(Estimated time allowance: 10 minutes) You just bought a fancy TV on credit for $5,000 and the terms of the loan are: 3-year loan for with monthly (end of the month) payments of $229.02 What is the Effective Annual Rate (EAR) of this loan? You can use a financial calculator or PV tables: Click here for opening PV tables excel file 1) 3% O2) 42.58% O 3) 36% 4) 24%

Suppose that you decide to borrow $13,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 6.3% Installment Loan B: five-year loan at 4.8% P. Use PMT = to complete parts (a) through (c) below. - nt 1- a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for Loan A is $. (Round to the nearest cent as needed.) b. Find the monthly payments and the total interest for Loan B. The monthly payment for Loan B is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for Loan B is $. (Round to the nearest cent as needed.) MacBook Air

Suppose that you decide to borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 5.9% Installment Loan B: five-year loan at 4.8% P Use PMT = to complete parts (a) through (c) below. - nt 1- 1+ a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $. (Do not round until the final answer. Then round to the nearest cent as needed.)

What is the monthly payment for a 5 year new car loan, when the nominal annual interest is 6%. After the down payment and other up-front charges, the amount borrowed is $21,000. Show your calculations and results using two methods: Use Engineering Economy factors and the compound interest tables found in Appendix C. Using spreadsheet. Set up table with known values and use Excel payment function (PMT

For the Questions 3-5 assume you want to finance (borrow) $12,000 for your next car and your interest rate will be 6%. 3. What will be your monthly payment and the total amount paid over the life of the loan if you finance for 48 months? Provide the car payment and the TVM inputs you used to calculate the payment. Рayment Total of all payments PV FV RATE/INTEREST PERIODS/N (See next page for Questions 4 and 5)

You can afford a $1400 per month mortgage payment. You've found a 30 year loan at 8% interest. a) How big of a loan can you afford? Round your answer to the nearest dollar. b) How much total money will you pay the loan company? Round your answer to the nearest dollar. c) How much of that money is interest? Round your answer to the nearest dollar. Question Help: D Post to forum Submit Question

A contour diagram of the monthly payment on a 5 year car loan as a function of the interest rate and and the amount you borrow is shown in the figure below. loan amount ($) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 60 80 Loan amount $ 140- 100 $ 120 員員员虽 1 3 5 7 9 11 13 15 (a) If the interest rate is 13% and you borrow $6000, what is your approximate monthly payment? (Estimate to within 5 dollars of the actual amount.) $ 140 (b) If interest rates drop to 11%, approximately how much more can you borrow without increasing your monthly payment? (Estimate to within 100 dollars of the actual amount.) $ 500 X interest rate (%) (c) Suppose your monthly payment is $120. Complete the table below showing how much you can borrow, without increasing your monthly payment, as a function of the interest rate. (Estimate to within 100 dollars of the actual amount.) Interest rate 1 % 3% $ 5 % $ 7%

With the given information please confirm if my calculations for how many years it will take to pay off this loan are correct.  I need to use excel formulas. Amoutn of loan: 50,000 annual payment 10,000 interest rate: 8% I used the NPER function on excell and my answer was 6.64 years, is this correct?

You can afford a $1100 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How big of a loan can you afford? b) How much total money will you pay the loan company? c) How much of that money is interest? Question Help: Submit Question Video 1 Video 2 Video 3 Search hp H

You can afford a $200 per month car payment. You've found a 5 year loan at 7% interest. How big of a loan can you afford? S Submit Question Q Search hp O