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Finance

09/25/13

Help with Credit and Loans Practice test questions

1. Lynn had a $2,000 personal loan at 9.5 % for 18 months. Suppose that she is given the choice between the level method and the rule of 78 method and that she wants to pay off the remaining... more

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Finance

09/24/13

detail explanation

Find the monthly payment of a $4,000 loan for 48 months at an add-on 9%annual interest. Also, find the final balance if this loan is to be paid off atthe 30th payment (assuming that 29 payments... more

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Finance

09/24/13

detailed answer

How long will it take Kate to pay for her furniture set if she chooses to payonly the minimum monthly payment of 2% of the outstanding balance? Her furniture set cost $3,750 financed at 19 3/4%... more

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Finance

09/24/13

monthly payment

Margaret obtains a personal loan of $1,200 at 834 % interest for 1 year. Given that the bank follows the rule of 78, construct the payment schedule showing five columns: payment number, payment... more

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Finance

09/19/13

rule of 78 method and level method

Lynn had a $2,000 personal loan at 9 1/2% for 18 months. Suppose that she is given the choice between the level method and the rule of 78 method and that she wants to pay off the remaining balance... more

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Finance

09/19/13

amortization schedule for mortgage loan

For a mortgage loan of $110,000 and a down payment of $20,000 financed at 10% for 25 years, construct the amortization schedule for the first years. Show five columns: payment number, monthly... more

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Finance

09/19/13

market value formula method and table method

21. A condominium is purchased for $80,000 with a down payment of $12,000 at an annual interest rate of 9% for 15 years. Calculate the unpaid balance after 10 years of making payments. 22. What... more

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Finance

09/19/13

semiannual payment to finance $200,000 in a sinking fund

What is the semiannual payment to finance $200,000 in a sinking fund that pays 12% annual interest? Also, calculate the total deposits of the sinking fund and the interest earned by the semiannual... more

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Finance

09/19/13

Sinking fund

Jack borrowed $25000 at 8% for 5 years. He also opened a sinking fund account that pays 6%. How much should he pay for the interest on his loan? What size deposit should he make to his sinking fund... more

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Finance

09/15/13

Assume that each deposit is made at the end of every year.

You plan to retire in 30 years and decide to save $10,000 per year. If the interest rate is 6% compounded monthly, how much will you have in 30 years? Assume that each deposit is made at the end of... more

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Finance Business

09/15/13

what would the single payment be?

You are supposed to make three payments, $550 in 4 months, $780 in 11 months, and $300 in 20 months. If you want to discharge your debt in 15 months with a single payment and the interest rate is... more

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Finance

09/15/13

How much would your friend receive from the sale of the promissory note?

You borrow $5,000 at a simple 15% interest rate from your friend for 18 months in order to purchase new furniture and sign on a promissory note on your borrowing. 5 months later, your friend sells... more

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Finance

09/15/13

Use the Banker’s rule!

Starting with $2,000 on March 3, you deposit $500 23 days from March 3, withdraw $800 69 days from March 3, and deposit $600 121 days from March 3. If your final balance is $2,458 150 days from... more

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Finance Math Business

09/15/13

Suppose that an asset’s cash flow decreases at a constant rate of 4% per year. Use the geometric progression.

a. If the asset’s initial cash flow is $1,000 (a1 = 1000), what will the asset’s cash flow be in 23 years? (a23 = ?)b. What is the total sum of the asset’s cash flows for 50 years (starting from... more

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Finance Business

09/15/13

An asset’s value was $1,439 7 days ago. If the asset’s value has uniformly increased and its value today is $1,522, what was its value 2 days ago?

An asset’s value was $1,439 7 days ago. If the asset’s value has uniformly increased and its value today is $1,522, what was its value 2 days ago? would you use geometric progression ?

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Finance Math Business

09/15/13

Suppose that a stock’s price

Suppose that a stock’s price is $48 at the end of Day 1. If the price of the stock increases by 30% during Day 2, 20% during Day 3 and then decreases by 5% during Day 4, what is the total... more

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Finance Math Business Corporate Finance

09/05/13

Gen is interested in seeing how the money grows. Her mom suggests that she take the money in her piggy bank....

Gen is interested in seeing how the money grows. Her mom suggests that she takes the money in her piggy bank and deposits it in a local bank paying 8.5% compounded quarterly. IF she finds $700 in... more

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Finance Math Business Discount Rate

08/31/13

Find the equivalent rate of interest for a discount rate of 7.5% for 60 days.

would i use the formula r= d/1-dn? which would be .075/1-.075(60/360) = .0625 or 6.25%

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Finance Business Discount Rate

08/31/13

how long would it take to pay off a loan of $2,900 at 11% discount when the bank charges $638?

I am not sure what formula to use... maybe d=r/1+rn

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Finance Business Simple Interest

08/30/13

Micheal wants his $3,200 to grow to $4,500 in 3 years. He has a saving account paying simple interest on savings.

Micheal wants his $3,200 to grow to $4,500 in 3 years. He has a saving account paying simple interest on savings. What rate of interest would help him achieve his goal?I am confused as to what... more

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Finance Algebra Word Problems Story Problems

07/30/13

Suppose you were given $1000 from your uncle. You deposited that money in a bank and added $70 per month..

Suppose you were given $1000 from your uncle. You deposited that money in a bank and added $70 per month. Write an equation to model how much money you have deposited after months. Let S be the... more

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