QUESTION 5Find the equivalent annual rate (EAR) on a loan of $75,574 for 12 years, which has a payment of $2,220 every quarter.13.1%9.3%6.1%7.4%QUESTION 6Marc plans to retire with $507,298 in the bank. The appropriate rate of return is 7.1%. If Marc saves $12,240 every year startinyear, how soon can Marc retire?O 20yearsO21years22 years23 yearsClick Save and Submit to save and submit. Click Save All Answers to save all answers.MacBook Pro

“Since you have asked multiple question, we will solve the first question for you. If you want any…

Answered: QUESTION 5 Find the equivalent annual…

QUESTION 5 Find the equivalent annual rate (EAR) on a loan of $75,574 for 12 years, which has a payment of $2,220 every quarter. 13.1% 9.3% 6.1% 7.4%

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

See similar textbooks

Related questions

Q: RFORMANCE TASK NO. 2 Show the illustration of the cash flow (Refer to Lesson 3). 1. Monthly payments…

A: To illustrate the cash flow of the following. (A) Monthly payment of ₱ 2000 for 5 years with an…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $42,000 at 5 1/4…

A: To find the total interest

Q: A loan of 51000 dollars at 7.8 percent interest compounded annually is amortized with 11 equal…

A: We will find out the required value of equal size of payment.

Q: Question 14 Esther pays $355 per month for 6 years for a car She made a down payment of $2.500 If…

Q: A company plans to purchase a large piece of machinery with $2401 semi-annual payments for 23…

A: Given:- Semi-annual payment of machinery =$2401 semi-annual payments for time =23 months…

Q: A company has borrowed $500,000. The loan is to be repaid in quarterly payments over 20 years.…

Q: Question 2 The cash price for a bike is $240. Peter bought it on payment plan over a one year…

A: From the given information we find the solution.

Q: A metallurgist purchases car for total cost including tax and license of $37,695.66. If the…

Q: Find the interest rate needed for the sinking fund to reach the required amount. Assume that the…

Q: Consider an investment of $1,500 for four years at 3.75% simple interest. a. Find the amount of…

Q: A loan of $1700 is being paid off by quarterly payments of $130. If interest is at the rate of 2%…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

Q: Find the interest rate needed for the sinking fund to reach the required amount. Assume that the…

A: Given, Amount=A= $ 12543 Time period= t= 3 Quarterly payments= $ 950 It is also given that…

Q: Suppose you obtain a $5000 Treasury Note with a 3% annual rate, paid quarterly, with a maturity in 2…

A: See the attachment

Q: You have taken a loan of $11,000.00 for 4 years at 1.4% compounded monthly. Fill in the table below:…

Q: Brian purchased a car for $30,600; he paid 10% of the cost as a down payment and financed the…

A: Solution:

Q: Find the new balance, assuming that the bank charges 1 1 21 1/2 percent per month on the unpaid…

A: Given information: Previous Balance: $300 Payment: $20 New Purchases: $80 To find: a) Unpaid…

Q: Alea would like to buy a $150,000 home. She plans to pay 16% as a down payment and will take out a…

A: Alea wants to buy a $150,000 home. She plans to pay 16% as a down payment and will take out a 35…

Q: Henry buys a new house. He takes out a loan worth $400000, with an annual interest rate of 7%,…

Q: A 25-year mortgage on a house requires payments of $915.60 at the end of each month. If the interest…

Q: QUESTION 7. Calculate the monthly payments for Clytemnestra's new Honda. She picks a model that…

Q: Find the simple interest on a $4,520 principal, deposited for 6 years at a rate of 2.25%. Round to…

Q: What was the annual (yearly) interest rate?

A: Given principal amount p = $1000 Time = 18 months = 1.5 years Let r be interest rate

Q: A college wants to provide students with a perpetual scholarship of $3,000 at the end of every…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

A principal amount of $14,390 is placed in a savings account with an annual interest rate of 3.13% compounded monthly. How much interest does the account earn after 21 years?
Month-end payments of $1,580 are made to settle a loan of $174,200 in 10 years. What is the effective interest rate? 0.00 % Round to two decimal places
Question 2 Find APR (rounded to the nearest tenth of a percent) for the loan. Purchase a living room set for $3,600 at 8% add-on interest for 3 years. Hide answer choices
Lars has been approved for a $420,000, 20-year mortgage with an APR of 5.125%.
Question 5 Jean buys a $64,000 caravan by paying a deposit of $14,000. For the balance, she takes a loan and pays it off with monthly payments of $1,250 over 4 years. Calculate the balance owing after the deposit is paid. a b Calculate the total amount of interest paid. Calculate the annual flat rate of interest on the loan.
3. Find i (the rate per period) and n (the number of periods) for the following loan at the given annual rate. Monthly payments of $279.00 are made for 7 years to repay a loan at 6.45%compounded monthly. i= n=
Question Completion Status: QUESTION 2 You borrow $12,000 from your bank to help pay for some emergency home repairs. This loan is paid back by making quarterly payments of $1100 for a total of 3 years. What is total amount of interest paid on this loan? QUESTION 3
You have taken a loan of $66,000.00 for 32 years at 3.4% compounded quarterly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) S $ $ Balance $66,000.00 $ $ $
Find the amount of each payment to be made into a sinking fund which earns 8% compounded quarterly and produces $42,000 at the end of 4.5 years. Payments are made at the end of each period. The payment size is $ (Round to the nearest cent.) ..