A man borrows $200 at a 3% interest compounded monthy. If he pays the loan off at the end of 7 months, how much will he owe at that point? Round your final answer to two decimal places

Q: Nick’s car loan requires payments of $472.77 at the end of every month for five years, including…

A:

Q: Mr. Bean wants to borrow $9,400 for three years. The interest rate is 7.4% compounded monthly. a.…

A: Payments on loan refer to the scheduled amounts of money that a borrower must pay back to a lender…

Q: You can afford monthly deposit of $85 into an account that pays 6% compounded monthly. How long will…

A: Monthly Deposit(PMT) = $85 Interest Rate = 6% Interest Rate per month(rate) =  6%/12 = 0.50% Future…

Q: You are to make monthly deposits of $725 into a retirememt account that pays an APR of 10.1 percemt…

A: Future value is the expected value of current regular deposit at a future date, at a given rate of…

Q: Suppose you want to have $400,000 for retirement in 20 years. Your account earns 8% interest. How…

A: Here, Particulars Values Future value (FV)  $ 4,00,000.00 Annual interest rate 8.00% Time…

Q: a man borrows money from a bank . he receives the money in 5 equal annual installment of X…

A: The time worth of cash (TVM) is the idea that cash you have now is worth more than the…

Q: You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments…

A: Present value factor is computed as follows:-Present value factor = wherer = interest raten = time…

Q: Find the monthly payment for the loan indicated. (Round your final answer to two decimal places. See…

A:

Q: uppose your firm has an obligation to pay an annuity with 18 annual payments of $80,000. The first…

A: Annuity payment is a  series of payments lasting for some specific period. An annuity payment for a…

Q: Suppose you take out a mortgage for $170000 at 3.12% interest, compounded monthly, for 15 years.…

A: Monthly payment refers to an amount that is being paid every month for the repayment of the loan…

Q: Imagine you borrow $490 from your roommate, agreeing to pay her back $490 plus 7 percent nominal…

A: Real rate of interest refers to the rate of return that does not include inflation and taxes. It is…

Q: A mortgage of $166,000 is to be repaid by making payments of $1061 at the end of each month. If…

A: A mortgage is a covered loan that is taken out for the purchase of a property with the property…

Q: You borrow $750 from your brother and agree to pay back $850 in 8 months. What simple interest rate…

A: The simple interest rate can be calculated by using the simple interest rate function

Q: A borrower obtains a partially amortizing constant payment mortgage loan for $75,000 at 24 percent…

A: Balloon Payment  Under Balloon payment a large amount of sum is to be paid at the end of loan term…

Q: Assume you put $400 per month into a retirement account for 14 years, and the account has an APR of…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: You plan to take a 15-year mortgage in the amount of $400,000 to buy a home.  The bank charges 4%…

A: Given, Mortgage amount is $400,000 Rate is 4% term is 15 years

Q: magine you borrow $560 from your roommate, agreeing to pay her back $560 plus 8 percent nominal…

A: Future value is the amount of deposit made and amount of interest accumulated over the period of…

Q: You have 45 remaining monthly payments of $688 until you pay off your car loan with interest.…

A: In order to find the current balance of the loan today one has to find the Present value of the…

Q: A person borrows $390 that he must repay in a lump sum no more than 10 years from now. The interest…

A: Loan amount = $ 390 Annual interest rate = 9.9%

Q: Suppose you want to have $500,000 for retirement in 30 years. Your account earns 9% interest. How…

A: Compound = monthly = 12 Future value = fv = $500,000 Time = t = 30 *  12 = 360 months Interest rate…

Q: Assume that you deposit $ 1,310 each year for the next 15 years into an account that pays 15 percent…

A: The FV of an investment refers to the combined value of the cash flows of the investment at a…

Q: You decide to deposit $103 monthly in a 2.98% annual interest bearing account over the next 8 years.…

A: Gross amount placed in the account is simply the sum of all the payments made in the account.

Q: You take out a 30-year $150,000 mortgage loan with an APR of 12% and monthly payments. In 11 years,…

A: Mortgage loans are secured loans and these are paid by easy and equal monthly installments that…

Q: You take out a loan of $1,250 under simple interest with 4.28% APR. The term of the loan is four…

A: Information Provided: Loan amount = $1250 APR = 4.28% Term = 4 years

Q: How much do you still owe on your auto loan if you have 47 remaining monthly payments of $543 with…

A: Compound = Monthly = 12Number of Payment = n = 47Monthly Payment = p = $543Interest Rate = r = 6.9 /…

Q: Suppose that you are to make annual deposit of $3,000 into a retirement account that pays 11%…

A: Future value of the amount is the worth of the current amount in some future specified date at given…

Q: Mr. Bean wants to borrow $8,200 for three years. The Interest rate Is 5.5% compounded monthly. a.…

A: Annuity refers to the amount of payment which is made at equal intervals for certain period or till…

Q: You borrow $64,000 in the form of an unsubsidized loan at 3.98% APR. How much money do you owe when…

A: Given: Loan amount = $64,000 APR = 3.98% Period 6 months

Q: nnual

A: In this we have to calculate future value in two steps for different rate of interest.

Q: 1. PEDRITO OBTAINS A LOAN FOR $140,000.00 FOR A TERM OF ONE YEAR AND EIGHT MONTHS WITH A SIMPLE…

A: Simple interest is a method of calculating interest on a principal amount without considering the…

Q: If you buy a computer directly from the manufacturer for $3,237 and agree to repay it in 48 equal…

A: a loan, payments made by the borrower are typically applied first to the interest owed, and then to…

Q: If you buy a computer directly from the manufacturer for $2,668 and agree to repay it in 48 equal…

A: Formula:- Present value of annuity. PV = A * 1 - (1+r)-nr where , PV = Present value of annuity. A…

Q: Find the interest rates earned on each of the following. Round your answers to the nearest whole a.…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.  Time value…

Q: Assume  you have secured a loan of $10,000 from a bank  which will be paid in one year. The bank has…

A: Month Instalment Interest Paid = Opening Balance  x 0.31% Principal Opening Balance Closing Balance…

Q: A mortgage of $26, 252.00 is to be repaid by making payments of $ 1368.00 at the end of each year.…

A: A mortgage is a covered loan that is taken out for the purchase of a property with the property…

Q: 1. Jake has a credit card with an outstanding balance of $18,504. The credit card company charges an…

A: A credit card is a type of short-term loan instrument that banks and various financial institutions…

Q: Theodore D. Kat is applying to his credit union for a mortgage of $200,000. The bank has quoted 8%…

A: Calculating Effective Annual Rate using Excel Effective annual rate functionEAR = 8.30%

Q: (Q) A borrower takes out an interest - only loan at 7% for $1,000,000 with a 10-year term. What is…

A: Loan amortization refers to the systematic repayment of a loan over a specific period of time. It…

Q: You receive a credit card application from Shady Banks Savings and Loan offering an introductory…

A: Basically there are two interest rates. We will first find the future value at the of 6th month…

Q: You borrow $ 29429 at 12.25 % interest compounded monthly. If you are unable to make any payments…

A: The amount owing denotes the total of all debt that the business entities are required to pay,…

Q: You decide to deposit $126 monthly in a 3.2% annual interest bearing account over the next 18 years.…

A: The future value of annuity is used to determine the value of a series of payments in future at a…