A company purchased a machine for $30,000. It paid 30% as a down payment and obtained a loan for the rest. The loan has a nominal interest rate of 11% compounded daily and the loan term is 10 years. What are the firms monthly payments to the þank?
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- Use the add-on method of calculating interest to find the total interest and the monthly payment. Amount of Loan Length of Loan Interest Rate 3.5% $1050 18 months The total interest is $ (Type an integer or decimal rounded to the nearest cent as needed.) The monthly payment is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to the nearest cent as needed.) 80 Q C F5 MacBook Air C F6 F7 DII F8 8 F9 J F10 F11 Next F12John paid $500 per month for 20 years to pay off a mortgage on his house. If his down payment was $5,000 and interest rate was 6% compounded monthly, what was the purchase price of this house? do it fastHow much will a bank deposit of $2,000 that pays 10% compound interest be worth at the end of 3 years?
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- Q) Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire first year and then to pay $556.83 at the end of each month over years 2, 3, and 4 (first payment is in 13th month). a. What nominal interest rate is Aerotron paying on the loan? b. What effective interest rate are they paying? c. How much of the 14th month’s payment is interest? How much is principal? d. How much of the 18th month’s payment is interest? How much is principal? Solve c, and d early. Not explain in excel worksQ) Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire first year and then to pay $556.83 at the end of each month over years 2, 3, and 4 (first payment is in 13th month). a. What nominal interest rate is Aerotron paying on the loan? b. What effective interest rate are they paying? c. How much of the 14th month’s payment is interest? How much is principal? d. How much of the 18th month’s payment is interest? How much is principal? Solve it correctly all subparts. But not solve in excel.A department store has offered you a credit card that charges interest at 1.05% per month, compounded monthly. a. What is the nominal interest (annual percentage) rate for this credit card? b. What is the effective annual interest rate?
- Chris makes a deposit of $500 into his savings account at the beginning of each year for the next 20 years. If the account earns 5% interest rate per year compounded annually, what will be the future value at the end of 20 years?Need to calculate.Karen and Sophia want to buy a $225,000 home. They plan to pay 20% as a down payment, and take out a 30 year loan at 3.95% interest for the balance. a) How much is the loan amount going to be? b) What will the monthly payment be for Karen and Sophia? c) How much of the first payment is interest? d) What is the total of the payments? e) How much interest was paid?Rafael invested $2,000 in a business that yields an annual interest rate of 10% compounded continuously. How much would he get. approximately at the end of 5 years from his investment?