Charlene believes that given the nature of her job, she will be able to pay $200 a month for 6years on a loan.

Charlene believes that given the nature of her job, she will be able to pay $200 a month for 6years on a loan. If the going interest rate is 8% how much can she borrow based on her ability to pay?

Solutions

Expert Solution

jeff jeffy answered 2 years ago

Next > < Previous

Related Solutions

Susan is able to pay $300 a month for 4 years on a car loan. If...

Susan is able to pay $300 a month for 4 years on a car loan. If the interest rate is 4.8% per year, how much can she afford to borrow to buy a car? Group of answer choices $13,078.27 $12,824.95 $15,840.49 $15,470.38

Vanessa is an oligopolist who believes that if she decreases her price, her competitors will not...

Vanessa is an oligopolist who believes that if she decreases her price, her competitors will not follow and decrease their prices. Draw a graph showing Vanessa's firm in short-run equilibrium, using demand, marginal cost, marginal revenue, and average-total-cost curves. Indicate the price and quantity Vanessa will produce in short-run equilibrium, and show a price decrease that results in Vanessa's firm still earning positive economic profits

6. Lara is planning for retirement. She believes she will need $7,500 a month (payable...

6. Lara is planning for retirement. She believes she will need $7,500 a month (payable at the end of each month) for approximately 20 years after retirement. She has 25 years remaining until her retirement starts, and during this time she will deposit an annual amount into her company’s retirement plan at the beginning of each year. Assuming her investment will earn 12% (nominal APR), compounded monthly, throughout both time periods, how much will Lara need to save each...

Jacinda Herschel wants to buy a car and determines she can afford to pay $367.47 a month for a 3 year loan.

InstructionsComplete the following problems using either a financial calculator or a spreadsheet program. Do not use interim rounding, state your answers as positive values, to two decimal places for dollar or period values and four places for percentages stated as decimals; do not label answers with symbols such as $ or %. For example, 10.5% should be input as .1050.1. Jacinda Herschel wants to buy a car and determines she can afford to pay $367.47 a month for a 3...

A student was demonstrating that because of an injury she was only able to turn her...

A student was demonstrating that because of an injury she was only able to turn her hand over (supinate) half as far as her friends were able. As a child she fractured her left forearm through the midshaft of the radius, although the ulna was spared. Why would this cause her to not be able to turn her hand over as far as her friends are able to do?

Karen bought an apartment, with 480,000$ down-payment and 1,120,000$ loan. She needs to pay the loan...

Karen bought an apartment, with 480,000$ down-payment and 1,120,000$ loan. She needs to pay the loan in 15 years with equal repayment each month. The interest is 6% annually (for easy calculation, the interest is 0.5% monthly). i. How much should she pay every month? ii. For the first three months, list the principal and interest she needs to pay. (list for each month in the first three months)

Leonore wants to ask for Fidelio’s hand in marriage. She is able to pay $250 at...

Leonore wants to ask for Fidelio’s hand in marriage. She is able to pay $250 at the end of each month for 6 years. If the interest rate is 8 percent annually with monthly compounding (an APR), how much can she afford to borrow to purchase Fidelio an engagement ring? A. $1,450.23 B. $2,394.33 C. $5,230.03 D. $7,483.00 E. $10,001.99 F. $14,258.63 G. $16,154.54 H. $79,320.94 I. None of the above

Question