You receive a loan for $4500 to buy new furniture. The loan has no interest for 12 months. After the 12 months the interest increases to 5.2% annual interest compounded monthly. You paid off $1200 of the loan during the nointerest period. Once the 5.2% interest period starts, you start consistently paying off the loan with monthly installments. If the loan is paid off in four years from when you start making the monthly payments, how much are your monthly installments?

Q: You borrowed $300,000 for your new house with a 15-year fixed-rate loan at an annual interest rate…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: You borrowed a mortgage of $541000 to buy a new house 3 years ago with an APR of 5.39%. The loan had…

A: Mortgage loans are very easy to pay because these are paid by the monthly payments and these…

Q: You deposit $62000 into an account which pays 3% compounded monthly. You leave the money in the…

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

Q: Your friend has just arranged to purchase a $400,000 home with no down payment. The mortgage has a…

A: Value of home =$400,000 Interest Rate (r) = 3.5%/12 = 0.291667% Years = 30 Terms(n) = 30*12=360 Let…

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Q: t is May 1. You have just bought $2600 worth of furniture. You will pay for it in 24 equal monthly…

A: The PV of an investment refers to the combined worth of the cash flows of the investment after they…

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A: Note: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…

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A: A loan is a facility provided by the lender to the borrower to take a lump sum amount of money and…

Q: You decide to make regular deposits every 2 weeks into an account that earns 5% annual interest,…

A: The future value of the deposits is $29,000. The annual interest rate is 5%. The maturity period is…

Q: You took out a mortgage for $600,000. You need to pay $5,873 every month for 15 years. The monthly…

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A: Monthly Payment: Monthly payments let a borrower pay down part of the remaining sum, which is…

Q: You needed $10,000 and obtained the following loan: Loan specifics: You are expected to pay 24 equal…

A:

Q: You want to receive ​$700 at the end of each month for 5years. Interest is 8.1% compounded monthly…

A: Calculating the present value is especially helpful when planning for retirement. To determine the…

Q: You borrow the following amount today. The bank gives you a payment holiday of 3 years (that means…

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Q: You expect to graduate with $30,847 in student loans. The interest rate on your loan is 6.4 percent…

A:

Q: Bank with an interest of 12% compounded annually. You can pay off the debt in 4 years by paying $310…

A: Present value:Present value is a financial concept that refers to the current worth of a future sum…

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A: Compounded monthly refers to the annual rate of interest where the interest accrues at the end of…

Q: The final payment the bank will require you to make is ​$

A: This is the case of Future Value of annuity Future Value of annuity = PMT * [ {(1+ r)n -1}/r]where…

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A: Answer: Calculation of the amount that will be available to withdraw at the end of year 15: The…

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A: using excel fv function

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A: Loan amount = $ 390 Annual interest rate = 9.9%

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Q: You deposit $3,500 at the end of the year (k = 0) into an account that pays interest at a rate of 7%…

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A: Computation:

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A: The future value of goes on increasing as there is more compounding over the period of time.

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Q: how much would you save or lose by taking the debt consolidation company’s offer?

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A: Amortization Schedule For loans with flat payments, a loan amortisation schedule is a table that…

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

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Q: The owner of the Pink Flamingo Motel borrowed $19 500.00 at 8.11% compounded semi-annually and…

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A: The future value of the annuity is the sum of a series of payments received at a fixed time in the…

Q: You deposit $1,000 at the end of the year (k = 0) into an account that pays interest at a rate of 6%…

A: Compound interest also referred to as interest on interest, reinvests the interest earned in a…

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A: Time, the value of money refers to the concept which is used for calculating the present value of an…

Q: You ran a little short on your spring break vacation, so you put $1,000 on your other credit card.…

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Q: You deposit $87000 into an account which pays 4% compounded quarterly. You leave the money in the…

A: Compound = Quarterly = 4Present Value = pv = $87,000Interest Rate = r = 4 / 4 = 1%Time = t = 10 * 4…

Q: You deposit $78000 into an account that pays 5% compounded quarterly. You leave the money in the…

A: Computation:

Q: n June 1, you borrowed $350,000 to buy a house. The mortgage interest rate is 3.5%. The loan is to…

A: Mortgage loans are secured loans paid by equal monthly installments and these monthly payment carry…