An item is for sale for 7,800, Mr. Bing can pay 2,200 down payment and 240 every end of the month. IF he gets the loan at 7% compounded monthly, how many regular payments of 240 must he make and what will be the size of the concluding payment

An item is for sale for 7,800, Mr. Bing can pay 2,200 down payment and 240 every end of the month. IF he gets the loan at 7% compounded monthly, how many regular payments of 240 must he make and what will be the size of the concluding payment

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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For how long will Markus have to make payments of $116 at the end of every month to repay a loan of $3340 if intere is 4% per annum compounded semi-annually? State your answer in years and months (from 0 to 11 months). He will have to make payments for year(s) and month(s).
You deposit $27,000.00 in an account that pays 4% compounded annually and immediately start making with withdraws each year for the next 2 years. How much can you withdraw each year?
To purchase a house for $215 000, you make a 15% down payment and finance the rest with a mortgage at j2 = 6.90% over 25 years. Calculate the required mortgage payment made (a) weekly; (b) twice a month.
You wish to save $25,000 by depositing $200 at the end of each month. If the interest rate is 3% monthly, what is the smaller concluding deposit?
John obtained a loan of $25,000 at 4.6% compounded monthly. How long (rounded up to the next payment period) would it take to settle the loan with payments of $2,810 at the end of every month? Express the answer in years and months, rounded to the next payment period
You have just taken out a $24,000car loan with a 4%APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest?(Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment,$.... will go toward the principal of the loan and $......will go toward the interest. (Round to the nearest cent.)
Please tell in years and months( round to next month) Paul obtained a loan of $22,500 at 6.30% compounded monthly. How long will it take to settle the loan with payments of $1,100 at the end of every month?
Catherine obtained a loan of $40,000 at 4.5% compounded monthly. How long (rounded up to the next payment period) would it take to settle the loan with payments of $2,810 at the end of every month?
You wish to save $59000 in an account which pays 6% compounded quarterly by making semiannual deposits for 10 years.What is the amount of the deposits?
Lian took a $85,000 loan at 2.91% compounded monthly and decided to make end of month payments of $2,392. 1) How many payments will Lian have to make to amortize this loan? (rounded to the next higher whole number) 2) What will the size of his final payment be? $ (enter a positive value)
you have 23,000 car loan with 6% apr, compounded monthly. the loan is for five years. when you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? ( note: be careful not to round an intermediate step less than six) when you make your first payment $____ will go toward the principal of loan and $____ will go toward the interest ( round to the nearest cent)
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