You buy a home for $177,831 and put $11,459 down. You borrow the remainder. The mortgage company also charges a 3% loan and closing fee which you must also borrow. The interest rate is 6.5% for 30 years. Fill in the following to find the total cost of credit. Assume you make the monthly payments for the full number of years. Round to the nearest cent (2 decimal places). Do NOT put $ in your answer. After the down payment, you will need to borrow $ Including the loan and closing fee, the total amount financed will be $ Your monthly payment will be $

You buy a home for $177,831 and put $11,459 down. You borrow the remainder. The mortgage company also charges a 3% loan and closing fee which you must also borrow. The interest rate is 6.5% for 30 years. Fill in the following to find the total cost of credit. Assume you make the monthly payments for the full number of years. Round to the nearest cent (2 decimal places). Do NOT put $ in your answer. After the down payment, you will need to borrow $ Including the loan and closing fee, the total amount financed will be $ Your monthly payment will be $

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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4) You borrow $2500 on September 3rd this year. Your demand loan carries an interest rate of 7.46%. You make partial payments of $500 on October 15th and $1575 on November 17th, You want to make a final payment of the remaining outstanding balance on November 30tn. What is the size of your final payment? Use the declining balance method. A) $450.02 B) $399.76 C) $612.84 D) $851.11 E) $449
Only type answer and give answer fast
Today, you purchased $5300 on a credit card that charges an APR rate of 22.9 percent, compounded monthly. How long will it take you to pay off this debt assuming that you do not charge anything else and make regular monthly payments of $100?
Assume that you have a balance of $4200 on your Discover credit card and that you make no more charges. Assume that Discover charges 25% APR and that each month you make only the minimum payment of 2.2% of the balance. What will the balance be after 10 years? (Enter your answer rounded to the nearest cent.)
You just bought a new TV for $2,559.72 on your credit card; assume no other purchases The APR is 18% and monthly payments. What is your monthly payment if you seek to pay off the balance at the end of 5 years from now? Round to the nearest whole number and use the $ symbol ($98 would be the form of a correct answer)
Suppose your Visa credit card charges an APR of 13.5%, compounded monthly and your current statement shows a balance of $758.50.a) If you make no payments and no additional purchases for one year, what will bethe amount owed at the end of that year?b) How much total interest will be paid?c) What is the nominal rate?d) What is the effective annual rate (EAR)?e) Suppose this credit card company requires a minimum monthly payment of $25.Assuming that no additional purchases are made and also assuming that this minimum amount is paid every month, prepare an amortization schedule for the first three months of payments.
How to find EAR?
You are financing a car worth $26194.15 with tax included. Interest rates are 11.9% compounded daily. Payments are monthly and made at the end of the month. You will own the car in 5 years. You have a down payment of $1274, Calculate the finance charge (interest charged on purchase). Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 1564.23 (Hint: Take the down payment off the total worth of the car including tax; this is your PVn. Then, find the monthly payment by hand using the ordinary general annuity formuls or use the TVM salver, You will need an interest conversion if you do this question by hand or Excel because we have daily interest but monthly payments, you will need a monthly periodic interest rate. Then find the total value of ALL your monthly payments (e. g., PMT x Total Number of Monthly Payments) and add this to your down payment; subtract the purchase price including tax of the car from this figure-the difference is the interest you'll…
your credit card has a balance of $4,500 and an annual interest rate of 16%. you decide to pay off the balance over 3 years. if there are no further purchases charged to the card, a.- how much must you pay each month? b.-what is the total interest paid over 3 years?
K Suppose that on January 1 you have a balance of $2500 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total paid since January 1 is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) c. The percentage of the total paid that is interest is %. (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)
A car dealer will sell you a used car for $6798 with $798 down and payments of $162.51 per month for 47 month for 48 months. What is the simple interest rate ?
You wish to buy a $10,900 dining room set. The furniture store offers you a 2-year loan with an APR of 7.2 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

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