Question
In: Finance
You borrowed some money at 8 percent per annum. You repay the loan by making three...
You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments of $ 238 (first payment made at t = 1), followed by five annual payments of $ 503 , followed by four annual payments of $ 721 . How much did you borrow?
Solutions
jeff jeffy answered 2 years agoRelated Solutions
You borrowed some money at 8 percent per annum. You repay the loan by making three...
You borrowed some money at 8 percent per annum. You repay the
loan by making three annual payments of $ 150 (first payment made
at t = 1), followed by five annual payments of $ 561 , followed by
four annual payments of $ 894 . How much did you borrow?
(Round your answer to 2 decimal places; record your answer
without commas and without a dollar sign).
QUESTION 1 : You borrowed some money at 8 percent per annum. You repay the loan...
QUESTION 1 : You borrowed some money at 8
percent per annum. You repay the loan by making three annual
payments of $ 128 (first payment made at t = 1), followed by five
annual payments of $ 508 , followed by four annual payments of $
812 . How much did you borrow? (Round your answer to 2
decimal places; record your answer without commas and without a
dollar sign).
QUESTION 2:
Compute the present value of an annuity...
a. What would be the annual payments on an 8 percent per annum installment loan of...
a. What would be the annual payments on an 8 percent per annum
installment loan of $1,000 with repayment over three years?
b. Write out the amortization schedule for the loan.
c. Now suppose that the payments were to be made on a semiannual
basis: what would the semiannual payments be? Assume the 0.08 is a
nominal rate.
d. Is the total paid in case (c) less or more than in the former
case? Why?
Allysha just borrowed 35,800 dollars. She plans to repay this loan by making a special payment...
Allysha just borrowed 35,800 dollars. She plans to repay this
loan by making a special payment of 6,400 dollars in 5 years and by
making regular annual payments of 6,300 dollars per year until the
loan is paid off. If the interest rate on the loan is 8.2 percent
per year and she makes her first regular annual payment of 6,300
dollars in one year, then how many regular annual payments of 6,300
dollars must Allysha make? Round your answer...
35. Cara just borrowed 245,758 dollars. She plans to repay this loan by making a special...
35. Cara just borrowed 245,758 dollars. She plans to repay this
loan by making a special payment of 33,047 dollars in 6 years and
by making regular annual payments of 28,962 dollars per year until
the loan is paid off. If the interest rate on the loan is 6.29
percent per year and she makes her first regular annual payment of
28,962 dollars immediately, then how many regular annual payments
of 28,962 dollars must Cara make? Round your answer to...
36. Allysha just borrowed 39,900 dollars. She plans to repay this loan by making a special...
36. Allysha just borrowed 39,900 dollars. She plans to repay
this loan by making a special payment of 5,000 dollars in 5 years
and by making regular annual payments of 7,900 dollars per year
until the loan is paid off. If the interest rate on the loan is
4.79 percent per year and she makes her first regular annual
payment of 7,900 dollars in one year, then how many regular annual
payments of 7,900 dollars must Allysha make? Round your...
Allysha just borrowed 38,900 dollars. She plans to repay this loan by making a special payment...
Allysha just borrowed 38,900 dollars. She plans to repay this
loan by making a special payment of 5,100 dollars in 3 years and by
making regular annual payments of 6,700 dollars per year until the
loan is paid off. If the interest rate on the loan is 4.51 percent
per year and she makes her first regular annual payment of 6,700
dollars in one year, then how many regular annual payments of 6,700
dollars must Allysha make? Round your answer...
You approach ABC Bank for a loan. They offer a rate of 5.40 percent per annum...
You approach ABC Bank for a loan. They
offer a rate of 5.40 percent per annum on a mortgage amount of
$750,000 over 22 years, with installments payable at the end of
each month (Hint: the last installment will pay off the
mortgage).
A rival Neobank named Big Loan Ltd
offers a rate of 5.10% per annum however with fortnightly
installments, on the same amount with the same term of maturity of
22 years.
a) Calculate the loan installment payments...
You approach ABC Bank for a loan. They offer a rate of 5.40 percent per annum...
You approach ABC Bank for a loan. They
offer a rate of 5.40 percent per annum on a mortgage amount of
$750,000 over 22 years, with instalments payable at the end of each
month (Hint: the last instalment will pay off the mortgage).
A rival Neobank named Big Loan Ltd
offers a rate of 5.10% per annum however with fortnightly
instalments, on the same amount with the same term of maturity of
22 years.
a) Calculate the loan instalment payments under...
Celeste just borrowed 47,700 dollars. She plans to repay this loan by making equal quarterly payments...
Celeste just borrowed 47,700 dollars. She plans to repay this
loan by making equal quarterly payments of 2,271.5 dollars for 27
quarters. If she makes her first quarterly payment later today,
then what is the quarterly interest rate on the loan? Answer as a
rate in decimal format so that 12.34% would be entered as .1234 and
0.98% would be entered as .0098.
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