One retailer charges $1038 for a certain computer. A firm of tax accountants buys 7 of these computers. It makes a down payment of $1300 and agrees to amortize the balance with monthly payments at 12% interest for 5 years. Prepare an amortization schedule showing the first four monthly payments for this loan Write the equation that can be used to find the amount of each monthly payment PV PMT where PV= 1-(1-0 + (Type integers or decimals.)

One retailer charges $1038 for a certain computer. A firm of tax accountants buys 7 of these computers. It makes a down payment of $1300 and agrees to amortize the balance with monthly payments at 12% interest for 5 years. Prepare an amortization schedule showing the first four monthly payments for this loan Write the equation that can be used to find the amount of each monthly payment PV PMT where PV= 1-(1-0 + (Type integers or decimals.)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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For the car loan described, give the following information. A car dealer will sell you the $30,750 car of your dreams for $6,000 down and payments of $665.06 per month for 60 months. (a) amount to be paid $ 512.5 (b) amount of interest $ (c) interest rate (Round your answer to two decimal places.) 1.72 X % (d) APR (rounded to the nearest tenth of a percent) 20.7 X %
A local finance company quotes a 17 percent interest rate on one-year loans. So, if you borrow $30,000, the interest for the year will be $5,100. Because you must repay a total of $35,100 in one year, the finance company requires you to pay $35,100/12, or $2,925.00, per month over the next 12 months. a. What rate would legally have to be quoted? b. What is the effective annual rate?
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Please Answer with Explanation complesari
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