Greg owes two debt payments – a payment of $5763 that was due in 10 months ago and a payment of $1916 due in 7 months. If Greg makes a payment now, what would this payment be if money is worth 7.12% compounded semi-annually? Assume a focal date of today

Q: a. How many payments are required to repay the loan? Number of payments b. Use the given information…

A: Amortization is the process of gradually repaying the loan. In an amortizing loan, a portion of each…

Q: ames has a mortgage of $88,500 at 4% for 15 years. The property taxes are $3,700 per year, and the…

A: The PITI payment includes payments for mortgage, insurance and taxes towards the mortgage.

Q: Jada and Izaak borrowed $40,000 at 5.53% compounded quarterly as a second mortgage loan against…

A: A loan refers to a contract between a lender and a borrower where a sum is exchanged on the promise…

Q: Mr. Cruz obtained a 17-year mortgage for 2894112. If this monthly payment is 18325 how much is the…

A: A mortgage is a type of loan in which a property is used as collateral for its own purchase or…

Q: Sally borrows $25,000 for a loan, and she repays the loan by making quarterly end-of-quarter…

A: The principal amount is $25,000.The quarter payment is $650.The maturity of the loan is 15

Q: Justin is financing S169,600 for a home at 5.25% interest with a 25-year fixed-rate loan. Find the…

A: Using excel pmt function

Q: If Rachel obtained a business loan of $205,000.00 at 4.49% compounded semi-annually, how much should…

A: Present value of annuity Annuity is a series of equal payments at equal interval over a specified…

Q: Rachael invests $8000 for 7 years and 8 months. The account earns 12% semiannually. A) What is n…

A: Future value of present sum depends on whether it is simple interest or compounded…

Q: Geoff has paid $19,000 for a retirement annuity from which he will receive $1,624 at the end of…

A: Future value The value of an investment in a particular future date is known as its future value.…

Q: Dominique has a mortgage of $445,000 through his bank for property purchased. The loan is repaid by…

A: Any sum borrowed to meet any specific personal or business needs is regarded as a mortgage/loan. The…

Q: semiannual payments over the next 9 years.

A: Amortization is an accounting method that lowers the book value of the loan or intangible asset…

Q: Miracle has a mortgage of $257,000 through her bank for property purchased. The loan is repaid by…

A: The given problem can be solved using =IPMT(rate, per, nper, pv, [fv], [type]) function in excel…

Q: Jacob took a $75,000 loan at 1.8% compounded monthly and decided to make end of month payments of…

A: A loan refers to a contract between a borrower and a lender where money is forwarded on the promise…

Q: Clara borrows $41,000 today at 2.9% per year compounded quarterly, to start her own buisness. she…

A: Given, Loan amount (p) = $41,000 Interest rate (r) = 2.9% Number of compounding periods (m) = 4…

Q: Sam Robinson borrowed $10,000 from a friend and promised to pay the loan in 10 equal annual…

A:

Q: 2) If Bob deposits $5000 at the end of each year for 14 years in an account paying 6% inter…

A: C=$5000i=0.06n=14

Q: o acquires a loan of $300,000 to be paid off during 6 years with monthly payments. If the…

A: Monthly payments are equal fixed amount of payment that carry the payment for interest and loan but…

Q: Charles has just taken on the conditions of the loan, he must make payments of $1,200 per year for…

A: Amount of loan is the present value of the annual payments of the loan based on the time and…

Q: Suzanne and Garth have arranged to borrow a $425,000 mortgage loan at 2.75% per annum, compounded…

A: Annuity refers to series of annual payment which is paid or received at start or ending of specific…

Q: Jim makes a deposit of $12,000 in a bank account. The deposit is to earn interest compounded…

A: Deposit $12,000 a)Calculate future value compounded annually 6% for 7 years.b).Calculate Future…

Q: Greg owns two debt payments - a payment of $5338 that was due in 11 months ago and a payment of…

A: The concept of the time value of money states that the same amount of money is worth more today than…

Q: Fred owes $12000 due in two years and $8,000 due in twelve years. Fred is allowed to pay off both…

A: We have to consider present value and future value of both.

Q: At the end of each of the past 14 years, Vanessa deposited $450 in an account that earned 8%…

A: Using FV function of excel

Q: cecilia invested $5000 in an account four years ago. Today her account has a balance of $6200. Given…

A: Present value=$5000Future value=$6200Period= 4 yearsPeriod= 16 quarters

Q: A man deposits ​$19,000 at the beginning of each year for 9 years in an account paying 6​%…

A: Future value refers to the method of time-value of money used for calculating the value of the…

Q: ay off a debt that he took out today, Roger will have to make a payment of $3,500 in 15 months and…

A: The loan amount is the present value of payments made for the loan based on time and interest rate…

Q: Jackson has a loan that requires a $16,600 lump sum payment at the end of four years. The interest…

A: The amount borrowed today can be computed using the present value function.

Q: Determine when the balance will be below $75,000. Determine when the balance will be paid off.…

A: Formulae Po=p(1−(1+r/12)^-m)/(r/12) P0 = Remaining loan p = Monthly payment r = Interest rate m =…

Q: Three years ago, ZYX deposited $2,590 in an account that has earned and will earn 8.60 percent per…

A: P = Initial deposit = $2,590 r = Annual interest rate = 8.60% = 0.086 n = Number of years = 6 The…

Q: 2. A child deposits his birthday money of $350 into an account that pays 5.6% interest compounded…

A: Future Value of annuity = P  [(1+r)^n - 1]/ r

Q: Mr. Nina borrows $425,000 from the bank at 3.5% per year interest over a 30-year period. He can make…

A: A balloon payment refers to a large, lump sum payment that is typically made at the end of a loan…

Q: When Christian bought his home, he borrowed $315,700 at 4.2% interest, compounded monthly for 25…

A: Loan amount (PV) = $315,700 Interest rate = 4.2% Monthly interest rate (r) = 4.2%/12 = 0.35% Period…

Q: 1. Cameron designates 10% of his monthly earnings as charitable contributions. After deducting this…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Reese contributed $250.00 every month into an RRSP for 5 years. What nominal annual rate of interest…

A: Solution:-When an equal amount is contributed each period at end of period, it is called ordinary…