Your friend wants to buy a $15,000 boat. She will pay 10% as a down payment and take out a 15 - year loan to cover the rest of the price. How much will her quarterly payments be if the bank charges 6.5% annual interest, compounded quarterly? Round to 2 decimal places. Do NOT use the dollar sign in the answer box. Her payments will be $???.

Q: You decide to buy a car for $15,000.00 and decide to make payments of $1,100 each month. If the loan…

A: Using excel NPER function

Q: You want to buy a car, and a local bank will lend you $20,000. The loan would be fully amortized…

A: A loan is an agreement where an amount is forwarded in exchange for periodic payments that cover the…

Q: You need to borrow $12,000 to buy a car, so you visit two banks and are given two alternatives. The…

A: Loan is a contract between lender and borrower where lender provide funds to borrower which repaid…

Q: You want to buy a car, and a local bank will lend you $35,000. The loan would be fully amortized…

A: Financial management consists of directing, planning, organizing and controlling of financial…

Q: Assuming you have seen a car displayed in a mall with installment price of 500,000 with no interest.…

A: Installment system allows the buyer of an asset to pay for the asset in regular payments over a…

Q: You want to borrow $64,000 from your local bank to buy a new sailboat. You can afford to make…

A: The amount to be borrowed is $64,000 The monthly payment that can be afforded is $1,100 The time…

Q: A man buys a car for $36,000. If the interest rate on the loan is 12% compounded monthly, and he…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: Jeanelle is planning to borrow money amounting to ₱ 250,000.00 Limbon Rural Bank is offering 1.25%…

A: Amount to be borrowed (A) = ₱ 250000 Limbon rural bank rate (r) = 1.25% = 0.625% semiannually Buli…

Q: You want to borrow $44,965 from your local bank to buy a new sailboat. You can afford to make…

A: Solution Given Amount to be borrowed $44965 Monthly payments $1140 Number of period…

Q: how many years will it take her to pay back the loan?

A: A person defers his or her current payment liability via loan. A loan is provided by a bank, who…

Q: You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over…

A: An effective annual rate (EAR) is the actual rate of interest to be paid annually after taking…

Q: You can borrow 5,000 pesos from a friend or from a bank. Your bank will charge you 20% each year,…

A: Here, Borrowed Amount is 5,ooo pesos Interest Rate charged by Bank is 20% Interest Rate charged by…

Q: You need a home loan of $95,000 after your down payment. How much will your monthly house payment be…

A: Loan amount (PV) = $95000 Interest rate = 6.25% Monthly interest rate (r) = 6.25%/12 =…

Q: You want to buy a new sports coupe for $75,300, and the finance office at the dealership has quoted…

A: Loan amount (PV) = $ 75,300 Interest rate = 7.7% Monthly interest rate (r) = 7.7%/12 =…

Q: You want to borrow $65,000 from your local bank to buy a new sailboat. You can afford to make…

A: APR or Annual Percentage Rate implies for interest rate applicable on borrowed amount for each year…

Q: You want to borrow $68,000 from your local bank to buy a new sailboat. You can afford to make…

A:

Q: You want to borrow $73,000 from your local bank to buy a new sailboat. You can afford to make…

A: Given information: Present value is $73,000 Monthly payment of $1,450 Number of periods is 60

Q: You want to buy a car, and a local bank will lend you $30,000. The loan would be fully amortized…

A: An effective annual rate (EAR) is the actual rate of interest to be paid annually after taking…

Q: Suppose you are getting a loan from a bank to purchase a feed business. The interest rate on the…

A: APR(Annual percentage rate) refers to annual cost paid by the borrower for the loan taken which…

Q: You go to a phone dealer to buy a new car for 22,000 pesos financed at 3.4% APR, compounded monthly,…

A: The monthly payment can be calculated with the help of present value of annuity function

Q: You want to borrow $75,000 from your local bank to buy a new sailboat. You can afford to make…

A: The given problem can be solved using RATE function in excel. RATE function provides interest rate…

Q: You want to buy a $330000 home. You plan to pay $33000 as a down payment, and take out a 20 year…

A: given, price =  $330000 downpayment = $33000 principal = $330000 - $33000 = $297,000 n=20 m=12…

Q: A customer wants to buy a house with a cash value of 1,000,000 riyals, and the customer will pay 40%…

A: Future value is the value of the current assets or some amount that is invested today and amount…

Q: What is the monthly loan payment?

