A person needs $18,000 immediately as a down payment on a new home. Suppose that she can borrow this money from her company credit union. She will be required to repay the loan in equal payments made every six months over the next 11 years. The annual interest rate being charged is 11% compounded continuously. What is the amount of each payment?
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A person needs
immediately as a down payment on a new home. Suppose that she can borrow this money from her company credit union. She will be required to repay the loan in equal payments made every six months over the next
years. The annual interest rate being charged is
compounded continuously. What is the amount of each payment?
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- A person needs $17122 immediately as a down payment on a new home. Suppose that she can borrow this money from her company credit union. She will be required to repay the loan in equal payments made every six months over the next 20 years starting on the second year. The annual interest rate being charged is 10% compounded continuously. What is the amount of each payment?An individual needs $12,000 immediately as a down payment on a new home. Suppose that he can borrow this money from his insurance company. He must repay the loan in equal payments every six months over the next eight years. The nominal interest rate being charged is 7% compounded continuously. What is the amount of each payment?Maria wants to have ₱750,000.00 at the end of 4 years for hergraduation expenses. She plans to deposit a certain amount at the end of each month to achieve this. Her bank pays 15% compounded monthly.a.) What is the monthly rate?b.) How many total deposits?
- Suppose that after the 6-month grace period after you graduate college, you have $63,000 in student loan debt. If you plan on paying back your loans using the standard repayment plan, you will be paying your loans off in 10 years. You may assume an interest rate of 5.05% which will compound daily. In order to find your monthly payment, you will first need to find your daily payment since the interest is compounded daily. What is your daily payment? [Select] What is your monthly payment for a month with 30 days? [Select]Ken is paying off a loan by making a $50 down payment and then $50 payments at the end of every month for 2 years, at 6%, compounded monthly. What is the value of the loan today? Maria is paying off a loan by making $50 payments at the beginning of every month for 2 years, at 6 %, compounded monthly. What is the value of the loan today?Jane wants to borrow $100,000 from the bank for up to 3 years at an APR of 8.5% with interest compounded monthly.If Jane borrows$100,000 for 1 year, how much interest will she have paid and what is the bank’s APY?
- You would Ilike to have $59,000 in 5 years for the down payment on a new house following graduation by making deposits at the end of every three months in an annuity that pays 4.25% compounded quarterly. (a) How much should you deposit at the end of every three months? (b) How much of the $59,000 comes from deposits? (c) How much of the $59,000 comes from interest? (Round UP to the nearest dollar. For example, $247) OPensyrooo n 21 l 1e0 (6)' s 6Tei 0hcc doirdW (b)Saaviz wDi 26. 7 1 0 59.000 6 00Laura wants to accumulate $150,000 in her bank account by depositing $1000 at the beginning of each month. If interest on the account is 5% compounded quarterly, for how long does Laura have to deposit the money? Please include the cashflow diagram and what kind of annuity formula can we use on this question aside from the excel format?Mary wants to receive a payout of $1500 per month for 20 years. 1) How much money must be in the deposit if the money earns 4.2% compounded monthly? 2) How large monthly payment would Mary have made if she saves for her payout annuity with an ordinary annuity, 30 years before she needed it? Assume that two annuities have the same interest rate 4.2%.
- tion Sam needs a new roof for her house. She can pay cash, or pay by installments. Payments would be $217.91 monthly (at the end of every period) for 9 years. The interest rate is 2.675% compounded quarterly. a) This question deals with the value of an annuity b) There will be payments. The payment period is c) The payment amount is $ d) The effective interest rate per period is e) The present/future value is $ Time left 0:26:17 % (Supposed you want to buy a used car but your savings is not enough. To do this, you borrow P60,000 to be amortized in four equal payments at the end of each of the next four years, and the interest rate is paid 15 percent on the outstanding loan. What is the annuity payment?Monica wants to consolidate several loans she has into a single three-year loan for $150,000 that charges interest at 7.9% compounded monthly. 1. What is her payment amount at the end of every month? 2. If she wants to pay $4,100 instead at the end of each month what would be the new duration of this loan? How many years and months?
