The Winter 2024 fashion scene has influ ced you to by some Totome boots for $815.20. A friend buys the boot for you in Cash today, And then you agree to pay your friend $326.08 in 55 months And a final payment of $ 504.00. If your Friend lends you the Money at 2.20% compouded semi annually, In How Many months From today should your final payment be made to pay off the Boots ? Solve for the Equated Date using a timeline

The Winter 2024 fashion scene has influ ced you to by some Totome boots for $815.20. A friend buys the boot for you in Cash today, And then you agree to pay your friend $326.08 in 55 months And a final payment of $ 504.00. If your Friend lends you the Money at 2.20% compouded semi annually, In How Many months From today should your final payment be made to pay off the Boots ? Solve for the Equated Date using a timeline

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 31P

See similar textbooks

Similar questions

On January 1 2021, you will purchase a $350,000 house. To pay for the house you will pay 20% down (in Cash) and borrow the remainder under a 30 year mortgage with a contractual interest rate of 3.35% Your market rate of interest, for the risk you pose, is 4.5% Your payments are due at the end of each month with the first payment due 1/31/2021. How much interest (rounded to the nearest dollar) will you repay during the time period of 2022-2025 ((the second through fifth year of the loan))
Suppose that you take out an unsubsidized Stafford loan on September 1 before your junior year for $45004500 and plan to begin paying it back on December 1 after graduation and grace period 27 months later. The interest rate is 6.8%. How much of what you will owe will be interest?$Round your answer to the nearest cent.
Suppose you borrow $20,000 at the start of 2022 to buy a car. Your loan is for 4 years at an effective rate of 0.5% per month. Your first uniform monthly payment to pay back the loan is due at the end of January 2022. Please answer the following questions: a. What is your uniform monthly payment if you pay it off over 48 months? b. What is the remaining balance of your car loan immediately after making the 36th monthly payment at the end of year 3? c. Suppose instead you send the bank a check for $550 every month. Rounding off to the nearest number of months, how many months are required to pay off the loan by paying $550 each month assuming that the bank applies the proper portion of each payment to interest or principle at 0.5% per month?
Suppose you borrow $20,000 at the start of 2022 to buy a car. Your loan is for 4 years at an effective rate of 0.5% per month. Your first uniform monthly payment to pay back the loan is due at the end of January 2022. Please answer the following questions: a. What is your uniform monthly payment if you pay it off over 48 months? b. What is the remaining balance of your car loan immediately after making the 36th monthly payment at the end of year 3? c. Suppose instead you send the bank a check for $550 every month. Rounding off to the nearest number of months, how many months are required to pay off the loan by paying $550 each month assuming that the bank applies the proper portion of each payment to interest or principle at 0.5% per month? Display equations used.
Lola's Furniture is offering a "houseful of furniture" for $9,999. Furthermore, if you make a down payment of $999 you can wait for 1½ years to pay the $9,000 balance. If Lola's Furniture immediately sells the $9,000 receivable contract to the Barzini Finance Group at a discount rate of 18% compounded quarterly, how much money will Lola's actually receive for the "houseful of furniture"?
Please explain how to do this in Excel. Please explain how you did it and what the results mean.You plan to buy a house in December 2023. The sale price is $650,000. You need to pay 20% down payments and borrow the additional 80% from Bank of America with a 30-year, 7.2% fixed-rate mortgage loan. You need to pay an equal MONTHLY payment starting from January 1, 2024, for a total of 30 years. (1) Calculate your expected monthly mortgage payment. (2) Develop the full amortization table for your mortgage loan. (3) When you prepare your 2024 tax filing, what is the total mortgage interest payment that you can consider for the tax deduction?
An is considering to take out a loan of $10,000 to fund this promotion service. Option 1: Ella needs to make daily payment of $67.2 from 1 January 2024 to 31 May 2024 (inclusive). (Assume that there are 365 days in a year.). Find the implied effective annual rate charged by the bank? use excel Which one is better?
Natalie decides to buy a poodle print. A poodle print is bought for 24 monthly payments of $200. What is the equivalent cash price if the rate is 18% compounded monthly and the first payment is made one month after the purchase? (Remember: Cash = Now)
Check My Work еВook Starting next year, you will need $20,000 annually for 4 years to complete your education. (One year from today you will withdraw the first $20,000.) Your uncle deposits an amount today in a bank paying 7% annual interest, which will provide the needed $20,000 payments. a. How large must the deposit be? Do not round intermediate calculations. Round your answer to the nearest cent. $ b. How much will be in the account immediately after you make the first withdrawal? Do not round intermediate calculations. Round your answer to the nearest cent. $
Starting next year, you will need $15,000 annually for 4 years to complete your education. (One year from today you will withdraw the first $15,000.) Your uncle deposits an amount today in a bank paying 5% annual interest, which will provide the needed $15,000 payments. How large must the deposit be? Do not round intermediate calculations. Round your answer to the nearest cent. $ How much will be in the account immediately after you make the first withdrawal? Do not round intermediate calculations. Round your answer to the nearest cent. $
An investors holds a time payment purchase contact on some machine tools. The contact calls for the payments of 6,800 at the end of each month a 5 years period. The 1st payment is due in one month. He offers to sell you the contact for 330,680 cash today. If you otherwise can make 1% per month on your money, would you accept or reject the investors office?
(Please answer in Excel Format and demonstrate how you got the answer so I can better understand.) You plan to buy a house in October 2022. The sale price is $539,000. You need to pay 10% down payments and borrow the additional 90% from Wells Fargo Bank with a 15-year, 3.75% fixed-rate mortgage loan. You need to pay an equal MONTHLY payment starting from December 1, 2022 for a total of 15 years. (1) Calculate your expected monthly mortgage payment. (2) Develop the full amortization table for your mortgage loan. (3) When you prepare your 2023 tax filing, what is the total mortgage interest payment that you can consider for the tax deduction?