Homework Answers
Rate = 4.5% / 12 = 0.375%
PV = -1450
FV = 1528.01
PMT = 0
Number of months can be calculated by using the following excel
formula:
=NPER(rate,pmt,pv,fv)
=NPER(0.375%,0,-1450,1528.01)
= 14 months
Marylin made the payment 14 months later.
Add Answer to:
17. value: 10.00 points Marilyn was supposed to pay $1450 to Bernice on March 1. Some...
Question 3 (of 5) Marilyn was supposed to pay $1240 to Bernice on March 1. Some...
Question 3 (of 5) Marilyn was supposed to pay $1240 to Bernice on March 1. Some time later Marilyn paid Bernice an equivalent payment of $1320.33, allowing for a time value of money of 5.6% compounded monthly When did Marilyn make the payment? (Round your answer to the nearest month.) Marilyn made the payment months later 9 MET
12. value: 10.00 points A $4700 loan at 8.7% compounded monthly was settled by a single...
12. value: 10.00 points A $4700 loan at 8.7% compounded monthly was settled by a single payment of $5700 including accrued interest. Rounded to the nearest day, how long after the initial loan was the $5700 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days. (Do not round intermediate calculations.) years months days
4.Award: 10.00 points Robert borrows $1000 for 8 months from a lender who charges a 4.5%...
4.Award: 10.00 points Robert borrows $1000 for 8 months from a lender who charges a 4.5% simple discount rate a) How much money does Robert receive? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Robert receive b) What size loan should Robert ask for in order to receive $1000 cash? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Size of the loan c) What is the true rate of simple interest that...
Question 8 (of 10) value: 1.00 points On September 1. 2013, Susan Chao bought a motorcycle...
Question 8 (of 10) value: 1.00 points On September 1. 2013, Susan Chao bought a motorcycle for $40,000. She paid S1,100 down and financed the balance with a five-year loan at an APR of 8.2 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (ie., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a...
Question 4: Application of Time Value of Money to Mortgages (30 marks) Shanna wants to buy...
Question 4: Application of Time Value of Money to Mortgages (30 marks) Shanna wants to buy a house costing $325,000 and has obtained a loan from TD Bank. A minimum down payment of 15% would be required and the bank will provide the difference. Her grandparent have told her that they will cover her down payment. a. TD Bank has quoted her mortgage interest rate is 4.5%; this rate would be compounded semi- annually, while her payments would be made...
A. What would be your monthly mortgage payment if you pay for a $250,000
4. A. What would be your monthly mortgage payment if you pay for a $250,000 home by making a 20% down payment and then take out a 3.74% thirty year fixed rate mortgage loan where interest is compounded monthly to cover the remaining balance. All work must be shown justifying the following answers. Mortgage payment = B. How much total interest would you have to pay over the entire life of the loan. Total interest paid = C. Suppose you inherit some money and...
3. value: 10.00 points Swift Company was organized on March 1 of the current year. After...
3. value: 10.00 points Swift Company was organized on March 1 of the current year. After five months of startup losses, management had expected to earn a profit during August, the most recent month. Management was disappointed, however, when the income statement for August also showed a loss. August's income statement follows: $ 495,000 SWIFT COMPANY Income Statement For the Month Ended August 31 Sales Less: Operating expenses: Indirect labour cost $ 14,700 Utilities 16,000 Direct labour cost 61,000 Depreciation,...
20 pm andmother would like to pay your first two years of rent while you're in...
20 pm andmother would like to pay your first two years of rent while you're in college by giving you the money you'll need in one lump sum. You share an apartment with another student and currently spend 300 per month on your share of the rent. Assume you receive the lump sum today, and you will raw 5300 per month, starting one month from today and continuing every month thereafter for two years. (PIA, 170, 24) a (o points)...
10) An investment will pay you 51 20 in one year and $200 in two years....
10) An investment will pay you 51 20 in one year and $200 in two years. If the interest rate is 7%, what is the present value of these cash flows? A) $294.69 B) $286.84 C) $299.07 D) $320.00 10) 11). TU) A bank is negotiating a loan. The loan can either be paid off as a lump sum of $120,000 at the end of five years, or as equal annual payments at the end of each of the next...
Total Loan amount: The total mortgage loan amount is the amount you borrow after paying your down payment. Here, we assumed that you would pay 20% of the home value (property value) as a down payment. 2. Months: The mortgage payment period is set to 30 ye
Total Loan amount: The total mortgage loan amount is the amount you borrow after paying your down payment. Here, we assumed that you would pay 20% of the home value (property value) as a down payment. 2. Months: The mortgage payment period is set to 30 years. In terms of months, this is equivalent to 30 years multiplied by 12 months. We put our primary basis of payments in terms of months, which is why we need to convert everything...
Question 3 (of 5) Marilyn was supposed to pay $1240 to Bernice on March 1. Some time later Marilyn paid Bernice an equivalent payment of $1320.33, allowing for a time value of money of 5.6% compounded monthly When did Marilyn make the payment? (Round your answer to the nearest month.) Marilyn made the payment months later 9 MET
12. value: 10.00 points A $4700 loan at 8.7% compounded monthly was settled by a single payment of $5700 including accrued interest. Rounded to the nearest day, how long after the initial loan was the $5700 payment made? For the purpose of determining the number of days in a partial month, assume that a full month has 30 days. (Do not round intermediate calculations.) years months days
4.Award: 10.00 points Robert borrows $1000 for 8 months from a lender who charges a 4.5% simple discount rate a) How much money does Robert receive? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Robert receive b) What size loan should Robert ask for in order to receive $1000 cash? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Size of the loan c) What is the true rate of simple interest that...
Question 8 (of 10) value: 1.00 points On September 1. 2013, Susan Chao bought a motorcycle for $40,000. She paid S1,100 down and financed the balance with a five-year loan at an APR of 8.2 percent, compounded monthly. She started the monthly payments exactly one month after the purchase (ie., October 1, 2013). Two years later, at the end of October 2015, Susan got a new job and decided to pay off the loan. If the bank charges her a...
Question 4: Application of Time Value of Money to Mortgages (30 marks) Shanna wants to buy a house costing $325,000 and has obtained a loan from TD Bank. A minimum down payment of 15% would be required and the bank will provide the difference. Her grandparent have told her that they will cover her down payment. a. TD Bank has quoted her mortgage interest rate is 4.5%; this rate would be compounded semi- annually, while her payments would be made...
3. value: 10.00 points Swift Company was organized on March 1 of the current year. After five months of startup losses, management had expected to earn a profit during August, the most recent month. Management was disappointed, however, when the income statement for August also showed a loss. August's income statement follows: $ 495,000 SWIFT COMPANY Income Statement For the Month Ended August 31 Sales Less: Operating expenses: Indirect labour cost $ 14,700 Utilities 16,000 Direct labour cost 61,000 Depreciation,...
20 pm andmother would like to pay your first two years of rent while you're in college by giving you the money you'll need in one lump sum. You share an apartment with another student and currently spend 300 per month on your share of the rent. Assume you receive the lump sum today, and you will raw 5300 per month, starting one month from today and continuing every month thereafter for two years. (PIA, 170, 24) a (o points)...
10) An investment will pay you 51 20 in one year and $200 in two years. If the interest rate is 7%, what is the present value of these cash flows? A) $294.69 B) $286.84 C) $299.07 D) $320.00 10) 11). TU) A bank is negotiating a loan. The loan can either be paid off as a lump sum of $120,000 at the end of five years, or as equal annual payments at the end of each of the next...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago