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The future value of a payment is the value of a single payment or series of payments at some point of time in the future. The process of calculating the future value is called compounding. A series of equal payments at an equal interval of time is called an annuity.
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- Part a) & b) Not using the excel!Find the monthly house payment necessary to amortize the following loan. 9) In order to purchase a home, a family borrows $121,000 at 3.0% for 30 yr. What is their monthly payment? Round the answer to the nearest cent.You are a financial adviser, and your client wants to save $6,000 in order to make a downpayment for a car in two years. Your bank offers a savings account which pays 3.6% compounded quarterly. The client wishes to make deposits at the end of each three-month period. What is the amount of the annuity the client needs to pay in order to meet the goal? (Choose the closest number.) a) $718.44. b) $726.69 c) $734.16 d) $741.92 e) None of these. ENG 令 CMS
- A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5% per year. The customer expects a monthly repayment schedule from you, to plan his repayment. Provide a loan amortization schedule for monthly repayment of I year.A person borrows an amount for a new house and s/he is going to make monthly payments of 8,000 $ for the next 10 years. The nominal annual interest rate is quoted as 12%. (Assume the first instalment is going to be paid 1 month after s/he borrows.) a. Find the amount borrowed by this person. o. How much does this credit worth at the end of the last payment date? c.lf this person decides on closing his/her loan after paying the 34th instalment, how much should s/he pay? It is given that the closing fee of this credit is 1,453 $.Suppose you lend $11,500 to a friend at an APR of 10.00%. Your friend will pay you back beginning next month with 60 monthly installments. You can reinvest the payments you receive in your money market account at an APR of 1.10%, calculated monthly. a. How much will your friend pay you each month? ______________ b. How much will you have in your account at the end of 60 months? (to nearest $___________________ c. What is your effective annual return (EAR), _._ _%?______________
- In order to buy a car, you borrow $30,000 from a friend at 8%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments.Part a)How much are the monthly payments? $______ per month.A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5% per year. The customer expects a monthly repayment schedule from you, to plan his repayment. Provide a loan amortization schedule for a monthly repayment of 1 year. (Amortization factor is 0.952 )Please solve both parts ,will upvote
- 2.36. Suppose you want to accumulate $10,000 for a down payment for a house. You will deposit $400 at the beginning of every month in an account that credits interest monthly at the rate of 0.6% per month. How long will it take you to achieve your goal?You borrow $18826 to buy a car. You will have to repay this loan by making equal monthly payments for 5 years. The bank quoted an APR of 12%. How much is your monthly payment (in $ dollars)? $_______You borrow $10,000 from a bank for three years at an annual interest rate, or annual percentage rate (APR), of 12%. Monthly payments will be made until all the principal and interest have been repaid. Solve, a. What is your monthly payment? b. If you must pay two points up front, meaning that you get only $9,800 from the bank, what is your true APR on the loan?