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- give full explantion4) You collect rent from your tenant at the beginning of each month. Rent is $1250 in the first year, and then rent for each subsequent year is 2% larger than the previous year's rent. If you invest each month's rent (immediately after you get rent) into an account earning 4% effective annual interest then find the accumulated value after 30 years.A friend of yours bought a new sports car with a $5,000 down payment plus a $26,000 car loan that is financed at an interest rate of 0.25% per month for60 months. a. Calculate the required monthly loan payment on the car. b. How much does your friend still owe on the car loan immediately after she makes the 24th monthly payment? c. If, after the 24th payment, she decides to pay $300 more each month, how many months will it take her to payoff the remaining loan she owes? a) The required monthly Payment is $ (round to nearest cent) b. Your friend still owes on the car loan. (Round to the nearest dollar.) c. It will take her months. (Round-up to the nearest month)
- 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?Enrico Suarez has decided to purchase a house instead of renting anapartment. He can a ord a monthly payment of $800, and he has saved $6,000 to use as a down-payment on a house. If the mortgage is 4% nominal interest (compounded monthly) on a 30-yearloan, how much can Enrico a ord to spend on a house?ou decided to go and apply for a credit card at your local financial institution.The Prime rate currently announced on June 1 was 3.25%. You have goodcredit history and a FICO score of 700. The lowest rate that they can offer toindividuals is a 18.99% APR for a credit card that gives cashback on purchasesand rewards. You were offered 21.99% APR for the credit card. How did thelender determine or calculate what rate they should offer you?
- A certain amount of money doubles after 9 years. Determine its effective interest.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 fast
- What is equivalent cash flow?What is equal-payment-series present-worth factor?As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) Amount Interest Financed Rate $220,000 7.50% Term of Loan (years) 25 $ Monthly PI Annual Property Tax $6,543 Annual Insurance $2,126 $ Monthly PITI