Homework Answers
We are given the following information:
| PMT | $ 1,500.00 |
| r | 10.20% |
| frequency | 1 |
| PV | $12,000.00 |
We need to solve the following equation of PV of an ordinary
annuity to arrive at the required n or the number of years
So it will take 17.43 years to pay off the loan
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Repaying a Loan While Mary Corens was a student at the University of Tennessee, she borrowed...
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While Mary Corens was a student at the University of Tennessee, she borrowed $12,000 in student loans at an annual interest rate of 8.20%. If Mary repays $1,500 per year, how long (rounded up to the nearest year) will it take her to repay the loan?
While Mary Corens was a student at the University of Tennessee, she borrowed $12,000 in student...
While Mary Corens was a student at the University of Tennessee, she borrowed $12,000 in student loans at an annual interest rate of 9.20%. If Mary repays $1,500 per year, how long (rounded up to the nearest year) will it take her to repay the loan?
please do numbers 3 and 4 with a formula. idk how to do it ng Urdinary...
please do numbers 3 and 4 with a formula. idk how to do
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ng Urdinary annuities: a. $400 per year for ten years at 10% FV ( tr) b. $200 per year for 5 years at 5% = 200 (21. 10) = 16,374.90 c. $400 per year for 5 years at 0% 8 No heresy ooxs = (2,000 a. $6,374.96; $1,105.12; $2000 rate - 200cc.es). 1-14.105.12 3. While Mary Corens was a student at Loyola Marymount University, she borrowed...
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You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
please do numbers 3 and 4 with a formula. idk how to do
it
ng Urdinary annuities: a. $400 per year for ten years at 10% FV ( tr) b. $200 per year for 5 years at 5% = 200 (21. 10) = 16,374.90 c. $400 per year for 5 years at 0% 8 No heresy ooxs = (2,000 a. $6,374.96; $1,105.12; $2000 rate - 200cc.es). 1-14.105.12 3. While Mary Corens was a student at Loyola Marymount University, she borrowed...
Angel Hall borrowed $82,000 for her granddaughter's college education. She must repay the loan at the end of nine years with 99% interest. What is the maturity value Angel must repay? (Round your answer to the nearest cent.)
Ann Hopkins borrowed $60,000 for her child's education. She must repay the loan at the end of 8 years in one payment with 5% interest. What is the maturity value Ann must repay? (Round your answer to the nearest cent.) Maturity value eBook
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
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