You have agreed to pay off a $8,000 loan in 30 monthly payme…
You have agreed to pay off a $8,000 loan in 30 monthly payments of $298.79 per month. The interest rate of the loan is 0.75% per month on the unpaid balance. What is the unpaid balance after 12 monthly payments have been made? (Hint from a nice man: only the monthly rate is given. Use PV formula with appropriate entries to get answer.)
Read DetailsIf you deposit $[P] into a fund (today) that earns [r]% inte…
If you deposit $[P] into a fund (today) that earns [r]% interest compounded monthly,what minimum payment can you withdraw at the end of each month for [t] years so that the account has a $0 balance. (ANSWER FORMAT: In order to ensure you receive credit, DO NOT enter the $ sign nor commas and make sure you give answer to the nearest cent. If you are “off” by 1 cent, the answer is wrong! Examples: 388.49, 547.00)
Read DetailsA company is in need of revenue for a period of 26 weeks. Th…
A company is in need of revenue for a period of 26 weeks. They elect to sell 10,000 T-Bills that will mature to $1000 after the 26 weeks. If the company wants to pay a simple interest rate of 5.2% on the T-Bills, then what price should they charge for each T-Bill and how much revenue (to nearest dollar) will the sale generate?
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