Problem #4.Economic formulas are available to compute annual payments for loans. Suppose that you borrowan amount of money P and agree to repay it in n annual payments at an interest rate of i. Theformula to compute the annual payment A isA = Pi(1 + i)"(1+i)" - 1Write a program to compute for A. Test it with P = $55,000 and an interest rate of 6.6% (i=0.066).Compute results for n = 1, 2, 3, 4, and 5 and display the results as a table with headings andcolumns for n and A.

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Answered: Economic formulas are available to…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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The approximated value for e using the Maclaurin series expansion considering a true relative error that is conforming to one significant figure is: O a. 4.052 O b. 3,885 Oc3414 O d. 2414
Straight-line DepreciationBook value is the value of an asset that a company uses to create its balance sheet.Some companies depreciate their assets using straight-line depreciation so that thevalue of the asset declines by a fixed amount each year. The amount of the declinedepends on the useful life that the company assigns to the asset. Suppose that acompany just purchased a fleet of new cars for its sales force at a cost of $31,500 percar. The company chooses to depreciate each vehicle using the straight-line methodover 7 years. This means that each car will depreciate by +31,500 7 = +4500 per year.(a) Write a linear function that expresses the book value V of each car as a functionof its age, x.(b) Graph the linear function.(c) What is the book value of each car after 3 years?(d) Interpret the slope.(e) When will the book value of each car be $9000?[Hint: Solve the equation V1x2 = 9000.]
P(A) [-(-) paying less in interest, which is more economical for a $190,000 mortgage: a 30-year fixed-rate at 10% or a 20-year fixed-rate at 9.5%? How much is saved in interest? Use PMT= -nt to determine the regular payment amount, rounded to the nearest dollar. In terms of Determine which loan is more economical. Choose the correct answer below. O The 30-year 10% loan is more economical. O The 20-year 9.5% loan is more economical. The buyer will save approximately $ in interest. (Do not round until the final answer. Then round to the nearest thousand dollars.)
with 1% simple interest cover 2 years itoon Z 65 or Travel to Minneannlis for the 2018 suner Bow The bank agrees to give you a loan of $3,000 with 2% simple interest over 1 year. How much will your monthly payments be?
Fatzamatah is a simple person, so he only invests in simple interest accounts. At the end of 10 years he wants to have $50,000 in his bank account. He can get an annual interest rate of 5% from the bank for 10 years. How much money (Principal) must he put down (at t = 0) to accrue a future value of $50000 in 10 years? Calculate his net earnings (I) over the 10 years.
The principal P is borrowed at a simple interest rate r for a period of time t. Find the loans future value A, or the total amount due ay time t. P= $7000 , r= 4.0%, t= 4 months
Emma wants to donate $1,000,000 to establish a fund to provide an annual scholarship in perpetuity. The fund will earn an interest rate of j4=2.47% p.a. effective and the first scholarship will be first awarded 2.5 years after the date of the donation. (b) Assume that the fund's earnings rate rate has changed from j4=2.47% to j4=2.22% one year before the first scholarship payment. How much does Emma need to add to the fund at that time (one year before the first scholarship payment) to ensure that scholarship amount will be unchanged (rounded to two decimal places)? a. 120871.62 b. 117931.61 c. 116810.57 d. 113655.15
0.049 With PV = 100,000, i = 12 and n = 276, we are now ready to find the monthly payment PMT, by substituting these known values into the formula. Simplify and round the result to the nearest cent. PMT = PV 1 (1 + i)- 0.049 12 PMT = -276 0.049 1 - 1 + 12 Thus, the monthly payment on a 23-year, $100,000 mortgage at 4.9% per year is $
The monthly payment is $ enter your response here. (Round to the nearest cent as needed.)
Suppose that you want to avoid paying interest and decide you'll only buy the furniture when you have the money to pay for it. An annuity is basically the opposite of a fixed-installment loan: you deposit a fixed amount each month and receive interest based on the total amount that's been saved. The future value formula is: A = 12M 1+ 12 r 12t -1 where M is the regular monthly payment, r is the annual interest rate in decimal form, and t is the term of the annuity in years. With a monthly payment of $120, what would the future value be if you chose an annuity with a term of two years at 4.8% interest? Round you answer to the nearest cent. The future value would be $ $
(1.1) Your client wants to buy a house in 10 years. They currently have $1,400 saved up and are going to save $225 per month towards a downpayment. They will put this money in a safe account that does not earn any interest. How much will they have in the account after 5 years?

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