Debt payments of $1,650 and $2,400 are due in five months and nine months, respectively. What single payment is required to settle both debts in one month? Assume a simple interest rate of 7.50% p.a. and use one month from now as the focal date. Round to the nearest cent
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- A loan requires that payments of $580 be made at the end of each month for a total of 180 consecutive months, beginning one month from today. If the annual interest rate is 3.00%, what is the equivalent present value of the loan?Debt payments of $2,450 and $1,900 are due in five months and ten months, respectively. What single payment is required to settle both debts in one month? Assume a simple interest rate of 7.50% p.a. and use one month from now as the focal date.Debt payments of $2,350 and $1,050 are due in five months and ten months, respectively. What single payment is required to settle both debts in one month? Assume a simple interest rate of 6.80% p.a. and use one month from now as the focal date. Round to the nearest cent
- Scheduled payments of $800 due two months ago and $1200 due in one month are to be repaid by a payment of $1000 today and the balance in three months. What is the amount of the final payment if the simple interest rate is 7.75% p.a and the focal date is one month from now?Find the length of the loan in months, if $1000 is borrowed with an annual simple interest rate of 3% and with $1030 repaid at the end of the loan. what is the length of the loan in months?Debts of $850 due in six months, $700 due in sixteen months, and $1100 due in three years are to be settled by a single payment one year from now. What is the size of that single payment if interest is 7.5% compounded monthly?
- A loan of $6,000 is repaid by payments of $544 at the end of every three months. Interest is 7% compounded quarterly. (a) How many payments are required to repay the debt? (b) What is the size of the final payment? (a) The number of payments is (Round up to the nearest whole number.) (b) The size of the final payment is S (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)SportZ has negotiated a loan of $25 000 with interest at 7.6% per annum, to be paid as month-end payments of $2200.00 over the next year. Construct a loan amortization schedule to answer the following questions. i. How much interest is paid over the first two months? ii. How much of the principal is paid by the end of the first two months? iti. How much interest is paid over the term of the loan? iv. What is the amount of the final payment?]A loan of $7000 is to be repaid by three equal payments one and a half year from now, three years and four and three quarter years from now respectively. What is the size of the equal payments if interest on the debt is 15% compounded quarterly ? Use six decimal places for intermediate calculations and round the final answer to 2 decimal places (e.g., 0,00) Be sure to show the tinancial calculator inputs for PY, I, PV, CY, N, FV and PMT on the document that you will hand in at the end of the test. Show the work for each calculation (required). Include a timeline if desired (optional)
- A loan of 20,000 is to be repaid as follows. Payments of p are to be made at the end of each month for 96 months and a balloon payment of 5,400 is to be made at the end of the 96th month as well. If the nominal interest rate convertible monthly is 10%, what is the prinicipal componnent of the 19th payment?Assume that you take out a $7000 loan for 46 months at 7.5% APR. How much total interest will you have paid at the end of the 46 months? (Round your answer to the nearest cent.)Suppose you secure a loan in the amount of $5,000 for the contract period of 24 months. If the lender charge interest at an annual rate of 12% compounded monthly, find the amount of monthly repayment based on conventional method.
