SOLVE BY EXCEL FUNCTIONS. A person wants to apply for a bank loan for 3 years;...
Homework Answers
PV = pmt x (1 - (1 + g)n x (1 + i)-n)/(i - g)
pmt = 125 , g = 3%
i = 12%/12 = 1%
n = 36 months
PV = 125 x (1 - (1.03)36 x (1.01)-36)/(- 0.02)
PV = $ 6410.5
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SOLVE BY EXCEL FUNCTIONS. A person wants to apply for a bank loan
for 3 years;...
A commercial bank will loan you $27,817 for 3 years to buy a car. The loan...
A commercial bank will loan you $27,817 for 3 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 13.32 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
A commercial bank will loan you $50,753 for 3 years to buy a car. The loan...
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James wants to take out a loan. He can afford to make monthly payments of 100...
James wants to take out a loan. He can afford to make monthly
payments of 100 dollars and wants to pay the loan off after exactly
30 years.
What is the maximum amount that James can afford to borrow if
the bank charges interest at an annual rate of 8 percent,
compounded monthly?
(Give your answer, in dollars, correct to the nearest
dollar.)
Nicola borrows 60000 dollars from a bank that charges interest
at an annual rate of 10 percent,...
should be explain it on excel Solve all of the following problems with Excel. Please use formulas in excel to solve. (2) (10 pts) (a) Assume monthly car payments of $500 per month for 4 years and...
should be explain it on excel
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Solve all of the following problems with Excel. Please use formulas in excel to solve. (2) (a) Assume monthly car payments of $500 per month for 4 years and an interest rate of 0.75% per month. 1. Wha...
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Please use engineering economy relations. no excel. Problem 3: A family decided to buy a super...
Please use engineering economy relations. no excel.
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A commercial bank will loan you $27,817 for 3 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 13.32 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
A commercial bank will loan you $50,753 for 3 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 6.46 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
James wants to take out a loan. He can afford to make monthly
payments of 100 dollars and wants to pay the loan off after exactly
30 years.
What is the maximum amount that James can afford to borrow if
the bank charges interest at an annual rate of 8 percent,
compounded monthly?
(Give your answer, in dollars, correct to the nearest
dollar.)
Nicola borrows 60000 dollars from a bank that charges interest
at an annual rate of 10 percent,...
should be explain it on excel
Solve all of the following problems with Excel. Please use formulas in excel to solve. (2) (10 pts) (a) Assume monthly car payments of $500 per month for 4 years and an interest rate of 0.75% per month. 1. What initial principal will this repay? (b) Assume annual car payments of $6000 for 4 years and an interest rate of 9% per year. 1. What initial principal will this repay? (c) Assume monthly car...
Thomas wants a $50,000 small business loan to start his landscaping business. Bank A offers him a 10-year loan at 3.9% interest. Bank B offers him a 5-year loan at 8.1% interest. Which statements are accurate about these options? Select all that apply. The total interest paid for the 5-year loan is $10,462. Thomas pays more over the life of the loan if he takes the 10-year loan. Thomas pays less over the life of the loan if he takes...
Please use engineering economy relations. no excel.
Problem 3: A family decided to buy a super ski and water sports boat. They took out an $80,000,5-year, 6% per year, compounded monthly loan with monthly payments from their bank. After making only two payments, a banker friend offered to make them a better deal: a 5-year, 4.2% per year, compounded monthly loan. The principal on the new loan will be the remaining principal from the current loan. Answer the following questions:...
A bank is offering you a loan of $10,000 for 20 years. The stated interest rate (APR) is 7%. If this is an amortized loan with monthly payment, how much is your fixed payment? Put in your answer with two decimal numbers after rounding. No dollar sign($). Answer: Suppose you are buying your first condo for $155,000, and you will make a $15,000 down payment. You have arranged to finance the remainder with a 30- year, monthly payment, amortized mortgage...
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