You're thinking about borrowing a $2000 personal loan. The interest rate on the loan is 10% with quarterly compounding. You believe you can make a quarterly payment of $300. How many years will it take you to pay off the loan?

Q: You've just bought a new​ flat-screen TV for ​$2,800 and the store you bought it from offers to let…

A: Price of TV (PV) = $ 2,800 Annual interest rate = 15% Monthly interest rate (r) = 15%/12 = 1.25%…

Q: You're going to need a home . You can afford $1400 to put to your mortgage if the loan charges 6%…

A: Future value refers to the value of current assets at some future date based on the interest…

Q: You want to buy a house, and a local bank will lend you $100,000. The loan will be fully amortized…

A: Monthly loan payment: It is the amount of money that is given to the lender by the borrower on the…

Q: You are ready to buy a house, and you have $30,000 for a down payment and closing costs. Closing…

A: Mortgage loans are paid by equal and fixed monthly payment that carry the payment of interest and…

Q: You want to buy a $18,000 car. You can make a 10% down payment, and will finance the balance with a…

A: Monthly installment is that amount which is paid every month it's includes the interest and…

Q: You want to buy a $255,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Amount of home = $255,000 Down payment = 5%  The time duration of the loan = 30 years

Q: You look to pay the loan back over 30 years paying 1% per month. You are taking out a mortgage for…

A: Installment is the amount of periodic payments a borrower makes to its lender in order to pay back…

Q: You've been offered a loan of $20000, which you will have to repay in 5 equal annual payments of…

A: Present Value = pv = $20,000Number of Payment = n = 5Payment = p = $6000

Q: You are buying a house for $150,000.00 with a downpayment of $30,000.00. The loan will be paid back…

A: Mortgage loans make home buying quite easy because paid by equal fixed monthly payments that are…

Q: You took out a loan to buy a new car. The monthly interest rate on the loan is 1%. You have to pay…

A: A= $220 R= 1% N= 60

Q: You took out a student loan in college and now have to pay $1,900 every year for 20 years, starting…

A: Present Value is the value of all future cash flows discounted at a given rate of interest for the…

Q: You decide to quit using your credit card and want to pay off the balance of $11,800 in 5 years.…

A: Given Amount of debt is $11800. Term is 5 years Interest rate is 16.05%

Q: Suppose you have accumulated $22,000 in credit card debt. If the interest rate on the credit card is…

A: Present Value = Annuity * PVAF (Periodic rate, Number of Periods )

Q: You borrow $175,000; the annual loan payments are $10,120.27 for 30 years. What interest rate are…

A: Interest on a loan is the additional amount of money that a borrower has to pay back to the lender…

Q: You've been offered a loan of $10000, which you will have to repay in 10 equal annual payments of…

A: We take loans to buy large ticket items like a car or a house or to fund high expenses like college…

Q: Assume you graduate from university with a ​$24,000 student loan. If your interest rate is fixed at…

A: Families of students and students often take student loan. This is taken for the purpose of…

Q: You want to buy a new car. You can afford payments of $250 per month and can borrow the money at an…

A: The term mortgage refers to a type of loan that is for the long term, and it usually has the asset…

Q: You want to buy a $23,000 car. You can make a 10% down payment, and will finance the balance with a…

A: A loan refers to a contract between a borrower and a lender where a sum is exchanged on the promise…

Q: You borrow $90,000; the annual loan payments are $12,852.25 for 30 years. What interest rate are you…

A: Interest :  It is the total amount payment on loan taken or fund borrowed by any person . it may be…

Q: have an outstanding student loan with required payments of 550 per month for the next four years.…

A:

Q: You have an outstanding student loan with required payments of $500 per month for the next four…

A: given PMT = 500 r= 9/12 = 0.75% per monthn=12*4 = 48present value of the payment PV =…

Q: You are considering taking out a loan of $6,000.00 that will be paid back over 10 years with…

A: We take loans when we are faced with a problem of financial or liquidity crunch. The loan is repaid…

Q: A shady individual has approached you for a loan. He promises to pay you $500 at the end of five…

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

Q: You took out a loan to buy a new car. The monthly interest rate on the loan is 1%. You have to pay…

A: An Annuity Due is a stream of regular periodic payments made at a beginning of period for a…

Q: You've just bought a new flat-screen TV for $4000 and the store you bought it from offers to let you…

A: Solution:-When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: You have an outstanding student loan with required payments of $600 per month for the next 4 years.…

A: Loans are paid in equal monthly payments and these monthly payments carry interest and loan…

Q: You take out a 14-year personal loan for $13000 at rate of 8.1% which compounds 4 times per year.…

A: A loan refers to a contract where a borrower is provided money by the lender on the promise of…

Q: You Save Bank has aunique account. If you deposit $9,000 today, the bank will pay you an annual…

A: FV = A*(1+r)nwhereFV = future valueA = amount investedr = interest raten =time period