Question

In: Finance

Assume that interest is the only finance charge. Use financial calculator to answer the questions. How...

Assume that interest is the only finance charge. Use financial calculator to answer the questions. How much interest would be paid on a $6,000 installment loan to be repaid in 48 monthly installments of $158.11? Round the answer to 4 decimal places.

_____% per month

What is the APR on this loan? Round the answer to 2 decimal places.

_____%

Solutions

Expert Solution

Using financial calculator
N=48
PV=6000
PMT=-158.11
FV=0
CPT I/Y=1.0030%

Hence, APR=1.0030%*12=12.0363%


Related Solutions

use a financial calculator or a program such as Excel to answer the questions run your...
use a financial calculator or a program such as Excel to answer the questions run your answers to the nearest whole number. A. you purchase a stock for $9,500 and collect $350 at the end of each year in dividends. you sell the stock for $11,000 after 6 years what was the annual return on your $9, 500 investment? B. You purchased a building for a $750,000 collect annual rent (after expenses) of $110,000 and sell the building for $800,000...
Use a financial calculator or computer software to answer the following questions: a. What is the...
Use a financial calculator or computer software to answer the following questions: a. What is the present value of $450,000 that is to be received at the end of 20 years if the discount rate is 10%? b. How would your answer change in (a) if the $450,000 is to be received received at the end of 15 years?
In finance, we have to use financial calculator, how to use financial calculator, when we calculate the ordinary annuity and annuity due?
(1) In finance, we have to use financial calculator, how to use financial calculator, when we calculate the ordinary annuity and annuity due? could you give me some specific explanations?(2) When do we have to use annuity formula, FVA , PVA ? could you give me some explanations
Using the financial calculator and the diagramming techniques, please answer the questions and include the diagrams...
Using the financial calculator and the diagramming techniques, please answer the questions and include the diagrams Part A You wish to purchase a home and have been very successful in saving $12,000 for a down payment. You can get a 30 year mortgage at a fixed rate of 11.5%. The most you can afford is $630 / month for payment. What's the maximum you can pay for a house? Part B You plan to be married soon and your partner...
COMPOUND INTEREST/YIELD CALCULATIONS For this question, use the compound interest calculator found at investor.gov Assume you...
COMPOUND INTEREST/YIELD CALCULATIONS For this question, use the compound interest calculator found at investor.gov Assume you saved $10,000 and hope to invest it in a manner which would allow you to afford the down payment on a home that cost $250,000. On top of the $10,000 initial investment from your savings, you will invest $250 each month from your salary. You hope to purchase the home in ten years and plan to invest in a “safe” investment yielding between 3-7%...
eBook Problem 7-31 Use a financial calculator or a program such as Excel to answer the...
eBook Problem 7-31 Use a financial calculator or a program such as Excel to answer the questions. Round your answers to the nearest whole number. You purchase a stock for $9,000 and collect $300 at the end of each year in dividends. You sell the stock for $10,500 after five years. What was the annual return on your $9,000 investment?   % You purchase a building for $850,000, collect annual rent (after expenses) of $110,000, and sell the building for $950,000...
Please use the financial ratio data below to answer the following questions. Assume the two firms...
Please use the financial ratio data below to answer the following questions. Assume the two firms are in the same industry:                           FIRM A                                                                               FIRM B Asset Turnover 0.62 Asset Turnover 0.63 Price-earnings Ratio 20 Price-earnings Ratio 15 Current Ratio 1 Current Ratio 0.9 Profit Margin (%) 8.2 Profit Margin (%) 7.9 Financial Leverage 2.5 Financial Leverage 5.5 Times Interest Earned 5 Times Interest Earned 2 Return on Equity (%) 12.7 Return on Equity (%) 27.4 5a. Which firm would you prefer...
Use financial calculator to answer the question a. You are saving for your retirement. You have...
Use financial calculator to answer the question a. You are saving for your retirement. You have decided that one year from today you will deposit 4 percent of your annual salary in an account which will earn 8 percent per year. Your salary currently (today) is $70,000, and it will increase at 2 percent per year throughout your career. How much money will you have for your retirement, which will begin in 35 years? Assume your first payment into the...
Please explain how to answer using a finance calculator, preferably BA II Plus A project has...
Please explain how to answer using a finance calculator, preferably BA II Plus A project has an initial cost of $40,000, expected net cash inflows of $9,000 per year for 7 years, and a cost of capital of 11%. What is the project’s MIRR? What is the project’s PI? What is the project’s payback period? What is the project’s discounted payback period?
There are three numerical questions, you can answer them using either mathematical formula or financial calculator....
There are three numerical questions, you can answer them using either mathematical formula or financial calculator. No matter what method you use, you need to show the calculation steps (for math formula) or function buttons that you click. 1.a.) In the year-end of 2018, Mike Foods Inc. just spent $19.5 million to pay out the dividends and it disclosed the retained earnings of $279.5 million. In the year-end of 2017 the company had retained earnings of $221.8 million. Based on...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT