Carmen's Beauty Salon has estimated monthly financing requirements for the next six months as follows: January February $ 9,100 April 3,100 May 4,100 June March $ 9,100 10,100 5,100 Short-term financing will be utilized for the next six months. Projected annual interest rates are: January February March 5% April 6% May 9% June Interest rate 12% 12% 12% What long-term interest rate would represent a break-even point between using short-term financing and long-term financing? Note: Round your monthly interest rate to 2 decimal places when expressed as a percent. Round your interest payments to the nearest whole cent. Input your answer as a percent rounded to 2 decimal places.

Nikul

You are considering an investment in a Third World bank account that pays a nominal annual rate of 18%, compounded monthly. If you invest $5,200 at the beginning of each month, how many months would it take for your account to grow to $500,000? Round fractional months up.   a. 38 months     b. 60 months     c. 46 months     d. 17 months     e. 27 months

(Loan Amortization Problem) Your company is planning to borrow $2,500,000.  This will be a six-year, 2 percent per year, annual payment, fully amortized term loan.  The first payment will be made one year from today.  What fraction of the total annual payment made at the end of year three will represent repayment of principal?  [Hint: you need only complete the first three rows of the amortization schedule to answer this question.] Step By Step please, as if writing down the solution on a sheet of paper.