Megan decided to buy a car. She got a loan for $20,000, with an annual interest rate of 4% for 5 years. She is going to pay monthly. a) Calculate the monthly payment b) Calculate the interest portion c) Calculate the principal portion Calculate the principal balance after any payment. Use the spreadsheet to calculate this part.
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- Andrew has purchased a new car. He wishes to set aside enough money in a bank account to pay the maintenance for the first 5 years. It has been estimated that the maintenance cost of a car is given in the table.Assume the maintenance costs occur at the end of each year and that the bank pays 5% interest. How much should Andrew deposit in the bank now?enny takes out a new car loan for $41,000 at 5% annual interest rate for 5 years. a. What is Jenny’s monthly payment? Two years later, Jenny has already made 24 monthly payments (of amount calculated in a.) and has 36 remaining payments. What is the remaining principal on the loan? Solve using two methods. b. Solve by calculating the Present Worth of the remaining 36 payments. c. Solve using Excel Spreadsheet function CUMPRINC as discussed on page 165 of text. (note: you should get same answer on b. and c.)While Jack was a student at the University of Georgia she borrowed $12,000in student loans at an annual interest rate of 9%. If Jack repays $1,500 per year then how long (to the nearest year) will it take him to repay the loan? Use an excel to understand the calculation
- To help pay for college, Christine borrowed money from an online lending company. She took out a personal, amortized loan for $57,000, at an interest rate of 5.65%, with monthly payments for a term of 10 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Christine's monthly payment. $0 (b) If Christine pays the monthly payment each month for the full term, find her total amount to repay the loan. $0 (c) If Christine pays the monthly payment each month for the full term, find the total amount of interest she will pay. $0 Continue 50°F Mostly cloudy 25 $ O FS % F6 1 17 D a F8 co X © 2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Cer 27 TX W F10 X 4 PDF/ Sub &Leslie Mosallam, who recently sold her Porsche, placed $10,000 in a savings account paying annual com- pound interest of 6 percent. a. Calculate the amount of money that will accumulate if Leslie leaves the money in the bank for 1, 5, and 15 years. b. Suppose Leslie moves her money into an account that pays 8 percent or one that pays 10 percent. Rework part a using 8 percent and 10 percent. c. What conclusions can you draw about the relationship among interest rates, time, and future sums from the calculations you just did? use EXCEL to work this out and show the formula!Determine whether each scenario below is a savings/investments question or a loans question. 1. Sabrina finances a $21,999 car at 4.25% APR over 5 years. If she makes a down payment for $5,000, how much will she end up paying in interest for the car? 2. Alejandro deposits $1,500 into an investment account with an APR of 2.25% compounded monthly. How much does Alejandro need to put into his account each month in order to have $5,000 in 3 years to purchase a car in cash? 3. Amy wants to buy a house for $150,000. She doesn't have enough yet for a 20% down payment. If she puts $2,000 into the account now and $500 every month, how long will it take for her to have enough for a 20% down payment to buy this house? 4. Arnie paid $500 for his $1,200 laptop. If he finances the rest at 6.75% over 24 months, how much money will he end up paying in total for this laptop?
- Some years ago, Penny purchased the car of her dreams for $25,000 by paying 20% down at purchase time and taking a $20,000, 5-year, 6% per year, compounded monthly loan with 60 monthly payments of $386.66 each. She is examining her loan situation and would like to have some specific information. Help her obtain the following: (a) Verification of the current monthly payment amount. (b) Total amount she will pay over the 5 years. (c) Total interest she will pay over the 5 years and the percentage this represents of the original loan amount of $20,000. (d) After she missed payment #36 at the very end of the third year, according to the loan agreement, the interest rate increased from 6% to 10% per year, compounded monthly. Based on the remaining principal immediately after the late payment, determine the new monthly payment. Verify that this increased amount is necessary to pay off the loan at the increased rate. (e) Penny is now in her fourth year, has paid the increased payment for 12…Answer all parts to the question please. Part 1. Logan had seamless rain gutters installed around her home at a cost of $1,400. She financed the total amount for 18 months at an annual interest rate of 4.5% compounded monthly. What is the amount of her monthly payment? (Round your answer to the nearest cent.) Part 2. After making 12 payments, Logan decided to repay the loan in full. How many payments did she have left at this time? Part 3. What is Logan's payoff (in dollars)? (Round your answer to the nearest cent.)George borrows $43,000 to buy a car. He will repay the loan through 4 years of equal monthly payments and an annualized interest rate of 3.9%. Think about payment #44 of the loan obligation. How much of this payment will be interest? Enter your answer as a positive number (in dollars), and round to the nearest dollar.