Debt payments of $1,600 and $1,850 are due in five months and nine months, respectively. What single payment is required to settle both debts in one month? Assume a simple interest rate of 4.60% p.a. and use one month from now as the focal date. Round to the nearest cent
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- Question 1 of 12 > Find the future value for the ordinary annuity with the given payment and interest rate PMT=$2,400, 1.55% compounded monthly for 6 years. of The future value of the ordinary annuity is S (Do not round until the final answer. Then round to the nearest cent as needed.)Match each variable in the simple interest formula (I=Prt) with its definitionQuestion 10 How much monthly interest would you pay on a car loan balance of $23,000 with an annual interest rate of 4.2%? Use the idea that there are 12 months in a year. Group of answer choices $87.65 $80.50 $76.89 $91.23
- Questions 9-11. Lori gets an offer from another bank that is also paying 6% on CD’s, but is compounding interest daily. How much will the $1500 CD be worth in: 9. 5 years? (round to the hundredths place) 10. 10 years? (round to the hundredths place) 11. Which bank offers a better deal?Question 2 Mike is a first year university student who is trying to understand his financial situation. Mike currently lives 1.5 miles away from campus. He works part time in a retail centre that pays him £800 per month. Mike saves £200 out of the part time job pay for his further education plan. d) Assuming Mike is saving the same amount per month in the next 3 years. How much does Mike get for his saving after 3 years, if his saving account pays simple interest rate 3% per annum? e) Assuming Mike is saving the same amount per month in the next 3 years. How much does Mike get for his saving after 3 years, if his saving account pays compound interest rate 3% per annum and the interest is compounded annually?$4500 due three months ago but not paid and $2500 due in three months are to be replaced by a payment of $3000 in one month from now and two equal payments in two and four months from now. Find the equal payments if the interest rate is 4% p.a. Use today as the focal date
- [Question 5 You are comparing two annuities that offer regular payments of RM2,500 for five years and pay 1 percent interest per month. You will purchase one of these today with a single lump sum payment. Annuity A will pay you monthly, starting today, while Annuity B will pay monthly, starting one month from today. Which one of the following statements is CORRECT concerning these two annuities? Select one: A. Annuity A has a smaller future value than Annuity B. B. These annuities have equal present values but unequal future values. C. Annuity B has a smaller present value than Annuity A. D. These two annuities have both equal present and equal future values.Question 4 Yusra has a term loan and after her 42nd payment she still owes $6,728.25. The annual interest rate on this loan is 4.86%. This month she is making payment 43. Her monthly payment is $323.41. How much will her "balance owed" decrease? Round your answer to the nearest penny. Input the dollar sign followed by the number. Do not put a space between the dollar sign and the number. Example: $167.89For winning first prize in an essay contest, you are offered a choice of prizes: A. a single payment of P dollars now; or B. two payments: $300 one year from now and $400 two years from now. To the nearest cent, what would P have to be in order for choices A and B to have equal value? Assume that all payments will be deposited as soon as they are received into an account paying 5% interest, compounded annually.
- Use the future value formaula (6) to find each of the indicated values. 1. FV= $7,600; PMT=$500; n=10; i=? (Round answer to two decimal places.)Question 4 Lucy took out a loan for $6600 that charges an annual interest rate of 8.7% , compounded daily. Assume there are 365 days in each year. Answer each part. If necessary, refer to the list of financial formulas . (a) Find the amount owed after one year, assuming no payments are made.Do not round any intermediate computations, and round your answer to the nearest cent. $ (b) Find the effective annual interest rate, expressed as a percentage.Do not round any intermediate computations, and round your answer to the nearest hundredth of a percent. %Question 02 a) Identify the different features between the SML and CML and contrast them accordingly. b)Mr Nan is borrowing $20000.00 at compound annual interest rate at 10%. Amortize the loan if annual payments are made for 6 years.