Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime +2.75%. Her current balance owing on November 1 is $13,250.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 3.5%. She makes one payment of $3,000.00 on January 19. Create three months of her repayment schedule. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63") (Give all "Number of Days" quantities as fractions with denominator 365.) Date Nov 1 Dec 1 Jan 1 Jan 19 Feb 1 Balance Annual before Interest Transaction Rate 6.25% 6.25% 6.25% 6.25% Number Interest Accrued of Days Charged Interest Payment (+) or Advance (-) $3,000.00 Principal Balance after Amount Transaction $13,250.00

Gayle has a HELOC with MCAP Financial Corporation at an interest rate of prime +2.75%. Her current balance owing on November 1 is $13,250.00 and she is required to make interest-only payments on the first of every month. The prime rate is set at 3.5%. She makes one payment of $3,000.00 on January 19. Create three months of her repayment schedule. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63") (Give all "Number of Days" quantities as fractions with denominator 365.) Date Nov 1 Dec 1 Jan 1 Jan 19 Feb 1 Balance Annual before Interest Transaction Rate 6.25% 6.25% 6.25% 6.25% Number Interest Accrued of Days Charged Interest Payment (+) or Advance (-) $3,000.00 Principal Balance after Amount Transaction $13,250.00

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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Marilyn was supposed to pay $1.620 to Bernice on March 18. Some time later Marilyn paid Bernice an equivalent payment of $1,67263. allowing fora time value of money of 24% compounded monthly. When did Marilyn make the payment? (Do not round your Irntermediate calculatlons and round your anewer to the neorest month.) Marylin mode the payment months later.
Monica invests $1600 into an account the beginning of each quarter for 9 years, starting from today. Interest is to be paid at an interest rate of 1.4% per month, compounded quarterly. Peter, would like to invest two lump sums at the beginning of the 2nd year and 4th year, with the lump sum payment 2 times greater at the 4th year than the 2nd year. Peter's account receives the same interest rate as Monica. Determine the effective interest rate per quarter under this investment. Round your answer to the nearest 0.01% Determine the future value of Monica's investment at the end of the 9 years. Round your answer to the nearest $100 Determine what lump sum Peter must invest at the beginning of the 2nd year that would yield the same yield value as Monica by the end of the 7 years. Round your answer to the nearest $100.
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Amarjeet graduated from the University of Calgary on May 2 and has student loans totalling $39,000.00. The prime rate upon graduation was 3.25%. He has decided to pay in full the interest charged during the grace period (i.e., he is not converting it to principal) before starting monthly payments of $650.00 at the fixed interest rate. Complete the table below, including calculations for the grace period and the first three months of his repayment schedule. (Round all monetary values to the nearest penny.) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "-$149.63".) (Give all "Number of Days" quantities as fractions with denominator 365.) Date Balance Annual before Interest Transaction Rate Number Interest Accrued of Days Charged Interest Payment (+) or Advance Principal Balance after Amount Transaction (-) June 1 $39,000.00 Nov 30 5.75% (inclusive) ☐ ☐ ☐ ☐ $0.00 Dec 31 8.25% $650.00 Jan 31 8.25% $650.00 Feb 29 8.25% $650.00
Val regularly deposits a certain amount K in a bank account which credits com-pound interest: If Val intends to pay K at the beginning of each quarter for 4years, how much should be this periodic payment if the sum of present valuesof all these payments is 15,000 at a nominal interest rate of 8% compoundedquarterly?
Lucas opens a bank account with 10000 and lets it accumulate at an annual nominal interest rate of 6% convertible monthly. Danielle also opens abank account with 10000 at the same time as Lucas, but it grows at an annualnominal interest rate of 3% convertible semiannuallly.For each account, interest is credited only at the end of each interest conversion period.Calculate thenumber of months required for the amount in Lucas’ account to be at least double the amount in future months.
Lacy has a $40,500.00 student loan when she graduates on May 4, and the prime rate is set at 5.5%. She has decided at the end of the grace period to convert the interest to principal, and she sets her fixed monthly payment at $925.00. She opts for the variable rate on her student loan. Create the first four repayments of her repayment schedule Calculate the total interest charged for both the grace penod and the four payments combined. Assume February does not involve a leap year (Round all monetary values to the nearest penny) (Use a minus sign before the dollar sign to denote a negative monetary value. For example, "$149.63") (Give all "Number of Days" quantities as fractions with denominator 365) Date June 1 Nov 30 (inclusive) Dec 31 Jan 31 Feb 28 Mar 31 Balance before Transaction 0 Annual Interest Rate 8% 8% 8% 8% 8% Number of Days Interest Accrued Charged Interest 0 1 Total combined interest charged for grace penod and first four months Payment (+) or Principal Balance after…
Am. 111.

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