You lend a friend $800 and they agree to make quarterly payments for 1 year. You charge your friend 8.52% compounded quarterly. What is the size of the payments? a $120.76 b 210.76 c $220.76 d $212.76 e $ 200.76
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You lend a friend $800 and they agree to make quarterly payments for 1 year. You charge your friend 8.52% compounded quarterly. What is the size of the payments?
a $120.76
b 210.76
c $220.76
d $212.76
e $ 200.76
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- If you deposit $250 each month into an individual retirment account that earns 4.8% interest compounded monthly, a.) How much will you have in the account 30 years from now ? b.) What is the interest earned on the account ?You lend a friend $50,000. Your friend will repay you in 6 equal annual end-of-year payments of $12,000. You will receive the first payme one year from now. What rate of return does your loan earn? 14.86% 12.50% 11.53% 6.00%You receive a car loan of $22,000 and must pay off the loan in 60 monthly installments. If your interest rate is 18% per year compounded monthly, what are your approximate monthly payments on this loan? O $558.66 $885.50 O $658.35 O $500.00 O $605.89
- You borrow $6,275 from your friend at a nominal interest annual rate of 11.35% compounded weekly. You agree to pay your friend $800 per year. Approximately how long will it take for you to pay off your loan assuming that you pay exactly $800 per year? 0 18 уеars О 32 years О 28 years О 25 years О 20 yearsSuppose that you borrow$ 12000 at interest rate of 5% per year. If you must be repaid the loan in equal end of year payments over the next 4 years, how much must you repay at the end of each year? O a. $3672 Ob. $3384 Oc. $2672 O d. $2384If you deposit $3,500 monthly into a savings account which earns 8.25% interest rate compounded annually, how much will you have after 8 years of saving? O a. $633,523 O b. $37,566 O c. $473,672 O d. $450,793 O e. $557,760
- Suppose you lend $11,500 to a friend at an APR of 10.00%. Your friend will pay you back beginning next month with 60 monthly installments. You can reinvest the payments you receive in your money market account at an APR of 1.10%, calculated monthly. a. How much will your friend pay you each month? ______________ b. How much will you have in your account at the end of 60 months? (to nearest $___________________ c. What is your effective annual return (EAR), _._ _%?______________A man will deposit P1,000.00 with a savings and loan association at the beginning of each 3 months for 9 years. If the association pays interest at the rate of 10% quarterly, find the sum to his credit just after the last deposit. a. P58,633.95 O b. P58,733.95 O c. P58,373.95 O d. P58,763.95A loan is to be repaid by $1500 in one year and $2250 in four years. The borrower has asked to repay $1000 in 1.5 years and a final payment in three years. If money can earn 6% compounded quarterly, what is the size of the final payment? Select one: O a. 2735.18 O b. 2705.50 O C. 2725.50 O d. 2755.85 O e. 2715.50
- A person wants to borrow as much money as possible today with an annual payment of $1000 at the end of each year for 5 years. If he is charged 7% interest compounded annually, how much could he borrow? Select one: a. $9130.25 b. $6130.25 C. $4130.25 d. $8130.25 The future value of annual deposited started from the end of period one up to year 7, is: Select one: a. A(F/A,i,7) b. A(F/A,i,6) C. P(F/A,I,7) d. P(F/A,i,6)You lend a friend $10,000, for which your friend will repay you $27,027 at the end of 5 years. What interest rate are you charging your friend? The interest rate you are charging your friend on the loan is Round to the nearest whole percentIf you take out a loan for a new $20,000 car, a typical APR with a fair credit score is 4.8%. If you make monthly payments of A dollars, find an expression for your debt right after your first payment (remember that there is a difference between the APR and the monthly interest rate). *the first picture is my answer that is needed to answer the question (20000)(1.048') – A1.048* k=1 For any integer n > 1, and any r+ 1, it can be verified that п-1 pn 1 - r – 1 - k=0
