Sonia borrowed $7829.00 compounded monthly to help finance her education. She contracted to repay the loan in monthly payments of $331.00 each. If the payments are due at the end of each month and interest is 5% compounded monthly, how long will Sonia have to make monthly payments? State your answer in years and months (from 0 to 11 months)

Sonia borrowed $7829.00 compounded monthly to help finance her education. She contracted to repay the loan in monthly payments of $331.00 each. If the payments are due at the end of each month and interest is 5% compounded monthly, how long will Sonia have to make monthly payments? State your answer in years and months (from 0 to 11 months)

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

See similar textbooks

Similar questions

Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her four years at the university, Sandy accumulated $11,500 in student loans. She asks for your help in determining the amount of the quarterly loan payment. She tells you that the loan must be paid back in five years and that the annual interest rate is 8%. Payments begin in three months. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Asa has invested money from the settlement of an insurance claim. She plans to withdraw $ 2,560 from her savings account at the end of each quarter for five years. If the payments are deferred for five years and interest is 8% compounded semi-annually, what was the amount of the insurance settlement?
To attend school, Aisha deposits $360 at the end of every quarter for three and one-half years. What is the accumulated value of the deposits if interest is 12% compounded semi-annually? The accumulated value is:
Tiffany received a loan of $8,600 at 4.75% compounded monthly. She settled the loan by making periodic payments at the end of every three months for 5 years, with the first payment made 3 years and 3 months from now. What was the size of the periodic payments?
Morgan received a $29,050 loan from a bank that was charging interest at 3.25% compounded semi-annually. a. How much does she need to pay at the end of every 6 months to settle the loan in 6 years?
Loretta bought a home for $210,000 with a down payment of $30,000. Her rate of interest is 5 5/8% for 15 years. Calculate Loretta's payment per $1000 and her monthly mortgage payment. Round "payment per $1,000" to five decimal places. Round "monthly mortgage payment " to the nearest cent.
Lorna deposited $1,400, at the beginning of every six months for 13 years, in an account at her credit union. If the account paid 8% interest, compounded semiannually, use Table 12-1 from your text to find the future value of her account. $58,304.27 $62,036.44 $64,517.90 $69,954.62
An uncle has deposited $10,000 into an account that is paid quarterly at an annual rate of 2%. The aunt wants to make a total of 20 regular quarterly payments from this account to the niece's account at the beginning of each quarter. How many quarters should the payments be deferred to achieve a regular payment of $550 per quarter? Round your answer up to nearest whole quarter.
Nikul
In order to accumulate enough money for their child's college tuition, a couple deposits $4, 000 every three months (quarterly) into an account paying 0.94% annual interest (compounded quarterly) show work. a) How much will the couple have altogether in 15years?
Sonia borrowed $3717.00 compounded annually to help finance her education. She contracted to repay the loan in annual payments of $251.00 each. If the payments are due at the end of each year and interest is 5% compounded annually, how long will Sonia have to make annual payments? State your answer in years and months (from 0 to 11 months). ion 4Sonia will have to make payments for year(s) and months).
To attend school, Amaya deposits $420 at the end of every 6 months for five and one - half years. What is the accumulated value of the deposits if interest is 3% compounded quarterly?

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS