9. The Money Shoppe will loan you cold hard cash until your next paycheck. You will write a $832 cheque post-dated by two weeks and you will receive $800 right now. What is the biweekly-compounded APR of this loan (assuming a year is exactly 52 weeks long)? Note: Biweekly happening every two weeks. a. 104.00% b. 177.25% c. 204.00% d 208.00% FV time PV 2 week interest $ 832.00 2 weeks $ 800.00 4.0%

9. The Money Shoppe will loan you cold hard cash until your next paycheck. You will write a $832 cheque post-dated by two weeks and you will receive $800 right now. What is the biweekly-compounded APR of this loan (assuming a year is exactly 52 weeks long)? Note: Biweekly happening every two weeks. a. 104.00% b. 177.25% c. 204.00% d 208.00% FV time PV 2 week interest $ 832.00 2 weeks $ 800.00 4.0%

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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K Suppose that on January 1 you have a balance of $2500 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total paid since January 1 is $ (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) c. The percentage of the total paid that is interest is %. (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)
Suppose that on January 1 you have a balance of $2600 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? ... a. The monthly payment is $. (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total paid since January 1 is $. (Use the answer from part (a) to find this answer. Round to the nearest cent as needed.) c. The percentage of the total paid that is interest is %. (Use the answer from part (b) to find this answer. Round to one decimal place as needed.)
Suppose that on January 1 you have a balance of $6200 on a credit card whose APR is 18%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1 a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? C... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Suppose that on January 1 you have a balance of $3800 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is $ ☐. (Do not round until the final answer. Then round to the nearest cent as needed.)
Suppose that on January 1 you have a balance of $6,000 on the following credit cards, which you want to pay off in the given amount of time. Assume that you make no additional charges to the card after January 1. The credit card APR is 24%, and you want to pay off the balance in 1 year. Round to the nearest cent The credit card APR is 25%, and you want to pay off the balance in 2 years. $ Round to the nearest cent The credit card APR is 26%, and you want to pay off the balance in 3 years. Round to the nearest cent
1. Suppose that on January 1 you have a balance of $5600 on a credit card whose APR is 17%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is? Then round to the nearest cent as needed.) 2. Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $160,000 loan. Option 1: a 30-year loan at an APR of 8%. Option 2: a 15-year loan at an APR of 7.5%. Question content area bottom Part 1 Find the monthly payment for each option. The monthly payment for option 1 is $enter your response here. The monthly payment for option 2 is $enter your response here. (Do not round…
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Consider a credit card with a balance of $7000. You wish to pay off the credit card in each scenario. Calculate the following. Round your answer to the nearest cent, if necessary.a. The amount of a monthly payment within the time frame givenb. The total amount paid over the time period12. APR of 17.99% paid off within 1 year APR of 24% paid off within 3 years
Use PMT = to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of S$3600 and an annual interest rate of 12%. You decide to pay off the balance over five years. If there are no further purchases charg -nt7 1- 1+ a. How much must you pay each month? b. How much total interest will you pay? a. The monthly payments are approximately S- (Do not round until the final answer. Then round to the nearest dollar as needed.) b. The total interest paid over 5 years is approximately S (Round to the nearest dollar as needed.) Enter your answer in each of the answer boxes
Suppose that on January 1 you have a balance of $5300 on a credit card whose APR is 13%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? . a. The monthly payment is (Do not round until the final answer. Then round to the nearest cent as needed.)
You have an inactive credit card with $1100 outstanding unpaid balance. The credit card charges at an annual rate of 16.5% compounded monthly. You are able to make a payment of $300 one month from today and $500 two months from today Find the amount that you will have to pay three months from today to completely pay off the credit card debt. A. 5.165.41 B.$413.53 C.S.264.66 D. $ 330.82 E.$ 180.04

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