A MasterCard statement shows a balance of $530 at 13.6% compounded monthly. What monthly payment will...
A MasterCard statement shows a balance of $530 at 13.6% compounded monthly. What monthly payment will pay off this debt in 1 year 9 months? (Round your answer to the nearest cent.)
Homework Answers
Important point to note here is that the interest is getting compounded monthly. so, entering the interest rate and the period in the formula correctly becomes very important.
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A MasterCard statement shows a balance of $530 at 13.6% compounded monthly. What monthly payment will...
A MasterCard statement shows a balance of $550 at 13.4% compounded monthly. What monthly payment will...
A MasterCard statement shows a balance of $550 at 13.4% compounded monthly. What monthly payment will pay off this debt in 1 year 7 months? (Round your answer to the nearest cent.)
1.-Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Quarterly payments...
1.-Determine the payment to amortize the debt. (Round your answer to the nearest cent.) Quarterly payments on $15,500 at 3.7% for 6 years $ 2.- A MasterCard statement shows a balance of $510 at 13.5% compounded monthly. What monthly payment will pay off this debt in 1 year 10 months? (Round your answer to the nearest cent.) $ 3.- Find the unpaid balance on the debt. (Round your answer to the nearest cent.) After 7 years of monthly payments on...
A young couple buying their first home borrow $85,000 for 30 years at 7.5%, compounded monthly,...
A young couple buying their first home borrow $85,000 for 30 years at 7.5%, compounded monthly, and make payments of $594.33. After 3 years, they are able to make a one-time payment of $2,000 along with their 36th payment. (a) Find the unpaid balance immediately after they pay the extra $2,000 and their 36th payment. (Round your answer to the nearest cent.) (b) How many regular payments of $594.33 will amortize the unpaid balance from part (a)? Give the answer...
Assume that you have a balance of $2900 on your MasterCard and that you make no...
Assume that you have a balance of $2900 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 6% of the balance. What will the balance be after 24 months? (Round your answer to the nearest cent.) ( Mind you, It is not 846 )
Please round to 2 decimal places. A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $369 instead of the monthly payment require...
Please round to 2 decimal
places.
A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $369 instead of the monthly payment required by the oan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $358.12 How much extra did she pay per month? (Round your answer to the nearest cent.) s 10.88 b) How many $369 payments will she...
A recent college graduate buys a new car by borrowing $20,000 at 7.2%, compounded monthly, for...
A recent college graduate buys a new car by borrowing $20,000 at 7.2%, compounded monthly, for 4 years. She decides to pay $501 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) How much extra did she pay per month? (Round your answer to the nearest cent.) (b) How many $501 payments will she make to pay off the loan? (Round your answer...
A student borrows $56,400 at 8.4% compounded monthly. Find the monthly payment and total interest paid...
A student borrows $56,400 at 8.4% compounded monthly. Find the monthly payment and total interest paid over a 30 year payment plan. The payment size is $ (Round to the nearest cent.) Find the size of each of 4 payments made at the end of each year into a 9% rate sinking fund which produces $56000 at the end of 4 years. The payment size is $ (Round to the nearest cent.) Find the amount of each payment to be...
If money earns 6.36% compounded quarterly, what single payment in three years would be equivalent to...
If money earns 6.36% compounded quarterly, what single payment in three years would be equivalent to a payment of $3,230 due two years ago, but not paid, and $800 today? Round to the nearest cent Next Question Question 3 of 4 Two payments of $17,000 and $2,600 are due in 1 year and 2 years, respectively. Calculate the two equal payments that would replace these payments, made in 3 months and in 4 years if money is worth 10.5% compounded...
What is Vic's monthly interest payment? (Round to the nearest dollar as needed.) 2.) Suppose that...
What is Vic's monthly interest payment? (Round to the nearest dollar as needed.) 2.) Suppose that on January 1 you have a balance of$4200 on a credit card whose APR is 13%,which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total...
An automobile loan of $12,000 at a nominal rate of 4% compounded monthly for 48 months...
An automobile loan of $12,000 at a nominal rate of 4% compounded monthly for 48 months requires equal end-of-month payments of $270.95 Complete the table below, as you would expect a bank to calculate the values (Round to the nearest cent) End of Month (n) Interest Payment Repayment of Remaining Loan Principal Balance $11.769.05 523172 530 59 96 239 44 2 Enter your answer in each of the answer boxes
A young couple buying their first home borrow $85,000 for 30 years at 7.5%, compounded monthly, and make payments of $594.33. After 3 years, they are able to make a one-time payment of $2,000 along with their 36th payment. (a) Find the unpaid balance immediately after they pay the extra $2,000 and their 36th payment. (Round your answer to the nearest cent.) (b) How many regular payments of $594.33 will amortize the unpaid balance from part (a)? Give the answer...
Please round to 2 decimal
places.
A recent college graduate buys a new car by borrowing $18,000 at 7.2%, compounded monthly, for 5 years. She decides to pay $369 instead of the monthly payment required by the oan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) $358.12 How much extra did she pay per month? (Round your answer to the nearest cent.) s 10.88 b) How many $369 payments will she...
A student borrows $56,400 at 8.4% compounded monthly. Find the monthly payment and total interest paid over a 30 year payment plan. The payment size is $ (Round to the nearest cent.) Find the size of each of 4 payments made at the end of each year into a 9% rate sinking fund which produces $56000 at the end of 4 years. The payment size is $ (Round to the nearest cent.) Find the amount of each payment to be...
If money earns 6.36% compounded quarterly, what single payment in three years would be equivalent to a payment of $3,230 due two years ago, but not paid, and $800 today? Round to the nearest cent Next Question Question 3 of 4 Two payments of $17,000 and $2,600 are due in 1 year and 2 years, respectively. Calculate the two equal payments that would replace these payments, made in 3 months and in 4 years if money is worth 10.5% compounded...
An automobile loan of $12,000 at a nominal rate of 4% compounded monthly for 48 months requires equal end-of-month payments of $270.95 Complete the table below, as you would expect a bank to calculate the values (Round to the nearest cent) End of Month (n) Interest Payment Repayment of Remaining Loan Principal Balance $11.769.05 523172 530 59 96 239 44 2 Enter your answer in each of the answer boxes
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