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: 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: A bond issue is approved for building a marina in a city. The city is required to make regular…

A: Consider the equation

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: Show instructions Question 1 (5 points) A $14,000 loan at 6% compounded monthly is repaid by monthly…

Q: A company plans to purchase a large piece of machinery with $5385 semi-annual payments for 41…

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

Q: Dylan deposited $4,000 in a 3-year CD account that pays 3.08% interest, compounded weekly. What is…

A: Use formula of compound interest weekly.

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: QUESTION 3 Three years ago, Pete took out a loan of $55,000. The loan was taken out for 10 years…

A: Three years ago, Pete took a loan of $55,000. The loan was taken out for 10 years with an interest…

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: Municipal Hydro offers to acquire a right-of-way from a property owner who receives annual lease…

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: What sinking fund payment would you need to make at the END of each three months, at 6% interest…

A: What sinking fund payment would you need to make at the END of each three months, at 6% interest…

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

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

QUESTION 7. Calculate the monthly payments for Clytemnestra's new Honda. She picks a model that sells for $33,800 when all the options, fees and taxes are added. Clytemnestra makes a down payment of 15% of the total purchase price and finances the rest. Her loan term is 5 years. Her interest rate is 4.6% How much is her monthly payment, rounded to the nearest dollar?
You have taken a loan of $7,000.00 for 4 years at 3.1% compounded monthly. Fill in the table below: Round all answers to 2 decimal places. Payment number Payment amount Principal Amount Interest Balance 0) $7,000.00 1) | 2) $ 3) $
A college wants to provide students with a perpetual scholarship of $3,000 at the end of every quarter. How large should its endowment fund be if money can earn 7.50% compounded quarterly? Select the correct answer. No work needs to be shown. O $158,300.00 O $161,400.00 O $160,000.00 O $163,600.00
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
Lars has been approved for a $420,000, 20-year mortgage with an APR of 5.125%.
3. Sheren makes quarterly payments of $750 into an account that pays 7% per year, compounded quarterly. How much money will be in her account in 5 years? a. $17 252.22 b. $15 861.08 c. $17 776.20 d. $17 776.21
A second mortgage requires payment of $370 at the end of each month for fifteen years. If the interest is 8% compounded semi-annually, what is the value of p? P= 0.066 p = 0.66. p = 0.0066. p = $38904.80..
3. Hayden recently graduated from college and owes $24 000 on a student loan that she must begin to repay. Payments are to be made at the end of each month for the next five years. Interest is 8.5% per year, compounded monthly. Calculate the total amount needed to repay the loan. a. $24 512.40 b. $25 119.24 c. $29 544.00 d. $19 344.00
Find the mortgage payment for a 15-year loan of $224,700 at an annual interest rate of 8.15%. (Round your answer to two decimal places.)
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