QUESTION 31 If you have a $20,000 car loan for 3 years at 6% with monthly compounding and payments, what would the payment be? $443 $487 $501 $598 none of these
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- A total of $54,000 is borrowed and repaid with 48 monthly payments, with the first payment occurring one month after receipt of the $54,000. The stated interest rate is 8.50% compounded quarterly. What monthly payment is required? Please answer correct calculation asap plz Don't answer by pen paper plzA sailboat costs $30,357. You pay 10% down and amortize the rest with equal monthly payments over a 8-year period. If you must pay 7.8% compounded monthly, what is your monthly payment? How much interest will you pay? Monthly payments: $____ Interest: $____Jake Werkheiser decides to invest $5000 in an IRA at the end of each year for the next 11 years. If he makes these investments, and if the certificates pay 9%, compounded annually, how much will he have at the end of the 11 years?
- 1.Compute for the effective interest rate. Payment period = semi-annually Interest period = 12.76% compounded monthlyTess wanted to have P100,000 on her bank account at the end of 8 years. She plans to deposit an amount at the beginning of each month at an interest rate of 3.5% compounded quarterly.a. What is her monthly deposits?b. What is the present worth of these deposits? *Please show your correct answer and solution to this problem. ASAP! Thanks!*Determine the present worth of annuity consisting of 6 payments of 120,000 each payment are made at the beginning of each year. Money is worth to 15% compounded annually. What problem is all about? A. Ordinary B. Annuity due C. Deferred
- You deposit $92 each month into an account earning 4% interest compounded semiannually. How much will you have in 17 years? INCLUDE THE CASH FLOW DIAGRAM OF THIS PROBLEM AND ROUND OFF INTEREST RATE TO 5 DECIMAL PLACES AND YOUR FINAL ANSWER TO 2 DECIMAL PLACES.You are paying$1,500each month for 12 years with an interest rate of12%compounded continuously, find the equivalent future lump sum amount at the end of 10 years? (if result=1250.5just write 1250.5 ) Answer:.Topic: Annuities 1. A man paid 10% down payment of ₱200,000.00 for a house and lot and agreed to pay the 90% balance on monthly instalments for 60 months at an interest rate of 15% compounded monthly. Compute the amount of monthly payment. (Ans: ₱42,821.87) 2. How much must be deposited at 6% each year beginning January 1, year 1, in order to accumulate ₱5,000.00 on the date of the last deposit, January 1, year 6? (Ans: ₱717.00) 3. Money borrowed today is to be paid in 6 equal payments at the end of 6 quarters. If the interest is 12% compounded quarterly, how much was initially borrowed if quarterly payments is ₱2,000.00? (Ans: ₱10,834.38) 4. Maintenance cost of an equipment is ₱20,000.00 for 2 years, ₱40,000.00 at the end of 4 years and ₱80,000.00 at the end of 8 years. Compute for the semi-annual amount that be set aside for this equipment. Money worth 10% compounded annually. (Ans: ₱7,425.00) 5. A man agreed to pay the loan he is borrowing from the bank in six equal end-of-the-year…
- Compute for the effective interest rate every 3 months Nominal rate = 17.02% compounded continuouslyPls help with below homework. Suppose you take out a $20,000 fixed payment loan to purchase a car. The loan is to be repaid in monthly installments over a term of 6 years. If your loan is obtained at an annual nominal interest rate of 12%, and interest is compounded monthly, how much will your monthly payments be?Chris makes a deposit of $500 into his savings account at the beginning of each year for the next 20 years. If the account earns 5% interest rate per year compounded annually, what will be the future value at the end of 20 years?Need to calculate.