Dr. Alvano borrowed $8,000 at 8% compounded quarterly to purchase a new X-ray machine for his clinic. The agreement requires quarterly payments of $1,000 (except for a smaller final payment). Prepare the full amortization schedule for the loan. Calculate the total interest charges. (Do not round Intermedlate calculations. Round your answers to 2 decimel places. Leave no cells blank - be certaln to enter "O" wherever requlred.) Payment Interest
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- Knowledge Check Question 22 Austin V Espate Nicole is planning for retirement. She deposits S825 at the end of each year in an ordinary annuty that pays 4% interest, compounded annually. Answer each part. Do not round any intermediate computations nor answers. If necessary, refer to the lat.otinaocialformulas (a) Find the totat value of the annuity at the end of the 1" year. (b) Find the total value of the annuity at the end of the 2 year (c) Find the total value gf the annuity at the end of the 3 year.1 Finance Problem nortization schedule Joan Messineo borrowed S15,000 at a 14% annual nterest to be repaid over 3 years. The loan is amortized into three eoual d-of-year payments. alate the annual, end-of-year loan payment. are a loan amortization schedule showing the interest and principal brea n of each of the three loan payments. ain why the interest portion of each payment declineš with the passageExercise 5-18 (Algo) Solving for unknown annuity payment; installment notes [L05-9, 5-10] Don James purchased a new automobile for $21,000. Don made a cash down payment of $5,250 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount of the required monthly payment. (Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.) Monthly payment
- Question 9 Assume that Sean and Catherine only pay the minimum payment on Credit Card #2 (balance $6,500). The minimum balance is 3% of the total balance. What is their minimum monthly payment? $195 Question 10 Using the BankRate calculator and the minimum payment you calculated above, if Sean and Catherine pay the minimum payment plus an additional $25, how many months would it take them to pay off their credit card loan based on a 15.9% APR?QUESTION 16 You wish to buy a $21,500 car. The dealer offers you a 6-year loan with a 7.2 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT PER MONTH? How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PAYMENT PER MONTH?QUESTION 14 You purchase a home priced at 1,750,000 Php. You paid 10% as the down payment and the remaining balance under a bank amortization plan to be paid in 8 years. At an effective quarterly interest rate of 1.5%, How much interest will you pay in the 2nd year Solve on the white paper or typed. Not explain in the excel.
- QUESTION 14 You have taken a loan of $300,000 over 12 years at a 6% interest rate compounded monthly, which is reimbursed with monthly payments. What is the principal portion of the 61st payment? O1,925.55 1,933.14 O654.56 449.86on 8 ect 0.00 out of g question The correct answer is: $32 723 Abe deposited a sum of money at the end of every month for 15 years at 8.5% compounded monthly. After the last deposit, interest for the account is to be 3.5% compounded quarterly and the account is to be paid out by end-of-quarter quarterly payments of $5905.00 over 17 years. What is the size of the monthly deposit? Select one: O A. $1466 B. O C. $560 735 * $1550 OD. $1160 OE. $756 $1550Question Danny put a $5,500 down payment on a car. He finarnced the remairing balance with a 70 month loan at a 7.5% annvual interest rate compounded manthly on the unpald balance. f the monthly car payments are $350, what is the cash price of thve car? $23558.78 $19,794.42 $29058.75 $25,294.42
- QUESTION 13 How much do you still owe on your auto loan if you have 41 remaining monthly payments of $446 with annual interest of 7.2 percent assuming monthly compounding? Answer to the nearest dollar amount, and enter without the dollar sign.Economics Soru 4 12.5 Puan From a bank, an engineer borrows $18000 that is to be repaid in 2 years with end-of-month payments at $827.29. The bank exposes the engineer to a monthly compounding interest. What is the nominal interest rate? Choose the closest value to your answer. (A) 8.4% B) 8.0% c) 9.6% D) 8.8% E) 9.2%NEED PARTS 4-8 You borrow money on a self liquidating installment loan (equal payments at the end of each year, each payment is part principal part interest) Loan amount $630,000 Interest Rate 17.8% Life 62 years Date of Loan January 1, 2021 Use the installment method - not straight lineDo NOT round any interrmediate numbers.Do NOT turn this into a monthly problem.Do NOT put in minus signs, answer all positive numbers. Required: 1. What is the annual payment (round to the nearest $)? $ 112,144 2. What are the total interest payments (round to the nearest $)? $ 6,322,950 3. After 25 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? %44 4. After 25 payments have been made, what percentage of the total principal has been paid (round to the nearest percentage point)? % Redo the problem if the interest rate is 3%(for a well designed spreadsheet this should take 30 seconds) Required: 5. What…