A: A personal loan is an unsecured loan and can be easily received without a need to pledge collateral…

Q: You are in desperate need of cash and turn to your uncle, who has offered to lend you some money.…

A: Loan options are analyzed based on the repayment amount where loan option with lower repayment…

Q: Starting next year, you will need $10,000 annually for 4 years to complete your education. (One year…

A: Here, Annual withdrawal is $10,000 Time Period of Withdrawal is 4 years Interest Rate is 6%

Q: You want to buy a new sports coupe for $74,100, and the finance office at the dealership has quoted…

A:

Q: You want to buy a new sports coupe for $74,900, and the finance office at the dealership has quoted…

A: Loan amount (PV) = $ 74,900 Annual interest rate = 7.3% Monthly interest rate (r) = 7.3%/12 =…

Q: You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over…

A: Time value of money (TVM) refers to the concept which proves that the value of money today is higher…

Q: You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over…

A: An effective annual rate is the modified interest rate from the nominal rate that represents the…

Q: Assume that you are going to buy a new car worth $28,000. You will be able to make a down payment of…

A: Annual rate of return for dealer is the nominal annual interest rate that is charged by the dealer…

Q: You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over…

A: Loan is contract between lender and borrower where lender provide funds to borrower that is repaid…

Q: You decide to buy a car for $16,000.00 and decide to make payments of $700 each month. If the loan…

A: The present value of the annuity is the current worth of a cash flow series at a certain rate of…

Q: how much must he put down? (Round your answer to the nearest cent.)

A: Loan amortization refers to a schedule which is prepared to shows the periodic loan payments, amount…

Q: A recent college graduate buys a new car by borrowing $22,000 at 6%, compounded monthly, for 4…

A: since you have posted a question with multiple sub-questions, we will solve the first three…

Q: You are ready to buy a house and you have $15,000 for a down payment and closing costs. Closing…

A: "Hi, Thanks for the Question, Since you asked multiple question, we can provide solution of first…

Q: You need a home loan of $65,000 after your down payment. How much will your monthly house payment be…

A: FORMULA Monthly payment = LV/[1-(1+R)-N]/R Where LV - Loan amount i.e. $65000 R - Monthly interest…

Q: You want to buy a car and therefore you borrowed $10,000 from a bank today for 6 years. The nominal…

A: It can be calculated using PMT function in excel. PMT(rate, nper, pv, [fv], [type]) Rate The…

Q: Jeanelle is planning to borrow money amounting to ₱ 250,000.00 Limbon Rural Bank is offering 1.25%…

A:

Q: Suppose you are in the market for a new car worth $18,000. You are offered a deal to make a $1,800…

A: Loan amortization schedule refers to the presentation of complete loan payments over the period of…

Q: For your loan, there are 180 payments remaining, the outstanding balance is $350,000, the mortgage…

A: "Since you have posted multiple questions, we have solved the first question for you. To get it…

Q: You want to buy a new sports coupe for $84,500, and the finance office at the dealership has quoted…

A: Given information : Price of car : $84,500 APR : 4.7% Time period : 60 months

Q: A small business owner visits her bank to ask for a loan. The owner states that she can repay a loan…

A: Present value refers to the current valuation for a future sum. Investors determine the present…

Q: You want to buy a new sports coupe for $87,500, and the finance office at the dealership has quoted…

A: As per the given information: Present value (P) - $87,500 APR - 6.9% Monthly APR (I) - 6.9%/12 =…

Q: 5. A person buys a boat with a cash price of $14500. She pays $500 down and the balance is financed…

A: Annuity refers to series of equalized payments that are paid or received at start or ending of…

Q: You want to buy a new sports coupe for $78,500, and the finance office at the dealership has quoted…

A: Loan amount = $78,500  Annual percentage rate (APR) = 6% Effective annual rate (EAR) is the…

Q: You want to buy a car and you want your payments to be $500 per month.  You can finance the car for…

A: Equated monthly installment (EMI):   = [P×R×(1+R)n] ÷ [(1+R)n-1]

Q: A man wants to buy a $33,000 car.  He will put 20 % down and finance the rest over 5 years.  How…

A: Given information: Purchase price = $33,000 Loan = $33,000 -20%×$33,000 = $26,400 Term = 5 years…