You want to buy a car and therefore you borrowed $10,000 from a bank today for 6 years. The nominal interest rate that the bank charges is 7.2%. If you start making equal monthly payments beginning today then what will be your approximate monthly installment?

Q: Suppose you borrowed $14,000 at a rate of 9.7% and must repay it in 5 equal installments at the end…

A: Amount of interest payable in 1st year will be calculated on the total amount

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A: We need to use pmt formula in excel to calculate monthly payment. Where monthly payment is 250 or…

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A: The future value can be compared by looking at how much money you will have in the future from the…

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Q: What is your monthly loan payment? What is your expected balance after five years (60 months)?

A: Purchase Price64900Down Payments10000Loan Amount54900No.of Payments84Monthly Rate0.0033Monthly…

Q: You plan to retire in 45 years and would like to be able to spend $4,000 a month (at the end of…

A: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only…

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Q: Suppose that your Stafford loans plus accumulated interest total $31,811 at the time that you start…

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A: Given:

Q: A bank is offering to pay you $1000 at the beginning of each month for the next 10 years. The…

A: Payment per month (PMT) = $1,000Timing = BeginningAnnual interest rate is 6%. So, monthly interest…

Q: If you want to have $60.000 in 8 years, how much do you need to deposit in the bank today if the…

A: Deposit required today = FV/(1+r)n Where FV - Future value = $60,000 r - Interest rate = 9% n -…

Q: ou want to purchase a new house when you graduate. The house that you want costs $600,000. You will…

A: Annual Interest is the percentage at which interest is charged on a loan or earned on an investment…

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Q: If you borrow $6,000 for 4 years and agree to pay back $8000, what simple interest rate will you end…

A: Simple interest is the type of interest that is calculated only on the principal amount. Simple…

Q: Question 1 You borrow 1000 from a friend at a simple interest rate of 6% for 4 years. Calculate the…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: Part-1) Present Value is $1,000 The future Value is $2,000 The interest rate is 0.25% compounded…

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Q: Waiting for Answer

A: Step 1: Given Value for Calculation  Future Value = fv = $100Time = t = 1 YearsOpportunity Cost = c…

Q: You estimate that you will have $30,000 in student loans by the time you graduate. The interest rate…

A: Amount of the student loan =$30000The interest rate compounded monthly =5%Number of years of loan…

Q: Question 3: You just got a loan for $15,000 and you plan to pay it off in three years. Your monthly…

A: Loan amount=$15000PMT=monthly payment=500NPER=36Find out period required.

Q: (d) Repeat the process with the loan split into two 3 year loans. Round to the nearest dollar. End…

A: Future Value refers to the value of present value of annuity after a given period of time period…

Q: of Us Is More.. E Perfect Paper Instr. sS PowerSchool EReading list >> Question Details You have…

A: The question is related to determination of monthly installment on a loan for a period of 10 years.…

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Q: Question 1 You can afford to pay $2,500 per month for mortgage payments. How large a loan can you…

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Q: he loan is 10 y onthly frequen

A: The syntax of the PMT function is: PMT (rate, nper, pv) Where rate is the interest rate. Here it…

Q: You buy a car costing $28,000 today. What will be the monthly payment on this car if you put no…

A: The present value of monthly repayment will be equal to the value of loan amount. Monthly interest…

Q: Want Correct Answer with calculation and explanation

A:

Q: for your next car For the Questions 3-5 assume you want to finance (borrow) $12, and your interest…

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Q: Assume two banks have different offers to take a lone. Where the amount will be compound monthly.…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

Q: You plan to deposit $700 in a bank account now and $100 at the end of the year. If the account earns…

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Q: Not sure where to start this one Suppose that you purchase a new home that costs $180,000. A local…

A: MS-Excel --> Formulas --> Financials --> PMT Therefore, the monthly payment is $607.11.

Q: local bank will pay you $135 a year for your lifetime if you deposit $3,000 in the bank today. If…

A: Annuity=$135Today value=$3000