?4:04classroom.google.com1. Maya would like to borrow $4500. Her bank offered her a two-year personal loan with monthly payments.The interest rate on the loan is 8% per year, compounded monthly. How much interest will Maya pay over thelife of the loan?a. $384.48c. $219.81d. $197.40b. $778.002. An amount of $1500 is deposited semi-annually for two years into a fund that pays 10.5% per year,compounded semi-annually. Use a TVM Solver to determine the future value of this annuity.a. $6079.21c. $3078.75d. $6489.25b. $5871.013. Determine the monthly deposit needed to save $10 000 in three years if interest is earned at 3.5% per year,compounded monthly.a. $263.85c. $250.13d. $276.97b. $293.024. Olivia invested $2000 at the end of every year into an RRSP fund that pays 8% per year, compoundedannually. Calculate the value of Olivia's investment ten years after she started investing in the fund.$24 012.21a.b. $28 973.12c. $20 610.79d. $13 420.165. Determine the monthly payment on $7500 borrowed at 9.6% per year, compounded monthly for one year andfor five years. What is the difference between the two monthly payments?a. approximately $100c. approximately $500d. approximately $200b. approximately $4006. Muhammad's bank offers personal loans for one to five years at 7.5% per year, compounded monthly.Calculate the total interest paid on a $18 000 loan from this bank using monthly payments of $400. Roundyour answer to the nearest ten dollars.a. $1350.00b. $4600c. $2460d. $32001A°°&7. Jessie is purchasing some new appliances. The after-tax cost is $6680. The interest rate on a personal loanfrom her bank is 6.9% per year, compounded monthly. Determine the number of months it will take Jessie torepay the loan if she can afford monthly payments of $300.a.25 monthsb. 27 monthsC. 24 monthsd. 21 months8. Calculate the total amount paid over the term of a five-year fixed rate mortgage of $260 000 amortized over25 years at an annual interest rate of 6.49%.a.$105 235.20C. $55 375.20d. $106 072.20b. $104 398.209. Erik purchased a laptop. Part of amortization table for Erik's one-year personal loan is shown.Principal Paid ($)Interest Paid ($)206.9121.67208.6419.94210.3818.20212.1316.45213.9014.68215.6812.90217.4811.10219.299.29221.127.46222.965.62224.823.76226.691.89Calculate the total amount needed to repay the loan.a. $142.98c. $2831.52d. $2600.00b. $2742.9610. Sara purchased a three-bedroom, two-storey house for $209 000 with a 10% down payment. The mortgage is7.25% per year, amortized over 20 years. Assume the interest rate remains constant. How much will Sara endup paying before the house is truly hers?a. $356 808.00C. $203 252.50d. $353 882.40b. $201 737.2511. Curtis bought a condominium for $319 000 and made a down payment of $64 000. The annual interest ratefor a five-year fixed rate mortgage is 5.49%. Determine the monthly payment for a 25-year amortizationperiod.Page2/ 3$7082 22C.d.+$896.67

Hi! thanks for the question but as per the guidelines, we answer only one question at one time.…

Maya would like to borrow $4500. Her bank offered her a two-year personal loan with monthly payments. The interest rate on the loan is 8% per year, compounded monthly. How much interest will Maya pay over the life of the loan? a. $384.48 c. $219.81 d. $197.40 b. $778.00

Maya would like to borrow $4500. Her bank offered her a two-year personal loan with monthly payments. The interest rate on the loan is 8% per year, compounded monthly. How much interest will Maya pay over the life of the loan? a. $384.48 c. $219.81 d. $197.40 b. $778.00

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Given a loan for $58,000.00 at an interest rate of 16.15% for 5 years, determine your annual payment amount and complete a loan amortization table.
Help ( economics) not finance
Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $80,000 in a fund paying 3% per year, with monthly payments for 10 years PMT = $ Need Help? Watch It Read It
You want to borrow $1500 at 8% and you are willing to pay $210 in simple interest.How long can you keep the money
Emily wants to save part of her salary for a new car in a savings account that earns 8% annual interest. At the end of the first year, she saves $1000 and increases her savings by $500 each year until she buys the car at the end of year 6. How much would be accumulated in her account at the end of year 6? Round to the nearest dollar.
You would like to have $800,000 in your retirement account in 40 years. You assume your retirement account will get a 6% rate of return, compounded monthly. How much money will you need to put in the account each month?
2.The simple interest on a $6500 loan at 15% for 9 months is. a)$731.25 b)$7312.50 c)$73.13 d)$2925
Student Emergency Financial Services, Inc.,which makes small loans to college students, offersto lend $550. The borrower is required to pay $42 atthe end of each week for 16 weeks. Find the interestrate per week. What is the nominal interest rate peryear? What is the effective interest rate per year?
You borrow $2,000 from Gougo’s, a well-known loan consolidation outfit. The loan is an “unbelievably low” 2.5% per month compounded monthly. You have 2 years to pay back the loan. a. What is the nominal interest rate? b. What is the effective interest rate? c. If you wait until the end of year 2 to pay it off in one lump sum, how much must you pay? Use the “period interest rate” approach. d. If you wait until the end of year 2 to pay it off in one lump sum, how much must you pay? Use the “effective interest rate” approach. e. Of your payment in parts (c) or (d), how much is interest? f. Suppose you make equal end-of-month payments. How much is the monthly amount?
Suppose that under the Plan of Repayment one should pay off the debt in a number of equal end-of-month installments (principal and interest). This is the customary way to pay off loans on automobiles, house mortgages, etc. A friend of yours has financed $15,000 on the purchase of a new automobile, and the annual interest rate is 6% (0.5% per month). a. Monthly payments over a 36-month loan period will be how much? b. How much interest and principal will be paid within three month of this loan?
Q3
Find the amount accumulated FV in the given annuity account. HINT [See Quick Example 1 and Example 1.] (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $110 deposited monthly for 20 years at 3% per year in an account containing $12,000 at the start $ Need Help? Master It Read It