

A: The annual interest rate can be expressed as a simple interest rate or a compound interest rate,…

Q: What is value of $475 at interest rate of 3.7% after 15 years?

A: The data presented in the question above is:- Principal amount = $475 Interest rate = 3.7%  Time…

Q: You take a loan for $25,000 to pay for school. You want to pay it back within 4 years by making…

A: monthly payment is what you pay to the lender each month to repay your loan. The amount you pay…

Q: What will be the balance at the end of 5 years for $30,500 now at 10% annual interest, if compound…

A: Future value is the value of current cashflow at future date compounded at specified rate. formula:…

Q: Enrico Suarez has decided to purchase a house instead of renting an apartment. He can a ord a…

A: The mortgage is an agreement between a lender and the party taking loan.

Q: You want to borrow $1500 at 8% and you are willing to pay $210 in simple interest.How long can you…

A: Present value is the value of investment in today's dollar.  Future value is the value of investment…