You ran a little short on your spring break vacation, so you put $1,000 on your other credit card. You can afford only the minimum payment of $60 per quarter. The interest rate on the credit card is 18 per year compounded quarterly. How many years will you need to pay off the $1,000? I want to solve this problem using the financial calculator so if your able to show me what to punch in that would be great

Q: Suppose you are planning to buy a car and just found one that is selling for $5,700. You have $1,000…

A: Equated monthly payment is a fixed payment given by the borrower of the loan to the lender on a…

Q: I need assistance to solve this problem: On September 1, 2018, you bought a car for $23,000. You…

A: Calculation of payoff the loan on November 1, 2020:First it is required to calculate the total…

Q: You have taken out a loan of $32,000 to buy a new Saturn. The loan will be paid off in monthly…

A: A loan is an agreement between two parties where an amount is changed in return for the amount being…

Q: In order to be able to buy the new machine, you take a loan of 2 million from the bank, which you…

A: Amortized loan: An amortized loan is a case of the present value of an ordinary annuity.The PV of an…

Q: Your Christmas ski vacation was great, but it unfortunately ran a bit over budget. All is not lost:…

A: Credit cards offer loans up to the credit capacity of an individual. For this credit facility credit…

Q: You see that First National Bank is willing to make you a four-year $40,000 car loan with an…

A: Variables in the question:Interest charged on car loan =4.2%Interest charged on credit card=16.5%

Q: You are considering a $75,000, 30-year mortgage to purchase a new home. The bank at which you have…

A: Mortgage payments are the regular monthly payments made to cover the amount borrowed as a loan…

Q: You are trying to save up for a downpayment on a home and you need $55, 000 to cover closing costs…

A: Future value=$55000Monthly payment=$975 Interest rate=7.65%Monthly rate=7.65/12= 0.6375Future value=…

Q: You have some extra cash this month and you are considering putting it toward your car loan. Your…

A: The objective of this question is to determine how much time will be reduced from the car loan if an…

Q: You have received a post - dated check of $10, 000 that is payable in 2 years for a project you…

A: Option 1Option 2Amount (FV)$10,000.00$10,000.00Interest rate25%24%Number of years22Compounding…

Q: What is the effective interest rate per year?   What would you owe if you kept the money for 1…

A: First, I'm going to list the formula, and then solve them in excel. We need to determine the…

Q: After reviewing your budget, you can afford to pay $720 per month for a new car. You are looking for…

A: Loan is a financial contract engaging a lender who provides money or assets to a borrower who agrees…

Q: Finally, you have decided to buy a car. You are able to negotiate the price down to $12,000. You…

A: given, r = 2.5% n = 3 m =12 p =12000 applying formula for monthly payment:…

Q: You have some extra cash this month and you are considering putting it toward your car loan. Your…

A: The objective of this question is to determine how much time will be reduced from the loan term if…

Q: You have $4,000 on a credit card that charges a 14% interest rate. If you want to pay off the credit…

A: Using excel PMT function

Q: Hello! I have a financial problem that I am having issues finding the compounding formula for.  The…

A: Compounding refers to the practice of providing interest in which interest is periodically added to…

Q: You have some extra cash this month and you are considering putting it toward your car loan. Your…

A: The objective of this question is to determine how much time will be reduced from the loan term if…

Q: You have some extra cash this month and you are considering putting it toward your car loan. Your…

A: Loans are financial arrangements in which a lender provides money, goods, or services to a borrower…

Q: You opened a savings yesterday by depositing $10,000. You then continued to make deposits of $4,000…

A: Variables in the question:PV=$10,000PMT=$4000FV=$100000Rate=4% p.a.Required: No. of deposits…

Q: You have just taken out a five-year loan from a bank to buy an engagement ring. The ring costs…

A: correct answer is option a)   year 0 year 1 year 2 year 3 year 4 year 5               cash…

Q: You want to borrow $94,000 from your local bank to buy a new sailboat. You can afford to make…

A: Loan is an agreement between lender and borrower where lender provide funds to borrower which repaid…

Q: You are considering two ways of financing a spring break vacation. You could put it on your credit…

A: Effective annual rate is calculated using following equation  Effective annual rate = 1+APRmm-1…

Q: You have $2,500 on a credit card that charges a 20% interest rate. If you want to pay off the credit…

A: The PMT tool is especially important for constructing loan amortization schedules, budgeting, and…

Q: Suppose you get paid every two weeks. You determine that you can afford to divert $80 from each…

A: We will use the concept of time value of money here. As per the concept of time value of money the…

Q: What is the excel function and formula for this question?   Off-The-Books Investment Firm, LLC, has…

A: The return which is determined in terms of percentage which is expected to be earned on investment…

Q: You are considering two ways of financing a spring break vacation. You could put it on your credit…

A: The modified rate of return for compounding interest into actual terms of time is called the…

Q: A few years down the road you move out, buying your own home. You decide to take another look at…

A: The finance charge represents the total interest amount to be paid over the loan term. When a loan…

Q: You have a loan outstanding. It requires making three annual payments at the end of the next three…

A: Present value is an estimate of the present value of future cash values ​​that may be received at a…

Q: Your firm has an average receipt size of $60. A bank has approached you concerning a lockbox service…

A: Given, Average receipt size = $60 Total collection time decreases = 2 days Checks received per day =…

Q: You are considering two ways of financing a spring break vacation. You could put it on your credit…

A: The option with lower effective annual rate should be chosen.

Q: You are interested in purchasing a house but unfortunately you don't have any money for a down…

A: The objective of the question is to calculate the monthly payment, the beginning and ending balance…

Q: Zachary Porter of Abilene, Texas, is contemplating borrowing $10,000 from his bank. The bank could…

A: The question gives the following information: