You have determined that you can afford to pay $800 per month toward a new Italian sports car. You call up your bank and find out that the going rate is 12% compounded monthly for 5 years. How much can you borrow? ÖÖ 11:05 v

Q: How much money do you need to deposit in a bank account now so that you can years forever if the…

A: Withdrawal amount for every 6 years = $10,000 Number of years = 6 Interest rate (i) = 6% Deposit…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $501,000 home…

A: Loan amount (P) = $400,800 (i.e. $501,000 * 0.80)Monthly interest rate (r) = 0.00483333333333333…

Q: 1. Ralph has decided to deposit $400 into his savings account each month. His bank is payıng 2.…

A: Time value of money (TVM) is used to measure the value of money at different point of time in the…

Q: What is your monthly loan payment? What is your expected balance after five years (60 months)?

A: Purchase Price64900Down Payments10000Loan Amount54900No.of Payments84Monthly Rate0.0033Monthly…

Q: You borrowed $650,000 from a bank at an interest rate of 63% compounded quarterly to purchase a new…

A: Monthly payments can be calculated by present value of annuity as the money borrowed (Loan) is the…

Q: You plan to retire in 45 years and would like to be able to spend $4,000 a month (at the end of…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

Q: What rate of interest will you have to get per year if you would like to buy a car for $68,500 at…

A: Rate of interest is the percentage of return that is expected to be generated by investing in the…

Q: You owe $24,000 on student loans at an interest rate of 5.45% compounded monthly. You want to pay…

A: Given loan amount is Interest Rate is Time period since number of payments is monthly total number…

Q: A friend asks to borrow $54 from you and in return will pay you $57 in one year. If your bank is…

A: Future value of an amount is calculated as follows:  FV = PV*(1+r)t Where,  FV = Future value of…

Q: You need to have OMR 15000 in five years to payoff a home loan. You can invest in an account that…

A: Given:

Q: You want able to withdraw 15,000 each month for 15 years. your account earns 3 1/4% interest. a.…

A: Investments are the ways in which individuals and corporations park and save their money and funds…

Q: A lender is promised a $100 payment (including interest) one year from today. If the lender has an…

A: A lender is promised $ 100 payment including interest one year from today. Simply stating, A lender…

Q: You're trying to save to buy a new $205,000 BMW 3 series sedan. You have $55,000 today that can be…

A: Cost of BMW = $205,000Amount available = $55,000Interest rate = 5.4%

Q: How much is there in a savings account in 2 year we deposit $5,000 now at a rate of 0.25% per month…

A: We need to compute the future value of $5,000 after 2years, Formula for same is : = A ( 1 + r)n Rate…

Q: Howard is saving for a long holiday. He deposits a fixed amount every month in a bank account with…

A: Given: Effective interest rate = 8.9% Future value = $15,000 Years = 2

Q: Question 1 You borrow 1000 from a friend at a simple interest rate of 6% for 4 years. Calculate the…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: How much money should be deposited today in an account that earns 8.5% compounded monthly so that it…

A: The concept of time value of money will be used here. As per the concept of time value of money the…

Q: Find how much money needs to be deposited now into an account to obtain $40,000 in 5 years if the…

A: Future value (FV) = $40,000 Period (n) = 5 Years Interest rate (r) = 7%

Q: your given the following information about a home loan: loan amount 300000 number of years 25 years…

A: As per the Given Informatin we have, Loan= 300,000 Interest Rate Given=7% Upfront Rate=3% Total…

Q: You are looking to buy a Toyota car. You can afford a monthly payment of $500 for four years. The…

A: Compound = Monthly = 12Monthly Payment = p = $500Time = t = 4 * 12 = 48Down Payment = d =…

Q: Suppose you buy car for $67,000 today with an interest rate of 12% over 5 years what is your monthly…

A: Time value of money is a financial concept which is used to calculate the value of money in present…

Q: You want to buy a $50,000 car. You can finance the car for 0.9% interest for 5 years. You decide to…

A: Solved using Financial Calculator  Assuming Interest rate is 0.9% per annum compounded monthly…

Q: If you have ATM fees each month of $3 for 5 years, what is the total cost of those banking fees?…

A: Cost of the banking fees is the sum of  fees for all the months in the given time period. It is…

Q: Question 3: You just got a loan for $15,000 and you plan to pay it off in three years. Your monthly…

A: Loan amount=$15000PMT=monthly payment=500NPER=36Find out period required.

Q: You have $2,000 on a credit card that charges a  20% interest rate. If you pay off the credit card…

A: Using excel PMT function

Q: How much money will you have after 4 years if you deposited P10,000.00 in a bank that pays 6% simple…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Alex would like to purchase a new car for $15,000. How much will his monthly payments be if he took…

A: Given The cost of new car is $15,000 Term of loan is 3 years Interest rate is 7%

Q: You want to buy a new sports car 3 years from now, and you plan to save $4,800 per year, beginning…

A: FV of annuity= pmt*((1+r)^n-1) /r

Q: klp.4

A: The objective of this question is to calculate the monthly payments for a car loan of $33,000 with…

Q: You take a loan from a bank to buy a car with a value of 100000 for 5 years (60 months). You pay…

A: Loans are paid by the monthly payments that carry the payment for interest and payment for loan also…

Q: Find the total amount that must be repaid on the following note described. $8,593 borrowed at 18.5%…

A: Simple Interest is the method in which we calculate the interest on a specific principal amount at a…

Q: You pay a visit to your local payday loan company and you need to borrow £1000 for 1 week. They…

A: weekly Amount borrowed = £1000 Finance charge rate = 10% Number of week in a year = n = 52.1429

Q: If you take out a bank loan of $11500 now, what will the monthly payment be if you have to repay the…

A: Loan Amount = $11,500 Time Period = 5 Years Interest Rate = 9% compounded monthly

Q: You want to buy a new ski boat 2 years from now, and you plan to save $7,300 per year, beginning one…

A: Futures are an important financial concept that represents the value of an investment or asset at a…

Q: You're trying to save to buy a new $141,720 Mercedes. You have $74,461 today that can be invested at…

A: Time, the value of money refers to the concept used for evaluating the percentage of return from the…

Q: 2. You travel back in time to London in 1642. You deposit the equivalent of $1000 in a bank that…

A: Simple Interest is a type of interest method which calculates interest on a given amount with simple…

Q: 1. If you deposit OMR 32000 today in to a bank account that pays 4% interest compounded, how much…

A: 1. we need to calculate future value of OMR 32,000 after 5 years at 4% interest rate. so, future…

Q: How much money should you deposit in your account now if you are looking to have $7000 after 5…

A: Present value = Future value / (+rate )^ no. of period

Q: A bank advertises car loans at 8% compounded monthly for 4 years. There is a 0.5% reduction in the…

A: Loans are paid by equal monthly installments that carry the payment of interest and payment of loan…

Q: You want to save $1,000 a month for the next 10 years to buy a townhome The money will be set aside…

A: Compound = Monthly = 12Payment = p = $1000Number of Payment = n = 10 * 12 = 120Interest Rate = r =…

Q: uppose you want to buy a new car that costs you 11993 OMR by a loan from bank Muscat for 6 years.…

A: Solution: Annual payment to be paid to the bank every year will be computed by dividing the amount…