Michael purchased a laptop in installment basis worth 25800 and he needs to pay 3200 per beginning of the quarter with an interest rate of 2% compounded quarterly. how many quarters should he pay? Show solution.
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Michael purchased a laptop in installment basis worth 25800 and he needs to pay 3200 per beginning of the quarter with an interest rate of 2% compounded quarterly. how many quarters should he pay? Show solution.
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- Will has a 30-year mortgage on a $100,000 loan for his house in Florida. The interest rate on the loan is 6% per year (nominal interest), payable monthly at 0.5% per month. Solve, a. What is Will’s monthly payment? b. If Will doubles his payment from Part (a), when will the loan be completely repaid?Pedro borrows P300,000.00 from lender ABC today at 12% compounded monthly. To fulfill his obligation to repay the loan, Pedro agreed to start paying the six (6) equal monthly payments starting next month. What will be the amount of his monthly amortization? Construct an amortization schedule. Use a table similar to that found in our textbook. What will be the outstanding balance of his loan at the end of 4 months from today? If Pedro failed to pay the 2nd and 3rd monthly amortization, how much shall he the required single payment on the fifth month in order to fully pay his outstanding obligation? Supposed that he will still not be able pay the single total payment on the Fifth month as stated in question d. above, and assuming further that both parties agree that the outstanding obligations shall instead be paid in 7 equal monthly installments, at 15% compounded monthly, starting on the 9th month, what will the value of such monthly…George borrows $43,000 to buy a car. He will repay the loan through 4 years of equal monthly payments and an annualized interest rate of 3.9%. Think about payment #44 of the loan obligation. How much of this payment will be interest? Enter your answer as a positive number (in dollars), and round to the nearest dollar.
- Tian can afford to put a down payment of $10,000 on a car. He can also afford to make monthly payments of $348.52 at the end of each month for the next five years. If Tian is quoted an annual interest rate of 3.49%, what is the highest price he can afford to pay for a car? O $29,162.86 O $19,162.86 O $27,563.75 O $10,761.96A man plans to take a vacation in 5 years. He wants to buy a certificate of deposit for $1300 that he will cash in for the trip. What is the minimum annual interest rate he must obtain on the certificate if he needs at least $1500 for the trip? Assume that the interest on the loan is computed using simple interest. The rate he must obtain isIf Jackson deposits $120 at the end of each month in a savings account earning interest at a rate of 6%/year compounded monthly, how much will he have on deposit in his savings account at the end of 5 yr, assuming he makes no withdrawals during that period? (Round your answer to the nearest cent.) $ Need Help? Master It