Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $62,000 loan at 6% for 72 months. What is his monthly payment by formula? (Round your answer to the nearest cent.) X Answer is complete but not entirely correct. Monthly payment 24 912.77 X

Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $62,000 loan at 6% for 72 months. What is his monthly payment by formula? (Round your answer to the nearest cent.) X Answer is complete but not entirely correct. Monthly payment 24 912.77 X

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

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Sam's Auto Repairs Inc. borrowed $9231 to be repaid by monthly payments over 4 years. Interest on the loan is 3.55% compounded semi-annually. (*Hint: General Annuity) Compute the equal monthly payment. Round your answer to 2 decimal places. Do not enter the dollar sign. Sample input: 124.34 need all steps of calculations for rough work and Create a full loan amortization table for Question
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Pete Frank bought a computer for $4,000. Pete put down $500 and financed the balance at 10 ½% for 36 months. What is his monthly payment? (Use loan amortization table.)
Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $78,000 loan at 8.5% for 60 months. What is his monthly payment by table lookup? (Use Table 14.2) Note: Round your answer to the nearest cent. Monthly payment: TABLE 14.2 Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan) Terms in months 7.50% 8.00% 8.50% 9.00% 10.00% 10.50% 11.00% 11.50% 12.00% 12.50% 13.00% 13.50% 14.00% 14.50% 15.00% 15.50% 16.00% 6 $ 170.34 $ 170.58 $ 170.83 $ 171.20 $ 171.56 $ 171.81 $ 172.05 $ 172.30 $ 172.55 $ 172.80 $ 173.04 $ 173.29 $ 173.54 $ 173.79 $ 174.03 $ 174.28 $ 174.53 12 86.76 86.99 87.22 87.46 87.92 88.15 88.38 88.62 88.85 89.08 89.32 89.55 89.79 90.02 90.26 90.49 90.73 18 58.92 59.15 59.37 59.60 60.06 60.29 60.52 60.75 60.98 61.21 61.45 61.68 61.92 62.15 62.38 62.62 62.86 24 45.00 45.23 45.46 45.69 46.14 46.38 46.61 46.84 47.07 47.31 47.54 47.78 48.01 48.25…
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Derek plans to buy a $29,486.00 car. The dealership offers zero percent financing for 52.00 months with the first payment due at signing (today). Derek would be willing to pay for the car in full today if the dealership offers him $ cash back. He can borrow money from his bank at an interest rate of 4.72%. Submit Answer format: Currency: Round to: 2 decimal places.
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AS an accountant at City Bank in Boston, Ken, the Loan Officer called you for some help on a loan application that he is working on. One of his customers is looking for a $50,000 loan for a car. He is offering him a 7% 5 year $50,000 loan and asking you to help him calculate the installment amount. This is the data Ken sent you: Face Amount of Loan $50,000 Contract Rate… 7% Term of the Loan….. 5 years
Peter has borrowed $8,600 to pay for his new car. The annual interest rate on the loan is 7.4 percent, and the loan needs to be repaid in four payments. What will be his annual payment if he begins his payment today now? (Round to the nearest dollar.) a. $2,850 b. $2,656 c. $2,385 d. $2,448
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To pay for your education, you've taken out $24 comma 00024,000 in student loans. If you make monthly payments over 1212 years at 66 percent compounded monthly, how much are your monthly student loan payments? Question content area bottom Part 1 Your monthly student loan payments are $enter your response here. (Round to the nearest cent.)

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