- Payday Quik Loan's customers must repay $105.50 one monthtater for each $100 of paycheck advance. a. The monthly interest rate charge is b. The annual nominal interest rate is c. The annual effective annual rate is
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A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for…
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A: Here we calculate the annual deposit amount by the following method as follow;
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A:
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A:
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A: Note: We will answer the first 3 subparts of the question as the exact one was not specified. Please…
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- Find the future value and total interest of the annuity. (Round to the nearest cent as needed.) Annuity type Periodic payment Annual interest rate Payment paid Years Ordinary annuity $2,100 6% Quarterly 3 Future Value of $1.00 Ordinary Annuity Rate per period Periods 0.25% 0.50% 0.75% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 1 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.002 2.005 2.008 2.010 2.015 2.020 2.025 2.030 2.035 2.040 3 3.008 3.015 3.023 3.030 3.045 3.060 3.076 3.091 3.106 3.122 4 4.015 4.030 4.045 4.060 4.091 4.122 4.153 4.184 4.215 4.246 5 5.025 5.050 5.076 5.101 5.152 5.204 5.256 5.309 5.362 5.416 6 6.038 6.076 6.114 6.152 6.230 6.308 6.388 6.468 6.55 6.633 7 7.053 7.106 7.159 7.214 7.323 7.434 7.547 7.662…Suppose you need to borrow $15000 to finance a purchase of a new car for a period of 4 years. You bank offers you a loan with 5% annual interest rate and a fixed monthly payment of $345. What is the interest owed, principal paid and the principal outstanding after the first 2 monthly pay- ments? Hint: do not forget to convert the term of the loan and the interest rate to monthly frequencyWrite the 4 Formulas for Uniform Annuity Series Find F/A Find P/A Find A/P Fina A/F P (Present Value) for Perpetuity
- For what value of P in the cash flow diagram does the present valueequal 0? Please show all work. Picture attached.Determine the present worth of annuity consisting of 6 payments of 120,000 each payment are made at the beginning of each year. Money is worth to 15% compounded annually. What problem is all about? A. Ordinary B. Annuity due C. DeferredYou purchase a car today using a loan of $19000 APR 6%. If your plan is to pay during 5 years with equal monthly payments: Instructions: • Use 4 digits in your calculations and reporting the answers. • Do not write commas or apostrophes. • Do not write $ (dollar sign) or any other symbol, just write the number. a) How much do you need to pay each month? (estimate each month 30 days) has USD per month b) How much did you really pay after the 5 years considering all monthly payments? USD
- A deposit of $495 earns 3% p.a. interest compounded monthly, how much money will be in the bank after 3 years?Show complete solution (please write eligibly) 1. Find the uniform annual amount that is equivalent to a uniform gradient series in which the first year’s payment is $500, the second year’s payment is $600, the third year’s payment is $700, and so on, and there are a total of 22 payments. The annual interest rate is 11%. Round answer to 2 decimal places.It refers to the professed interest rate. a Nominal b Effective c Ordinal d Actual
- 3. Ramoncito deposited P15,000.00 today and he deposited the same equal amount each month for the next 9 months. Interest is 7% compounded monthly. a. How much is the value of these 10 equal deposits after 9 months from today? b. If Ramoncito failed to pay the last two monthly payments (8th and 9th), how much should he pay the bank a single amount of 14th month?c. Compare interest factor provided on the formula she A student purchases a car at $26,200 and pays for it over 36 months with equal monthly payments at 1.9 % interest per year. a. Draw a cash flow diagram for this transaction b. Using the appropriate compounding interest factor provided on the formula sheet, determine the student's monthly payments. interestKathy buys a tv set fir 12,500 cash after 60 days. Kathy wishes to pay immediately and the seller needs to compute the cash price on the assumption that money is worth 8% simple interest. What is the cash price today?