A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $85,000.00 for 26 years at 6.1% compounded monthly, and will make monthly payments of $543.89. (Round all answers to 2 decimal places.) What is the unpaid balance after 14 months?  During this time period, how much interest did she pay?

Q: If you want to buy a car in two years that cost $20,000.00, how much should put away every month if…

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

Q: Tamara Massey received $1,500,000 from an insurance company after her husband's death. She wants to…

A: Interest rate per month can be calculated as follows: Thus, the interest rate is 0.67%

Q: An automobile loan of $15,000 at a nominal rate of 10% compounded monthly for 36 months requires…

A: Based on the need of question , simple mathematical calculations have to be done to find out values.…

Q: Note the cash flow series in the graph. The amounts of 5,000 at years 2 and 4 and X are inflows to…

A: Cash inflow at year 2=$5000Cash inflow at year 4=$5000Cash inflow at year 6=XX=$6000Year=6 yearsr=2%

Q: If $18,000 is invested at 9% for 15 years, find the future value if the interest is compounded…

A: The formula to be used is  At = Ao [1 + r / 2 ]2t Where, At = future valueAo = 18,000r = 9% or 0.09t…

Q: 3. What is the future value in year 10 of the series described in Problem 2?

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

Q: Mary Smith took out a loan of $75,000. The loan runs for five years at a minimum interest rate of…

A: here we calculate how much is each monthly payment to Mary Smith by following method given below

Q: Part of the income that a machine generates is put into a sinking fund to replace the machine when…

A: Annually Deposit = 2800 r = 4% Amount = 49000

Q: Bobby has heard the importance of saving early for retirement. He wants to retire in 35 years. But…

A: Given,  Monthly Savings : $600 (PMT)Time to retire : 35 yearsTime to start savings : Now i.e 0Time…

Q: 4. Find the nominal rate of 22% compounded every 3 months

A: Nominal rate of interest is one kind of interest in which the interest rate is calculated without…

Q: In 1895, the first U.S. Open Golf Championship was held. The winner’s prize money was $150. In 2016,…

A: Compounded Annual Growth Rate: If an investment is growing or increases at a compounded interest…

Q: You are borrowing $500,000 to buy a house. The interest rate is 4% compounded monthly.  What is…

A: The per month payment is calculated by the following formula: PV=PMTi1-11+in where, PV= Amount of…

Q: Given a nominal monthly interest rate of 2.3%. What is the effective interest rate quarterly?

A: An interest rate is the percentage at which interest is charged or paid on a loan, investment, or…

Q: Suppose that the interest rate is ɔ percent. The future value of $1,000 four years from now is $…

A: The future value of total interest represents the amount of interest that will accumulate on a…

Q: earns an annual interest rate of 2.75%.

A:

Q: You are going to borrow $30,000 to purchase a car.  You agree to repay the loan in 36 monthly…

A: The nominal interest rate is the rate of interest charged on the loan amount. It is the sum total of…

Q: On January 1, you deposit $5,000 in a credit union that pays 8% nominal annual interest, compounded…

A: Interest rate is the amount charged on an amount of money by a lender from a borrower to use the…

Q: 7. What is the amount of 10 equal annual deposits that can provide five annual withdrawals, when a…

A: Annual Withdrawal = 29263 started from end of 11 year withdrawal increase by 10% annually r = 10%

Q: You will deposit 11,678 at 10% compound interest for 9 years, and then move the amount you would…

A: here we calculate the amount or money would at the end of the entire period by using the given…

Q: A person needs $19,000 immediately as a down payment on a new home. Suppose that she can borrow this…

A: Compounding in economics refers to the process of earning interest on both the principal amount…

Q: What sum deposited today at 9% compounded annually for 18 years will provide the same amount as…

A: Formula for the future annuity is given as: F = A (1+R)t-1RFormula for the presnet value P =…