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- Please help me answer the following time value of money question. Edison borrowed $10,000 from the Niederriter Loan Company. He has to pay off the loan in 36 monthly payments of $500. What interest rate is he being charged?If your uncle borrows $70,000 from the bank at 12 percent interest over the ten-year life of the loan. Use Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods. a. What equal annual payments must be made to discharge the loan, plus pay the bank its required rate of interest? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) b. How much of his first payment will be applied to interest? To principal? (Do not round intermediate calculations. Round your final answers to 2 decimal places.)A man plans to take a vacation in 5 years. He wants to buy a certificate of deposit for $1300 that he will cash in for the trip. What is the minimum annual interest rate he must obtain on the certificate if he needs at least $1500 for the trip? Assume that the interest on the loan is computed using simple interest. The rate he must obtain is
- Mr. Jerome has an outstanding balance of $12000 on his credit card. The interest rate on the card is 12% he intends to pay off the card in 2 years. Find the APR on the card.Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $130 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 17 months?To start a new business, Alysha intends to borrow $25.000 from a local bank. If the bank asks her to repay the loan in 5 equal annual instalments of $6,935.24, determine the bank's effective annual interest rate on the ipan transaction. With annual compounding, what nominal rate would the bank quote for this loan?
- In the situation where Ahmad are depositing $1,000 per month in a savings account that pays 6 percent interest per year compounded quarterly. Here payment period is greater than compounding period. Select one: O True O Falseyour bank also requires that the monthly mortgage payments include properety tax and homeowners insurance payments. if the property tax is 1,710 per year and the properety insurance is 1458 per year for (PITI) what is the total monthly payment in $?Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each month, $140 is electronically debited from his checking account and placed into a savings account earning 6% interest compounded monthly. What is the value (in $) of Jorge's account after 17 months? (Round your answer to the nearest cent.)
- Mr. Smith takes out a $100,000.00 loan with an effective yearly interest rate of 10%. He must repay the debt over a 30-year period with consistent monthly payments that are due on the first of every month. What is Mr. Smith's monthly payment? Create a cashflow diagram.A man plans to take a vacation in 4 years. He wants to buy a certificate of deposit for $1200 that he will cash in for the trip. What is the minimum annual interest rate he must obtain on the certificate if he needs at least $1700 for the trip? Assume that the interest on the loan is computed using simple interest The rate he must obtain is ___%Henry takes out a $650 discounted loan with a simple interest rate of 12% for a period of 7 months. How much money does Henry receive into his bank account when the loan is drawn down?