Bro decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per month when will the loan be paid off and how much interest will be saved?
Q: Spencer would like to purchase a new car for $12,000. How much will his monthly payments be if he…
A: The monthly payment amount can be calculated with the help of present value of annuity function.
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A: Future value is the future worth of a cash flow at a certain rate and period of time. Future…
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A: The question is based on the concept of Financial Management.
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A: given information interest paid monthly = £500 time period = 20 years = 240 months down payment =…
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A: Monthly Payment is the payment that is to be paid monthly for a specific period of time to repay the…
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A: Periodic payment is calculated by present value of annuity formula.
Q: Mr. Abdullah borrows $80,000 at 14 percent interest toward the purchase of a home. His mortgage is…
A: Given: Interest rate = 14% Loan = $80,000 Years = 25
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A: Computation:
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A: Present Value of Ordinary Annuity refers to the concept which gives out the discounted or today's…
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A: Interest is the amount that an investor receives on the principle amount over certain period of…
Q: Jonathon wishes to buy a used Chevy Malibu for $12,500. He only has $1,000 for a down payment so the…
A: Computation as follows: Therefore, the payment amount and total interests are $286.18 per month and…
Q: Hudson would like to purchase a new car for $25,000. How much will his monthly payments be if he…
A: The monthly payment amount can be calculated with the help of present value of annuity function
Q: Mr. Abdullah borrows $80,000 at 14 percent interest toward the purchase of a home. His mortgage is…
A: A term loan is a form of credit instrument in which money is lent to someone else in exchange for…
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A: Amount he can afford to borrow is present value of monthly payments
Q: John wants to borrow 75,800 from a bank payable in 3 years and 9 months. if the bank charges 9.5%…
A: Note: It is assumed that the loan is given on a simple interest rate basis. Simple Interest refers…
Q: Dave wants to buy a $25,000 car by making a 10% down payment and financing the rest for five years.…
A: Down payment is defined as an initial partial payment at the time of purchasing an expensive items…
Q: Lucky Louie wants to buy a car that costs $26,750. The interest rate on his loan is 5.33 percent…
A: Car cost = 26750 Interest on loan = 5.33% Years = 7 Compounded = Monthly PMT find out using Excel:…
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A: Mortgage loan is a loan used either by real estate investors to raise funds to purchase real estate,…
Q: It is now five years later, and Adrian has saved enough money for a 20 percent down payment on a…
A: Time value of money: Time value of money refers to the concept that the value of money available at…
Q: Bozo decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per…
A: The periodic payment is the amount that will be paid every period until the loan amortized which…
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A: Present value of annuity concept is used to calculate the annual withdrawal amount.
Q: Jim Thorpe borrows $70,000 toward the purchase of a home at 12 percent interest. His mortgage is for…
A: Solution- Part 1- A=PV/APV IFA12%,30 years =$700008.055 =$8,690.25Annual payment=$8,690.25
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A: Time value tells the value received today by an individual is of more worth than the exact amount…
Q: Robert recently borrowed $20,000 to purchase a new car. The car loan is fully amortized over 4…
A: Ordinary annuity are the PMTs which are made at the end of the period.
Q: Jonathan wishes to buy a used chevy malibu for $12,500. He only has $1,000 for a down payment so th…
A: a) Value of chevy malibu = $12,500 Down payment =$1,000 Loan Amount =$12,500 -$1,000 Loan amount…
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Q: George is loaned $100,000 in Year 0. Approximately (round up to the nearest year) rs will it take…
A: Loan Amount = $100,000 Interest Rate = 4% Payment in 1 Year = $10,000
Q: what is the highest price he can afford to pay for a car?
A: Monthly Payment: It is the payment made on the loan amount borrowed. The monthly payment comprises…
Q: Jonathan wishes to buy a used Chevy Malibu for $12,500. He only has $1,000 for a down payment so the…
A: Computation:
Q: Todd is able to pay $360 a month for 6 years to finance a car purchase. a. If the interest rate is…
A: Per month payment=$360Number of months=6×12=72Rate per month=6% compounded monthly
Q: a.) Find Jin’s monthly payment. b.) If after 10 years, he decided to pay off the loan, calculate…
A: a.) PMT = P x r / [1 – {1 / (1 + r)^n}] Here, PMT = Periodic Payment P = Present Value or Amount…
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A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Hudson would like to purchase a new car for $12,000. How much will his monthly payments be if he…
A: Loan amount (PV) = $ 12000 Interest rate = 6.5% Monthly interest rate (r) = 6.5%/12 =…
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A: Investment = Present value = $500 Value of investment after 5 years = Future Value = $700 Time…
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Bro decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per month when will the loan be paid off and how much
interest will be saved?
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- Chris decides to take out a loan for $60, 000 for 6 years at 5% monthly. If he pays an extra $200 per month. when will the loan be paid off and how much interest will be saved?JOSH WANTS TO BUY A HOUSE AND WOULD NEED A $200,000 LOAN. HE WILL AMORTIZE THE LOAN FOR OVER 15 YEARS WITH AN INTEREST RATE OF 5% PER YEAR. HOW MUCH ARE THE MONTHLY INTEREST AND MONTHLY PRINCIPAL FOR THE FIRST 6 PAYMENTS?15) Ben decides to take out a loan for $50,000 for 5 years at 7% monthly. If he pays an extra $200 per month when will the loan be paid off? a) How much interest will be saved?
- Spencer would like to purchase a new car for $12,000. How much will his monthly payments be if he took out a 3-year loan at 7% interest? Show your work.Jonathan wishes to buy a used Chevy Malibu for $12,500. He only has $1,000 for a down payment so the best deal he can get on a loan is 9% for 48 months. What will his payments be? What is the total interest over the life of the loan?Gabriel is able to save 10,000 pesos every month from his salary. If he decides to invest in a special deposit account offering an interest rate of 5% annually, how much money would he have at the end of 3 years?
- Can you help me work out this problem in detail? Ben wants to receive $6,000 a year for 10 years. How much must he invest today in an annuity that pays 7% annually?Bozo decides to take out a loan for $50,000 for 5 years at 7% monthly. If he paysan extra $200 per month when will the loan be paid off, and how muchinterest will be saved? TVM FORMULABill Baxter has $25,000 to invest for a year. He can lend it to his sister, who has agreed to pay 10% simple interest for the year. Or, he can invest it in a retirement plan expected to pay 6% compounded quarterly for a year. How much additional interest would the simple interest loan to his sister generate?
- Hudson would like to purchase a new car for $12,000. How much will his monthly payments be if he took out a 3-year loan at 6.5% interest? Show your work.Dottie wants to buy a 150,000 house and puts a down payment of 60,000. He makes monthly payments for 30 years with a 3.2% rate monthly with 2 points. If the loan is paid off after 12 years, what is the true rate?Joe has an amount of money X that he would like to invest in some way. He has two options: He can invest the money in an account that pays an annual effective rate of interest of 9%. Joe would receive an interest payment at the end of each year and reinvest it in another account that pays an annual effective rate of interest of 6%. This will continue for 15 years. Joe can lend the money to his friend Ted, who will repay Joe with a series of 15 yearly payments. Each payment will be $100, and the first payment will occur in one year. Joe will reinvest these payments at an annual effective rate of interest of 6%. Joe notices that the amount of money that he will have at the end of 15 years is the same under either option. To the nearest dollar, what is the amount of money X? A $406.00 B $417.00 C $752.00 D $1,063.00 E $1,111.00