Marcus is expected to settle a loan by paying $6,000. What amount should he pay if he decides to settle the loan six months earlier? The interest rate is 2.25% compounded monthly. Round to the nearest cent

Q: Gage is suppose to receive a payment of $480.00 today from Mark. One month from today, Gage should…

A: Interest rate = 2.95% per annum Payment to be received today (P0) = $480 Payment to be received…

Q: For how long will Zack have to make payments of $114.00 at the end of every six months to repay a…

A: The objective of the question is to find out the time period Zack will take to repay his loan by…

Q: Chester hopes to earn $1200 in interest in 2.5years time from $60,000 that he has available to…

A: The annual interest rate that is charged by the lenders or at which the investors earn additional…

Q: Ms. Aay is considering to deposit $500 every six months, and would receive interest at an annual…

A: Semi annual deposit (P) = $ 500 Annual interest rate = 8% Semi annual interest rate (r) = 8%/2 = 4%…

Q: You purchase a home for $299,000. You make a down payment of 13% and finance the remaining amount…

A: Formulas:

Q: Joe plans to deposit $300 at the end of each month into a bank account for a period of 3 yr, after…

A: To solve this question we have to first find the future value of monthly annuity of $ 300 after…

Q: Muaz will need $130,000 in 4 years to buy a piece of property. He plans to save money by making…

A:

Q: jose has determine dhe need to have $800000 for retirment in 30 years. His account earns 6%…

A: Amount need to be deposited in the account each month can be calculated using the formula of future…

Q: Daniel and Michael are buying a home for $800000. They make a down payment of 30% and finance the…

A: A mortgage refers to a loan availed against the purchase of a house. The lender charges an interest…

Q: Ali makes the same payment every two months to pay off his $61,600 loan. The loan has an interest…

A: Given: Present Value (Loan Amount )=$61600A=Amount paid every yeari=rate of interest i.e.…

Q: John takes out a 5 year loan for $10000 at 8% interest compounded monthly. Calculate his monthly…

A: The annuity is an amount that is paid back to the loan amount which consists of interest payments…

Q: Reuben has the option of receiving a loan of $13,625 for 8 years at an interest rate of either 4.73%…

A: Future value, FV = P(1+r/k)^n*k  Where P is the loan value. r= rate. k = compounding  n= number of…

Q: Dax borrows $500,000 and the loan is governed by compound interest at an annual effective interest…

A: Here, Borrowed Amount $                           500,000.00Annual Effective Interest…

Q: For how long will Zack have to make payments of $114.00 at the end of every six months to repay a…

A: Loan amount = $3,460.00Semi-annual payment = $114.00Interest rate = 4%

Q: You borrow $750 from your brother and agree to pay back $850 in 8 months. What simple interest rate…

A: The simple interest rate can be calculated by using the simple interest rate function

Q: Taylor will make payments of $150 at the end of every month to settle a loan of $1,300 at 5.10%…

A: Montly payment(PMT) = $150 Loan Amount = $1,300 Rate = 5.10% Compounded semi- annually

Q: What was the size of the periodic payments?

A: First, we need to determine the equivalent interest rate as the loan is compounded monthly, but the…

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: Bob and Pat want to purchase a vacation home in ten years and need $45,000 for a down payment. How…

A: Time value tells that money received today has more value than that of receiving exact value later…

Q: Ms. Aay is considering to deposit $600 every six months, and would receive interest at an annual…

A: In the given question, semi-annual deposits of $ 600 are made for next 5 years, wherein first…

Q: A student graduates from college with $31,000 in student loans with a 5.6% annual simple interest…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in equal…

Q: Pandemic Bank charges 4% for discounting loans. If Super Tekla agrees to repay 3,000 in 6 months,…

A: we will only answer the first question, for the remianing questions, kindly resubmit the question…

Q: Emilio desires $9,000 as the proceeds of a 90-day loan from Winston who charges 5% interest in…

A: Time has been valuable in all aspects but in terms of finance, time has a money value. The worth of…

Q: Jim makes a deposit of $12,300 in a bank account. The deposit is to earn interest compounded…

A: The solution, requires understanding of applications of time value of money. The formulae used will…

Q: Pedro borrows P300,000.00 from lender  ABC today at 12% compounded monthly.          To fulfill his…

A: As you have asked a multiple subpart question, we will answer the first three subparts for you. To…

Q: If money is compounded monthly at 6.42%, how much must she pay each month? Round off to two decimal…

A: Principal Amount of Loan = Total Amount - Down Payment Monthly Payment = P x r / [1 - {1 / (1 +…

Q: is 4% per annum compounded semi-annually? State your answer in years and months (from 0 to 11 He…

A: Loan amount=$3340Annual payment=$116Interest rate=4%Compounding semi annual.

Q: Jean takes out a loan to be repaid in 120 monthly payments of $3,000 each, the first payment being…

A: Nominal rate = 6%Number of loan terms = 120Monthly payment = $3,000Lumpsum amount paid after 60th…

Q: A couple borrows 275000.00 for a mortgage that requires fixed monthly payments over 25 consecutive…

A: Solution:-When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: Fernando has the choice of taking out a 25-year loan for $150,000 at 6.6% interest, compounded…

A: Annuity payments refer to the set of fixed periodic payments that an investor or a depositor makes…

Q: You are getting a mortgage. Your home is worth $237,324, and you will make a $63,651 down payment.…

A: Cost of home= $ 237324 Down payment done= $ 63651 Loan= $ 237324- $ 63651 =$ 173673

Q: Cornelia will borrow $300,000 from the bank as a mortgage on her new home. The posted rate is an APR…

A: APR or annual percentage rate is the interest rate per year without taking into the compounding…

Q: Gabrielle obtained a business loan of $245,000.00 at 4.03% compounded semi-annually, how much should…

A: Loans are paid by the periodic payments that carry the payment for interest and payment for…

Calculating the Return On A Loan