Vladimir has purchased a new car and the discrete interest rate is 2% per month and the purchase price is $43,000. a. What is the expected monthly payment over a 4-year period? b. What is the total interest paid over the 4-year period?
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- Suppose you borrow $10,000 from your parents to buy a car. You agree to pay $208 per month for 48 months. What is the monthly interest rate? Respuesta:Suppose Allison purchases a condominium and secures a loan of P13,400,000 for 30 years at an annual interest rate of 6.5%. a. Find the monthly mortgage payment. b. What is the total of the payments over the life of the loan? c. Find the amount of interest paid on the loan over the 30 yearsSuppose James will have $25,000.00 for a down payment on a house in 6 years. How much would he have to invest today (present value) if his investment earns a nominal rate of 5 ¼ % compounded monthly? b. How much interest did James’s account earn during the 6 years?
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- You invest 10.000 dolar in a bank account to buy a house at annual interest rate 14 per year, compounded monthly, for 10 years. What is the price of house in this respect?Cassandra received a 30 year loan of $320,000 to purchase a house. The interest rate on the loan was 3.70% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 3? Round to the nearest cent c. By how much will the amortization period shorten if Cassandra makes an extra payment of $30,000 at the end of year 3? years and monthsmYou took out a loan to buy a new car. The monthly interest rate on the loanis 2.5% . You haveto pay S260 every month for 60 months.What is the present value of the cash flows if it's an annuity due?What is the future value of the cash flows if it's an annuity due?
- You would Ilike to have $59,000 in 5 years for the down payment on a new house following graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. (a) How much should you deposit at the end of every three months? (b) How much of the $59,000 comes from deposits? (c) How much of the $59,000 comes from interest? (Round UP to the nearest dollar. For example, $247) OPensyrooo n 21 l 1e0 (6)' s 6Tei 0hcc doirdW (b)Saaviz wDi 26. 7 1 0 59.000 6 00You 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?Paul borrowed $500000 from the bank for mortgage. The interest rate is 7.8% compounded monthly. a. Convert the interest rate above as the effective interest rate. b. To pay off the mortgage debt within 30 years, how much is his monthly payment (to the nearest cent)? c. Build the amortization schedule based on part b, including the correct final payment to make the final balance equal to zero. d. Paul actually may afford $3400 every month as the mortgage payment. How many years+months will he need to pay off the mortgage? e. Build the amortization schedule based on part d, including the correct final payment to make the final balance equal to zero. f. Find out
