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I also have a problem with this. I've been trying to calculate NPER. I'am not sure how my answer should be.
While steve was a college student, he borrowed 12,000 in student loans at an annual interest rate of 9 percent. If steve repays 1,500 per year, how long will it take hime to repay the loan?
I keep ending up with the answer being a dollar sign
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- While Jack was a student at the University of Georgia she borrowed $12,000in student loans at an annual interest rate of 9%. If Jack repays $1,500 per year then how long (to the nearest year) will it take him to repay the loan? Use an excel to understand the calculationYou've run out of money for college, and your college roommate has an idea for you. He offers to lend you $ 15,000, for which you will repay him $42, 798 at the end of 8 years. If you took this loan, what interest rate would you be paying on it?Ken wants a $1,000 TV/sound system. He can't afford that amount, so he uses a credit card with 20% annual interest. If he only pays the interest each month on that credit card debt, about how much will he pay in interest in 4 years?
- Suppose you decide to wait 5 years to save up before buying the house. You are able to put a down payment of $30,000 on the house, so that you only need to borrow $170,000 from the bank. Assume the interest rate is still the same, but you are now in a better financial position, and you can pay off the loan in 240 equal monthly payments. Answer the following questions about this loan. After making 240 monthly payments, how much of what you paid the bank was interest? $ . ROUND TO THE NEAREST CENT. THANKS APPRECIATE THE HELP!!!Don Hildebrand is trying to decide whether to invest money in a bank or in something a little riskier that will pay a higher return. One very simple investment promises to pay a minimum of 8% compounded annually, but he must leave all of the money and interest invested for 9 years. How much interest will Don earn during the 9 years if he invests $7,150 and the investment pays the minimum?Suppose that you need $30,000 for your last year of college. You could go to a private lending institution and apply for a signature student loan; rates range from 7% to 14%. However, your Aunt Sally is willing to loan you the money from her retirement savings, with no repayment until after graduation. All she asks is that in the meantime you pay her each month the amount of interest that she would otherwise get on her savings (since she needs that to live on), which is 4%.What is your monthly payment to her, and how much interest will you pay her over the year (9 months)?(Fill in the blanks below and give your answers as whole numbers.)The amount of interest per month you would pay Aunt Sally is $__(1)__ .The total interest you will pay her over the year (9 months)is $__(2)__ .
- While Mary Corens was a student at the University of Tennessee, she borrowed $11,000 in student loans at an annual interest rate of 9%. If Mary repays $1,300 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your answer to the nearest whole number. How many year(s)?You ran a little short on your spring break vacation, so you put $1,000 on your other credit card. You can afford only the minimum payment of $60 per quarter. The interest rate on the credit card is 18 per year compounded quarterly. How many years will you need to pay off the $1,000? I want to solve this problem using the financial calculator so if your able to show me what to punch in that would be greatKen wants to remodel his basement and he wants to pay back no more than $18,000. If he gets a low interest loan at 3.75% compounded semi - annually and plans to repay the loan in one payment in 3 years, how much can he borrow? Show all workings.
- Suppose that your parents are willing to lend you $20,000 for part of the cost of your college education and living expenses. They want you to repay them the $20,000, without any interest, in a lump sum 15 years after you graduate, when they plan to retire and move. Meanwhile, you will be busy repaying federally guaranteed loans for the first 10 years after graduation. But you realize that you won’t be able to repay the lump sum without saving up. So you decide that you will put aside money in an interest-bearing account every month for the five years before the payment is due. You feel comfortable with putting aside $275 a month (the amount of the payment on your college loans, which will be paid off after 10 years). How high an annual nominal interest rate on savings do you need to accumulate the $20,000 in 60 months, if interest is compounded monthly? Enter into a spreadsheet the values d 5 275, r 5 0.05 (annual rate), and n 5 60, and the savings formula with r replaced by r/12 (the…A friend of yours who had taken an engineering economy course stated that paying on a student loan even before graduation will give you a big break on the total loan costs. She cites the following example to illustrate her point. A student takes out a $10,000 loan for their freshman year of college, and the interest rate is 7% compounded semi-annually over 10 years. With full deferral of this loan, meaning that no payments are dueuntil six months after graduation, the original loan will have grown to $13,630 thanks to interest: F = $10, 000(F/P, 3.5% per six months, 9 periods) = $13, 630. Your friend says that paying just $75 per month, or $4,050 over the same 4.5 years would reduce the ending balance to about $8,960. Show how this amount ($8,960) was determined.Hak Young has accumulated some credit card debt while he was in college. His total debt is now $13,864.82 and his credit card charges 18% interest compounded monthly. He is getting worried about his debt and is determined to pay it off completely. What would Hak Young's minimum payment have to be in order to pay off his debt in 5 years? What will be the total interest paid?
