Problem 6-21 Calculating Number of Periods [LO3] One of your customers is delinquent on his accounts payable balance. You've mutually agreed to a repayment schedule of $500 per month. You will charge 1.95 percent per month interest on the overdue balance. If the current balance is $18,500, how long will it take for the account to be paid off? (Do not round Intermediate calculations and round your answer to 2 decimal places, e.g, 32.16.) Months for account to be paid off 58.98

Problem 9-5 Calculating Monthly Mortgage Payments [LO9-4] Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? Note: Round time value factor and final answers to 2 decimal places. What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? Answer is complete but not entirely correct. Monthly Mortgage Payment a. $57,000, 15-year loan at 5.50 percent. b. $120,000, 30-year loan at 7.50 percent. c. $108,000, 20-year loan at 5.50 percent. d-1. Longer mortgage terms mean a d-2. For increase in mortgage rate lower higher $ $ $ monthly payment. monthly payment is required. 465.74 839.06 742.92

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%

17 Problem 5-39 Loan Payments (LG5-9) You wish to buy a $20,500 car. The dealer offers you a 5-year loan with a 9 percent APR. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Answer is complete and correct. Payment $ 425.55 per month Payment How would the payment differ if you paid interest only? (Do not round intermediate calculations and round your final answer to 2 decimal places.) 4 per month