YOU HAVE A BALANCE OF $5,000 WITH A MINIMAL PAYMENT OF $50, WITH PAYING AN INTEREST...
YOU HAVE A BALANCE OF $5,000 WITH A MINIMAL PAYMENT OF $50, WITH PAYING AN INTEREST OF 10%, WHEN WILL YOU PAY IT OFF? CHOICES OF INTEREST: •Simple Interest Rate •Quarterly Interest Rate •Monthly Interest Payment
10)You have a few credit cards that you are currently paying the minimum payment on, which have high interest rates. You cannot pay it all off before the end of the month and as a result have only been paying the minimum. Recently you receive an offer for 0% balance transfer and think it is a good idea to transfer your balances from the various different cards in order to pay it off faster without any more interest or finance...
10.You have the alternative of paying for university fees today for a payment of $15,000 or, you can select a payment plan where you pay $8,000 in 6 months from today and another $12,000 in exactly 18 months from today. If the interest rate is 9.9%p.a. compounding monthly, what is the advantage that the payment plan has over the upfront payment?
You have $5,000 down payment on a $20,000 car. The dealer offers
you the following two options:
(a) paying the balance with
end-of-month payments over the next five years at
%
(b) a reduction of $1000 in the price
of the car, the same down payment of $5,000, and bank financing of
the balance after down payment, over 5 years with end-of-month
payments at
12%
Which option is better and why?
12_9 12
Paolo is paying off a credit card with a current balance of $450. The interest rate on the card is 23%. The minimum monthly payment is $25, but he plans to make monthly payments of $45. He will not be using the card to accumulate further debt. Approximately how many months will it take to pay off the balance?
When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 6% per year. The annual payment on the car is $5,000. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a) You have owned the car for one year (so there are four years left on the loan). b) You have owned the...
You have $5,000 down payment on a $20,000 car. The dealer offers you the following two options: (a) paying the balance with end-of-month payments over the next five years at ?^(12) = 9%. (b) a reduction of $1000 in the price of the car, the same down payment of $5,000, and bank financing of the balance after down payment, over 5 years with end-of- month payments at ?^(12) = 12%. Which option is better and why? (DO NOT USE EXCEL)
You are buying an automobile
that costs $15,000. You are paying $5,000 immediately
and the remaining $10,000 in four annual end-of-year principal
payments of $2,500 each. In addition to the $2,500, you must pay
12% interest on the unpaid balance of the loan each year. Prepare a
cash flow table to represent your cash outlay per year.
You are buying an automobile that costs $15,000. You are paying $5,000 immediately and the remaining $10,000 in four annual end-of-year principal payments...
You have an $1,000 balance on your credit card, the payment on the card is $20 per month, if monthly interest rate is 1.5%, then how long does it take to pay off the balance on the card?
You have the alternative of paying for university fees today for a payment of $15,000 or, you can select a payment plan where you pay $8,000 in 10 months from today and another $9,000 in exactly 18 months from today. If the interest rate is 7.0%p.a. compounding monthly, what is the advantage that the payment plan has over the upfront payment? (expressed in present day value rounded to the nearest cent; do not show $ sign or comma separators; if...