The monthly payment for a home loan is given by a function f(P, r, N), where P is the principal (the initial size of the loan), r the interest rate expressed as a decimal (a 6% interest rate is denoted by r = 0.06), and the length of the loan in months. If P = $100,000, r = 0.06, and N = 240 (a 20-year loan), then the monthly payment is f(100,000, 0.06, 240) = 716.43. Furthermore, with these values, we have af = 0.0072, af = 5,769, ar af = -1.5467. ƏN Estimate the following values. (a) The change in monthly payment per $1,000 increase in loan principal. Af = $ (b) The change in monthly payment if the interest rate increases tor = 6.5%. Af = $ (c) The change in monthly payment if the length of the loan increases to 24 years. Af = $

Which of the following is the correct excel formula that describes the monthly payment of a loan ($800) that is fixed with an APR of 0.99% that lasts for 15 years? Group of answer choices =PMT(.0099/12,15*12,-800) =PMT(0.0099,12*15,-800) =PMT(0.0099/12,15,-800) =PMT(0.99/12,12*15,-800) =PMT(.099/12,180,-800)

Imagine that you currently have $10,000 in credit card debt. Suppose that your credit card charges 15% APR charged monthly.  This means that your monthly interest rate r is given by the formula r=APR/12 If you make payments of $300 per month, how long would it take to pay off your credit card debt?

A loan of $26,000 is paid off in 36 payments at the end of each month in the following way: Payments of $650 are made at the end of the month for the first 12 months. Payments of $650 + x are made at the end of the month for the second 12 months. Payments of $650 + 2x are made at the end of the month for the last 12 months. What should x be if the nominal monthly rate is 12.2%?

The equivalent present worth (P) of the cash flow in the accompanying diagram, where i =4% compounded annually is closest to:

Use the compound interest formula to show that the time it takes for an investment to double in value does not depend on the principal P, but rather depends only on the APR and the number of compoundings per year.  Let n = 12, and find the doubling rate for the following interest rates:a)  3%b)  5%c)  8%

Toni takes out a 30-year mortgage loan for $146,000. Her fixed annual interest rate is 4.3% compounded monthly. Which equation correctly calculates Toni's monthly mortgage payment? 146,000-0.043 М 12|1-(1+) -12-30 0.043 146,000-0.043 M 12/1-(1+ )"] 0.043 146,000-0.043 M = 12{1-()"] 0.043 146,000-0.043 M -12-30 0.043 12 1-

The monthly payment is ​$    enter your response here. ​(Round to the nearest cent as​ needed.)

Mr. Del Valle is 54 years old and plans to retire in 8 years. He wants to live at least 20 years after he retires. He has $125,000 in savings and expects to earn 7% annual interest. He expects to have an income of $45,000, the same income he currently receives from his job. Del Valle will begin receiving his benefit after 8 years on a bi-weekly basis (24 payments per year) after he retires. Annual inflation is expected to reach 5%. Determine how much Mr. Del Valle must save over the next 8 years to meet the retirement goal.