Problem 6-21 Calculating Number of Periods [LO3] One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $500 per month. You will charge 1.95 percent per month interest on the overdue balance. If the current balance is $18,500, how long will it take for the account to be paid off? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g, 32.16.) Months for account to be paid off 58.98

Problem 6-21 Calculating Number of Periods [LO3] One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $500 per month. You will charge 1.95 percent per month interest on the overdue balance. If the current balance is $18,500, how long will it take for the account to be paid off? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g, 32.16.) Months for account to be paid off 58.98

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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Problem 9-5 Calculating Monthly Mortgage Payments [LO9-4] Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? Answer is complete but not entirely correct. Monthly Mortgage Payment a. $57,000, 15-year loan at 5.50 percent. b. $120,000, 30-year loan at 7.50 percent. c. $108,000, 20-year loan at 5.50 percent. d-1. Longer mortgage terms mean a d-2. For increase in mortgage rate lower higher $ $ $ monthly payment. monthly payment is required. 465.74 839.06 742.92
Economics Soru 4 12.5 Puan From a bank, an engineer borrows $18000 that is to be repaid in 2 years with end-of-month payments at $827.29. The bank exposes the engineer to a monthly compounding interest. What is the nominal interest rate? Choose the closest value to your answer. (A) 8.4% B) 8.0% c) 9.6% D) 8.8% E) 9.2%
17 Problem 5-39 Loan Payments (LG5-9) You wish to buy a $20,500 car. The dealer offers you a 5-year loan with a 9 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Answer is complete and correct. Payment $ 425.55 per month Payment How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.) 4 per month
Problem 5-26 Calculating Annuity Present Values [LO 1] Beginning three months from now, you want to be able to withdraw $3,400 each quarter from your bank account to cover college expenses over the next four years. If the account pays 74 percent interest per quarter, how much do you need to have in your bank account today to meet your expense needs over the next four years? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. Amount needed
Question 3 of7 A loan is partially settled by making payments of $3, 500 at the end of every six months for five years. If there is an outstanding balance of $12, 000 left on the loan after five years, what was the original loan amount? The interest rate charged was 5.78% compounded daily. Full solutions should be shown on separate sheets of paper. Submit your solutions. Original Loan Amount Round your answer to two decimal places.
Problem 6-41 Calculating Annuity Present Values [LO2] You want to borrow $87,000 from your local bank to buy a new sailboat. You can afford to make monthly payments of $1,550, but no more. Assuming monthly compounding. what is the highest rate you can afford on a 72-month APR loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Interest rate %
Question 5 of 10 You plan to save money for a down payment of $37,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 3.71% compounded annually. How long will it take you to save the planned amount? o years o months Express the answer in years and months, rounded to the next payment period SUBMIT QUESTION k SU 1 O 0 SAVE PROGRESS
Nikul
Problem 9-5 Calculating Monthly Mortgage Payments [LO9-4] Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? a. $120,000, 15-year loan at 5 percent. b. $86,000, 30-year loan at 4.5 percent. c. $105,000, 20-year loan at 4 percent. d-1. Longer mortgage terms mean a d-2. For increase in mortgage rate monthly payment. Monthly Mortgage Payment monthly payment is required.
Problem 5-30 Calculating Annuities Due [LO 2] You want to buy a new sports car from Muscle Motors for $41,100. The contract is in the form of a 48-month annuity due at an APR of 6.15 percent. What will your monthly payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Monthly payment
QUESTION 14 Suppose you have a credit card balance of $15,000 and you want to pay it off in two years. What will the monthly loan payment be if the APR on the credit card is 24%?
Do #7 thanks not #6

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