Find the cash value of a small vacation cottage that the Miller's bought with a down payment of $46,000 and payments of $4,400 at the end of every 3 months for 10 years. Interest was 5.2% compounded quarterly. Round to the nearest cent
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- A student bought a rental property for $30000.00 down and monthly payments of $1100.00 for 7.5 years. What is the equivalent cash price if money is worth 6.25% compounded semi-annually?Find the monthly house payments necessary to amortize each loan. Then calculate the total payments and the total amount of interest paid. $253,000 at 6.45% for 30 yearsFind the monthly house payments necessary to amortize the following loan. Then calculate the total payments and the total amount of interest paid. $204,000 at 6.89% for 25 years The monthly payments are $ (Round to the nearest cent.)
- You deposit $700 at the end of each month into an account earning interest at an annual rate of r compounded monthly. Use a spreadsheet to find the value of r that produces an account value of $50,000 in 5 years.In the purchase of a rice cooker, a buyer pays P 200 cash, and he will discharge the balance, principal plus interest included at 18% compounded monthly, by paying at P 75 at the end of each month for one year. Find the cash value of the rice cooker.A couple deposits $18,000 into an account earning 4% annual interest for 20 years. Calculate theinterest if it is compounded quarterly. Round your answer to the nearest cent
- The owner of Oak Hill Squirrel Farm deposits $3,000 at the end of each quarter into an account paying 2.5% compounded quarterly. What is the value at the end of 5 years, 6 months? (Round your answer to the nearest cent.)$You make periodic deposits of $100 at the end of every six months to an account that pays 4.5% interest compounded semiannually. a. Find the value of your account after 25 years. (Round to the nearest dollar).b. Find the interest.$ 500 is paid every month for 20 years as a mortgage amount for a cottage. Initially, a downpayment of 5,000 was made. Consider a nominal interest rate set at 6 percent. Consider compounding periods as monthly a) Draw the cash flow diagram b) What is the monthly interest rate? c) What was the purchase price of the cottage?
- Robert bought a photocopying machine on an installment basis with 15, 103 downpayment and 84 monthly payments of 2, 137, the first due at the end of 1 year and 6 months. How much is the equivalent cash price if the interest is compounded monthly at 7.9%? Compute using the given interest rate and compounding period.Joseph obtained a loan of $30,000.00 at 5.90% compounded quarterly. How long (rounded up to the next payment period) will it take to settle the loan with payments of $1,400.00 at the end of every 3 months? You plan to save money for a down payment of $37,000 to purchase an apartment. You can only afford to save $6,000 at the end of every 6 months into an account that earns interest at 6.50% compounded monthly. How long will it take you to save the planned amount?Find the periodic payment for Alyssa's loan of $100,000 that has an annual interest rate of 5.5% compounded monthly for 25 years.