mathematical excursionsCalculate the compound amount when $7000 is deposited in an account earning 7% interest, compounded quarterly, for 8 years. (Round your answer to two decimal places.)Arrowood's Camera Store advertises a Canon Power Shot 3.34-megapixel camera for $375, including taxes. If you finance the purchase of this camera for 1 year at an annual percentage rate of 4.4%, find the monthly payment. (Round your answer to the nearest cent.)

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $517,000 home…

A: Given,Total amount = $517000Down payment = 20% of $517000Loan term = 30 yearsInterest rate = 6.2%

Q: If you borrow $3,600 to buy a car at 12% per year compounded monthly, to be repaid over the next…

A: Answer Borrowing amount = $3,600 Interest rate = 12% per year  Interest rate monthly = 1%  Time…

Q: You have a new 10 year Student loan for $20,000.00 that charges an interest rate of 6.45% compounded…

A: Amortization: It is the systematic writing-off of premium or discount on bonds issued. If the market…

Q: You are financing a car worth $29039.30 including tax. The interest rate is 10.8% compounded daily.…

A: Loan amount (L) = $29039.30 - $1700 = $27339.30 Interest rate = 10.8% daily compounding (m = 365) n…

Q: You have approached your bank for a 30 year mortage loan in the sum of $2,160,000. The bank has…

A: Monthly payments refers to the periodic payment of repayment of a loan. Monthly payments includes…

Q: Using the simple interest method, find the monthly payments on a $2,000 installment loan if the…

A: Simple interest refers to the method of interest calculation where the principal amount remains the…

Q: You have taken out a loan of $15,000 for 4 years with an interest rate of 7% compounded annually.…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: Harry Morgan plans to make 30 quarterly deposits of P200 into a savings account. The first deposit…

A: Solved using Financial Calculator  N= 30 (7.5 * 4 = 30) I/Y = 8/4 = 2 PMT = 200 CPT FV = 8113.62

Q: You need to borrow $750,000 to purchase a new house. JRE bank will loan you the money at an APR of…

A: Amortization of loan refers to the regular and systematic repayment of the loan amount along with…

Q: A small businessman is about to acquire a machine whose price is $ 15,000 with VAT included. If the…

A: A. Payment in cash Cash payment = $15000(1-15%) = $ 12750   B. Installment to pay on credit Initial…

Q: Find the monthly payment and estimate the remaining balance.

A: The time value of money recognizes the idea that the value of an amount of money today differs from…

Q: Calculate the cash selling price of the refrigerator. Calculate the installment price of the…

A: Calculation of cash selling price of the refrigerator- Cash selling price…

Q: machine selling for $10000 may be purchase by paying a $1000 deposit and the balance in equal…

A: in this problem we have to calculate present value FACTOR and from that we can get monthly payments.

Q: You deposit $64000 into an account which pays 5% compounded monthly. You wish to make semiannual…

A: Amount that can be withdrawn from account depends on the period of withdrawal and interest rate of…

Q: A depositor puts $30,000 in a savings account that pays 4% interest, compounded quarterly. Equal…

A: A perpetuity is a security that pays for an infinite amount of time. In finance, perpetuity is a…

Q: A store is offering to sell an item for $1,900 and loan you the money. The loan calls for equal…

A: Given: Amount borrowed = $1,900 Interest rate = 9.9% Number of years = 4

Q: If 39600 dollars is invested at an interest rate of 9 percent per year, find the value of the…

A: Given: PV (Present Value ) =$39600Interest rate(i) =9% per yearNo. of years (n) =5 Abbreviation:FV…

Q: You just obtained a loan of $18,805 with monthly payments for four years at 8.18 percent interest,…

A: Monthly payment refers to an amount that is paid every month for the repayment of loan amount by the…

Q: You want to build a $40,000 shed on your property in 3 years. You find that the bank can offer…

A: The cost of the shed after 3 years will be $40,000 and if the shed is built today, the cost will be…

