Carla borrowed $1010.00 from the Central Bank at 8.8% per annum calculated on the monthly unpaid balance. She agreed to repay the loan in blended payments of $220.00 per month. Construct a complete repayment schedulefor the loan including totals for Amount Paid, Interest Paid, and Principal Repaid.Complete the repayment schedule below. (Round to the nearest cent as needed.)Payment NumberBalance Before PaymentAmount PaidInterest PaidPrincipal RepaidBalance After PaymentS1010.001$1010.00$220.00

Loan amount is $1010 Interest rate is 8.8% Monthly payment is $220 To Prepare: Loan repayment…

Answered: Carla borrowed $1010.00 from the…

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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Gene McDonald's bank granted him a single-payment loan of $5,000 for 90 days at 9% ordinary interest. What is the amount of ordinary interest owed?
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n August 1, Felix’s credit card has a balance of $1,125.25. According to the terms of the card’s lending agreement, an interest rate of 14% per year is assessed and the monthly finance charges are calculated using the Average Daily Balance (ADB) including purchases method. During the month, Felix expects to make the purchases listed below and will make a payment of $84.39 on August 23, and has collected the following additional information: Date Purchases August 6 $245.31 August 13 1,940.83 August 21 130.41 August 26 212.85 Additional Information Monthly interest rate 1.17% Beginning card balance $1,125.25 Days in the month 31 Use the following table to help Felix estimate his monthly interest charge for August. Dates Number of Days Daily Balance Calculated Value 8/2 - 8/6 5 $1,125.25 $ 8/7 - 8/13 7 8/14 - 8/21 8 8/22 - 8/23 2 8/24 - 8/26 3 8/27 - 8/1 6 $ Total 31 Average Daily Balance With Purchases $ Finance Charge $ One way by which Felix can increase his finance…
On April8, Manuel borrowed $730.00 from his uncle at 5.5% per annum calculated on the daily balance. He gave his uncle six cheques for $110.00dated the 8th of each of the next six months starting May 8 and a cheque dated November 8 for the remaining balance to cover payment of interest and repayment of principal. Construct a complete repayment schedule for the loan including totals for Amount Paid, Interest Paid, and Principal Repaid. Complete the repayment schedule below. (Round to the nearest cent as needed.) Payment Number Balance Before Payment Amount Paid Interest Paid Principal Repaid Balance After Payment 0 Apr. 8 $730.00 1 May 8 $730.00 $110.00 $..... $...... $...... 2 June 8 $..... $110.00 $....... $....... $....... 3 July 8 $...... $110.00 $...... $....... $....... 4 Aug. 8 $........ $110.00…
Cathy borrowed a student loan for $700 and agreed to pay off the loan $740 one month later. what is the annual interest rate? assume it's computed using simple intrest
Capital structure Kirsten Neal is interested in purchasing a new house given that mortgage rates are low. Her bank has specific rules regarding an applicant's ability to meet the contractual payments associated with the requested debt. Kirsten must submit personal financial data for her income, expenses, and existing installment loan payments. The bank then calculates and compares certain ratios to predetermined allowable values to determine if it will make the requested loan. The requirements are as follows: (1) Monthly mortgage payments <29% of monthly gross (before-tax) income. (2) Total monthly installment payments (including the mortgage payments) <38% of monthly gross (before-tax) income. Kirsten submits the following personal financial data: Monthly gross (before-tax) income Monthly installment loan obligations Requested mortgage Monthly mortgage payment a. Calculate the ratio for requirement 1. $4,450 375 145,000 1,120 a. The ratio for requirement 1 is%. (Round to two decimal…
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K On April 1, Hilda made a $2680 deposit to open a savings account paying 3% compounded daily. She then deposited $200 on May 2 and $630 on May 25. Find the balance on June 30 and the interes earned through that date. Click here to view the 3.5% compound interest table. Click here to view the 3.5% compound interest by quarters table View On June 30, what is the balance in the account? S (Round to the nearest cunt as needed.) - X 3.5% Interest Compounded Daily by Quarter Table 1 Interest by Quarter for 3 % Compounded Daily Assuming 90-day Quarters Number of Quarters. Value of (1+i) 1.008667067 1.017409251 1.026227205 1.035121505 3.5% Interest Compounded Daily Table Number R 1 2 3 4 5 6 7 8 9 10 11 12 13 Values of (1+1) for 3% Compounded Daily Valec of Value of 1.000095890 19 35 (1+1) It (1+i) A 1001823491 37 1.003554076 38 1003650307 56 1003746548 57 1000191790 20 1001919556 1.000287699 21 100201 5631 1.000383617 22 1.002111714 1003842797 1000479544 23 1002207807 41 1003939056 59…

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