Question 81 ptsEvery two weeks, Betty makes a $294 payment toward a car loan whose annualrate is 4%. If she will be debt-free in 4-years, how much interest will she pay onthis loan?Round your answer to the nearest dollar.

Problem Statement Betty makes a $294 payment every two weeks toward a car loan with an annual…

Answered: Question 8 1 pts Every two weeks, Betty…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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QUESTION 13 You are looking to buy a car. You can afford $610 in monthly payments for five years. In addition to the loan, you can make a $710 down payment. If interest rates are 9.00 percent APR, what price of car can you afford (loan plus down payment)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) PRESENT VALUE
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P/Y = 12 PV C/Y = 12 PMT = $200.61 PMT: END BEGIN Monthly payment would be $ 200.61 After making payments for 19 months, Natasha decides to repay the loan in full. Use this information and the monthly payment, found above, to calculate her payoff amount (PV) on the loan. How many payments does Natasha have left (Use this as N in the TVM Solver below)? Calculate the payoff amount (PV). N C/Y = FV = 1% = P/Y = PV = N = 5 years PMT = FV = 10,500 PMT: END BEGIN 1% = 5.51%
QUESTION 1 Liam can afford $175 per month as a car payment. If Liam can get an auto loan at 4% interest for 5 years, how expensive of a car can Liam afford? Give your answer to the nearest dollar.
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Time to repay installment loan Personal Finance Problem Mia Salto wishes to determine how long it will take to repay a $18000 loan given that the lender requires her to make annual end-of-year installment payments of $3906. a. If the interest rate on the loan is 11%, how long will it take for her to repay the loan fully? b. How long will it take if the interest rate is 8%? c. How long will it take if she has to pay 14% annual interest? d. Reviewing your answers in parts a, b, and c, describe the general relationship between the interest rate and the amount of time it will take Mia to repay the loan fully.
Question 5 of 10 You plan to save money for a down payment of $37,000 to purchase an apartment. You can only afford to save $1,250 at the end of every quarter into an account that earns interest at 3.71% compounded annually. How long will it take you to save the planned amount? o years o months Express the answer in years and months, rounded to the next payment period SUBMIT QUESTION k SU 1 O 0 SAVE PROGRESS
Question Two ii. ii. Ms. Duke is borrowing 12,000 at a compound annual interest rate of 17%. Determine the annual payment to amortize the loan, if she is offered 7 years. At 8% compounded annually, how long will it take 750 to double? A friend plans to buy a big-screen TV/entertainment system and can afford to set aside 1,320 toward the purchase today. If your friend can earn 15%, compounded yearly, how much can your friend spend in four years on the purchase? What would you pay to own a guaranteed income of C1500 per year to be received forever, if interest rates are 14%? At what rate must 500 be compounded annually for it to grow to ¢716.40 in 5 years? Explain the concept of time value of money in line with the financial manager" corporate objective S
:00 Phoebe realizes that she has charged too much on her credit card and has racked up $6,600 in debt. If she can pay $200 each month and the card charges 18 percent APR (compounded monthly), how long will it take her to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Time to pay off the debt months

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Question 8 1 pts Every two weeks, Betty makes a $294 payment toward a car loan whose annual rate is 4%. If she will be debt-free in 4-years, how much interest will she pay on this loan? Round your answer to the nearest dollar.