Q: You have taken a loan of $92,000.00 for 35 years at a 4.9% annual interest rate, with interest…

A: Annual payments are made to service the loan. But the interest rate is compounded quarterly. We can…

Q: Antoine Smith wants a new pickup truck listed for $55,500. He will make a down payment of $30,000…

A: The series of regular fixed periodic payments made at each interval into deposits or to repay a debt…

Q: A car can be purchased for 0% down for 60 months (in lieu of rebate). It has a sticker price of…

A: First let's define what is add on interest is Add on interest is a method of calculating the…

Q: Your bank offers a 10-year certificate of deposit (CD) that pays 6.5% interest, compounded annually.…

A: Time = t = 10Interest Rate = r = 6.5%Present Value = pv = $2000

Q: You want to buy a $12,000 car. The company is offering a 3.9% annual interest rate, compounded…

A: Monthly interest rate = Annual interest rate/Frequency of compounding in a year = 0.039/12 = 0.00325…

Q: Find the monthly payment on the loan. Assume that the term of the loan is 10 years. $6300 at 7.8%…

A: Given: Loan amount = $6,300 Interest rate = 7.8% Term = 10 yearsThe payment deferred for 6 months…

Q: A bank pays 6% interest, compounded semiannually. Use the appropriate formula to find how much…

A: Time Value of money :— According to this concept, value of money in present day is more than the…

Q: monthly paymen

A: Monthly payment refers to the equivalent amount that is paid every month for the loan duration. The…

Q: Find the monthly house payments necessary to amortize the following loan. Then calculate the total…

A: 1). Monthly payment is calculated using following equation Monthly payment = A×(r/m)(1-1(1+r/m)n×m)…

Q: and has a loan of $8,500 compounded quarterly for four years at 10%. What is the eff ere to view…

A: Effective interest rate is interest rate considering effect of compounding.

Q: .43% nominal yearly, compounded weekly, how much does this generator cost fam to purchase when…

A: Discount rate:It is the rate used to evaluate the amount of money that will be invested in the…

Q: You want to receive ​$275 at the end of every three months for 5 years. Interest is 5.7% compounded…

A: Present value refers to the current value of an asset present at some future date. It is helpful…

Q: You are about to borrow $15,000 from a bank at an interest rate of 8% compounded annually You are…

A: It is known as Amortization of loan , it is a process in banking where the loan amount or principal…

Q: You deposit $27,000.00 in an account that pays 4% compounded annually and immediately start making…

A: Given:

Q: Your bank offers you a savings plan with an APR of 2.7% compounded quarterly. You plan to save…

A: The future value refers to the estimated value of an investment or asset at a specific point in the…

Q: You are financing a car worth $26194.15 with tax included. Interest rates are 11.9% compounded…

A: A finance charge on a loan refers to the total amount of money a borrower has to pay in addition to…

Q: You have your choice of two investment accounts. Investment A is a 7-year annuity that features…

A: The time value of money technique explains the concept that the rupee received today is worth more…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $518,000 home…

A: In this question , we will be calculating the monthly payment for the loan , when A $518,000 home…

Q: Create an amortization table in Excel for a new car loan for 30,000 for six years at 5%. Determine…

A: The long-term loan that was obtained from the lender is being repaid in monthly mortgage…

Q: 1) you open an Account to house. The Acce SAVE for ecount has an APR of 1.27 Compounded quarterly.…

A: The money's time worth concept reveals that any sum of money is worth more currently than the worth…

Q: You want to borrow $59,000 from your local bank to buy a new sailboat. You can afford to make…

A: APR is Annual Percentage rateis the rate or return at which given amount is borrowed or lent to the…

Q: If you borrow $5,300 at $400 interest for one year, what is your annual interest cost for the…

A: The effective interest rate, also known as the effective annual interest rate (EAR) or annual…

Calculating the Return On A Loan