You get a student loan of $20,000 with an annual interest rate of 6% where you make a payment once a year. You plan to pay off the loan in 5 years (get the loan in year O and then payments in year 1 through year 5). What is the amount of each payment?
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- Calculating interest earned and future value of savings account. If you put 6,000 in a savings account that pays interest at the rate of 3 percent, compounded annually, how much will you have in five years? (Hint: Use the future value formula.) How much interest will you earn during the five years? If you put 6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after five years?Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityYou put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.
- You take out a 14-year personal loan for $13000 at rate of 8.1% which compounds 4 times per year. After 1 years, you refinance the loan and get a 13-year loan at a rate of 6.48%. a) When you first get the loan, how much is your payment? $ 390.24 Correct b) Make a spreadsheet for your loan balance, interest, and payments. After 1 years of paying, how much do you owe? $ c) Adjust your spreadsheet for the new interest rate starting when you refinance in year 1. What is your new payment? $You finish your engineering degree with $17,350 in student loans. The interest rate on your loans is 0.6% per month. The loan repayment period is 10 years and your monthly payment is set to be $203.24 [= $17,350(A/P, 0.6%, 120)]. Question 2: The total interest dollars repaid using the shorter is $2,750. How total interest would be repaid using the 10-year repayment plan?What is the total amount you will have to repay for your $19,000 student loan if the interest rate is 5% APR with monthly compounding and you pay equal monthly payments over the 10 year life of the loan? Your Answer
- Suppose you get a student loan for $8,000, and your payments are deferred until after you graduate, 2 years from now. Then, you will make 15 yearly payments (starting 2 years from now). What are your payments? The interest rate is 8%/year. a. $845 b. $ 934 c. $ 976 d. $1,009Assume you graduate from college with $31,000 in student loans. If your interest rate is fixed at 4.90% APR with monthly compounding and you repay the loans over a 10-year period, what will be your monthly payment?You lend $450 to a friend who promises to make 4 payments to you of $120 at the end of 6 months, 12 months, 18 months and 24 months. Draw a timeline from your perspective. If you can reliably earn 5% per year, what is the net present value (NPV) of this loan?