Crane Excavating Inc. is purchasing a bulldozer. The equipment has a price of $103,000. The manufacturer has offered a payment plan that would allow Crane to make 10 equal annual payments of $18,229.37, with the first payment due one year after the purchase.
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- Goliath Banking Corporation (GBC) offers an "Income Investment Product" (IIP) for customers. The details for this product is as follows: Customers pay $984.31767830979 to buy an IIP. The IIP will pay out $37 at the end of each year for 12 years The IIP will pay out a further single payment of $1,000 after 12 years There are no further payments after this single payment at time 12 a. Calculate the return GBC promised to investors that buy this product, expressed an effective annual rate. Give your answer as a percentage to 4 decimal places.XYZ Construction Inc. wants to purchase a new pick-up truck. The price for the new truck is $43,040. The dealer allows XYZ to trade-in the old truck for $7,162. XYZ can payback the remaining balance through a 4-year payment plan. Given the agreed interest rate is 3%: How much is the monthly payment?You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 31-year mortgage loan for 75 percent of the $3,210,000 purchase price. The monthly payment on this loan will be $15,400. a. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the EAR on this loan?
- You have just purchased a new warehouse. To finance the purchase, you've arranged for a 31-year mortgage loan for 85 percent of the $3,310,000 purchase price. The monthly payment on this loan will be $16,400. a. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the EAR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) APR % а. b. EAR %You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 30-year mortgage loan for 80 percent of the $3,700,000 purchase price. The monthly payment on this loan will be $17,800. a. What is the APR on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the EAR on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $2,600,000 purchase price. The monthly payment on this loan will be $14,200. a. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the EAR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) a. Annual percentage rate b. Effective annual rate %
- You have just purchased a new warehouse. To finance the purchase, you've arranged for a 37-year mortgage loan for 75 percent of the $3,370,000 purchase price. The monthly payment on this loan will be $17,000. a. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the EAR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) a. b. APR EAR % %You have just purchased a new warehouse. To finance the purchase, you've arranged for a 35-year mortgage loan for 85 percent of the $3,350,000 purchase price. The monthly payment on this loan will be $16,800. Requirement 1: What is the APR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) APR % Requirement 2: What is the EAR on this loan? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) EAR %You have just purchased a new warehouse. To finance the purchase, you've arranged fora 38-year mortgage loan for 70 percent of the $3,380,000 purchase price. The monthlypayment on this loan will be $17,100. a. What is the APR on this loan? (Do not round intermediate calculations and enteryour answer as a percent rounded to 2 decimal places, e.g., 32.16.)b. What is the EAR on this loan? (Do not round intermediate calculations and enteryour answer as a percent rounded to 2 decimal places, e.g., 32.16.)
- You have just purchased a new warehouse. To finance the purchase, you've arranged for a 39-year mortgage loan for 85 percent of the $3,390,000 purchase price. The monthly payment on this loan will be $17,200. a. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) b. What is the EAR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) a. APR b. EAR %Goliath Banking Corporation (GBC) offers an "Income Investment Product" (IIP) for customers. The details for this product is as follows: Customers pay $908.08904319366 to buy an IIP. The IIP will pay out $44 at the end of each year for 9 years The IIP will pay out a further single payment of $1,000 after 9 years There are no further payments after this single payment at time 9. (b) If instead GBC were to offer investors an effective annual return of 4.9376%, what price should they charge for this product? Give your answer in dollars, to the nearest cent. (c) Suppose that GBC decides to delay the final single payment of $1,000 by one year (assume this is permitted in the fine print of the IIP). Assuming no other changes are made, which ONE of the following statements is true for investors that have already purchased the IIP? a. The investors will now receive a lower return on their investment since their payments have been delayed. b. Investors will pay a lower price for this…Goliath Banking Corporation (GBC) offers an "Income Investment Product" (IIP) for customers. The details for this product is as follows: Customers pay $941.29024136888 to buy an IIP. The IIP will pay out $49 at the end of each year for 13 years The IIP will pay out a further single payment of $1,000 after 13 years There are no further payments after this single payment at time 13. (a) Calculate the return GBC promised to investors that buy this product, expressed an effective annual rate. Give your answer as a percentage to 4 decimal places. (b) If instead GBC were to offer investors an effective annual return of 3.4571%, what price should they charge for this product? Give your answer in dollars, to the nearest cent. (c) Suppose that GBC decides to delay the final single payment of $1,000 by one year (assume this is permitted in the fine print of the IIP). Assuming no other changes are made, which ONE of the following statements is true for investors that have already purchased…
