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- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?You want to buy a car, and a local bank will lend you$40,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 8% with interest paid monthly. What will be the monthly loan payment? What will be the loan’s EAR?you want to buy a car, and a local bank will lend you $20,000. The loan will be fully amortized over 5 years(60 months), and the nominal interest rate will be 11% with interest paid monthly. What will be the monthly loan payment? What will be the loans EAR?
- You want to buy a car, and a local bank will lend you$20,000. The loan will be fully amortized over 5 years (60 months), and the nominal interestrate will be 12% with interest paid monthly. What will be the monthly loan payment? Whatwill be the loan’s EAR?We want to buy a car, and a local bank will lend you $40,000. The loan will be fully amortized over 5 years , the nominal interest rate will be 8% with interest paid monthly. What will be the monthly loan payment? What will be the loans EAR?You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized over 5 years(60 months), and the nominal interest rate would be 12% with interest paid monthly. What is the monthly lob payment? What is the loan's EFF%?
- You want to buy a boat, and a local bank will lend you $25,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 6% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places.You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 12% with interest paid monthly. What will be the monthly loan payment? Round your answer to the nearest cent. What will be the loan's EAR? Round your answer to two decimal places.You want to buy a car with a local bank that will lend you $20000. The loan will fully amortized over 5 years and the nominal rate of interest will be 14% with interest paid monthly, then a. What will be your monthly payment? b. Effective Annual Rate? c. Explain why total interest is different?
- Suppose you take out a $117,000, 20-year mortgage loan to buy a condo. The interest rate on the loan is 5%. To keep things simple, we will assume you make payments on the loan annually at the end of each year. a. What is your annual payment on the loan? b. Construct a mortgage amortization. c. What fraction of your initial loan payment is interest? d. What fraction of your initial loan payment is amortization? e. What is the total of the loan amount paid off after 10 years (halfway through the life of the loan)? f. If the inflation rate is 3%, what is the real value of the first (year-end) payment? g. If the inflation rate is 3%, what is the real value of the last (year-end) payment? h. Now assume the inflation rate is 6% and the real interest rate on the loan is unchanged. What must be the new nominal interest rate? i-1. Recompute the amortization table. i-2. What is the real value of the first (year-end) payment in this high-inflation scenario? j. What is the real value of the last…You want to buy a car, and the local bank will lend you $20,000. The loan will be fully amortized over 5 years (60 months) and the nominal interest rate will be 12%. The interest will be paid monthly. What will be the monthly loan payment? draw a time line and identify the known variables and unknown variables as if you were to input in EXCEL.You want to buy a car, and a local bank will lend you $40,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 6% with interest paid monthly. What will be the monthly loan payment? What will be the loan's EAR? Do not round intermediate calculations. Round your answer for the monthly loan payment to the nearest cent and for EAR to two decimal places.