15) Ms. Day needs $20,000 to buy her dream car. In her search for the best (low cost) loan, she has gathered the following information from three local banks. Which bank would you recommend Ms. Day borrow from? BANK ANUAAL PAYMENT TERM  or YEARS A 8,326.40$ 3 B 6,309.15$ 4 C 5,411.25$ 5

An acquaintance asks Kara to borrow money today to help her repair her car. The person will be able to repay Kara $500 in one year, and Kara is fully expects she will be repaid on time (risk free).  If Kara requires a 5.0% return, what (largest) amount should she lend to her acquaintance?$525.00$495.00$475.00$476.19$471.43

5. Kumal wants to sell her townhouse in Whitehorse. She will spend $2100 updating her home. She has $2100 in cash, but she plans to buy a $2100 RRSP. She will need 120 d to pay off any loan. Interest is compounded daily. a) Complete the chart. Option secured personal loan RRSP loan no loan credit card Detalle Buy the RRSP with $2100 cash. Pay for updating with the loan using her home equity as collateral. Pay for updating with the $2100. Buy an RRSP with an RRSP loan. Pay for updating with the $2100. Do not get an RRSP. Buy an RRSP with the $2100. Pay for updating with a credit card with a 30 d grace period. 1125 APR 2.75% 1.75% 0% 20.1% Total amount A-PH1+ 62 b) Which option should Kumal choose? Explain why. c) Which option should Kumal not choose? Explain why. d) Suppose Kumal uses a RRSP loan instead of her credit card. How much interest will she save? What is equity? What is it used for? Total Interest/A-P REFLECTING Suppose Kumal has a loan with simple interest nstead of compound…

PIANO LOANS. Stephanie has her eye on a $150,000 Steinway D Grand Piano. Will a cheery major chord or a depressing minor chord best describe her meeting with a loan officer? Use a calculator to do the math after writing out the proper formula. Round to the nearest dollar. Her credit history allows her to qualify for a 6% (APR, compounded monthly) loan that she plans to pay off over the next 15 years. If her earnings allow her to comfortably make monthly payments of $1200, what is the most she can afford to borrow? b. Alternatively, she can qualify for a 6% (APR, compounded monthly), 20-year loan. If she borrows $150,000, then what would her monthly payment be? c. Finally, suppose Stephanie runs up a lot of credit card debt in college, so that she can only qualify for a 9% (APR, compounded monthly), 20-year loan. If she still wants to buy that $150,000 piano, what will her monthly payment be? 4. а.

Suppose that you need $30,000 for your last year of college. You could go to a private lending institution and apply for a signature student loan; rates range from 7% to 14%. However, your Aunt Sally is willing to loan you the money from her retirement savings, with no repayment until after graduation. All she asks is that in the meantime you pay her each month the amount of interest that she would otherwise get on her savings (since she needs that to live on), which is 4%.What is your monthly payment to her, and how much interest will you pay her over the year (9 months)?(Fill in the blanks below and give your answers as whole numbers.)The amount of interest per month you would pay Aunt Sally is $__(1)__ .The total interest you will pay her over the year (9 months)is $__(2)__ .

Selecting a Bank. Julie wants to open a bank account with ​$43. Julie estimates that she will write 23 checks per month and use her ATM card at the home bank. She will maintain a monthly balance of ​$500. Which bank should Julie​ choose?   Hillsboro Bank First National South Trust Bank Sun Coast Bank ATM​ charges:         Home bank Free Free Free Free Other bank 5 ​free, then ​$1.15 per use ​$1.40 per use ​$1.40 per use ​$1.40 per use ​Checking:         Minimum deposit ​$100 ​$28 ​$1 ​$1 Minimum balance required to avoid​ fees* ​N/A ​N/A ​$500 ​N/A Monthly fees ​$8.66 ​$10.11 ​$15.88 ​$3.61 ​Check-writing charges 15 ​free, then ​$0.85 per check 10 ​free, then ​$0.85 per check Unlimited Each check ​$0.43 ​* N/A means monthly fees apply irrespective of account balances. Based on the information given in the​ chart, which bank should Julie​…

Business /Finance / Q&A Library / elena's son enter college 16 year from now. At the time she would like to have $20,0 elena's son enter college 16 year from now. At the time sh Question elena's son enter college 16 year from now. At the time she would like to have $20,000 available for college expenses. For that pur,her bank will set up an account that pay 7% compounded. If she makes payment into the account at the end of each quarter, what must Elena's payments to be achieve her goal Expert Answer Step 1

Based on the information above should Billy open a checking account or a savings account? Explain your choice by citing at least 2 benefits of the account type you chose and why those benefits are a good fit for Billy's current situtation.

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