Question 2A loan of $5400.00 was repaid together with interest of $1570.00. If interest was 12.4% compounded quarterly, for how many months was theloan taken out?PV-$FV-$IY-CY=1-n (number of quarters upto 4 decimal places)Number of months-Blank 1:Blank 2:Blank 3:Blank 4:Blank 5:Blank 6:Blank 7:(2 decimal places)

NPER is the excel function used to calculate the time period.

Answered: Question 2 A loan of $5400.00 was…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

An amount of $124 is paid at the end of every month into an account. If the nominal interest rate is 3.02% compounded semiannually, how long (in years and months) will it take for the payments to accumulate to an amount of $6,455.41? Use the integer value of N to calculate years and months. |CN = |2 P/Y = 12 I/Y = 3.02 FV 6,455.41 PMT = $ -124 = years N= 192 to the nearest integer) PV = $14,892.17 X x (round = month(s)
Payment and frequency (PMT) Time in years (n) Interest rate and compound frequency (I/Y) Present Value (PV) Future Value (FV) $777.00 per end of quarter 7 years 7% compounded quarterly Not Applicable _______________ $333.40 per month (end) 121 payments 8 ¼ % compounded quarterly ______________ Not Applicable $____________ per end of quarter 159 months 5 % compounded semi-annually $91,000 Not Applicable $69.00 per quarter (end) __________years 4.47 % compounded annually Not Applicable $30,000 $4,000 at the beginning of every year 12 years ____________% compounded monthly $29,700 Not Applicable $350 at the beginning of every 6 months 21 ½ years 17.35% compounded monthly Not Applicable _______________ $________ per end of month 35 years 8.25% compounded quarterly Not Applicable $1,000,000 $1,000 end of the month _______months! 3% compounded semi-annually $339,794.10 Not applicable
An amount of $6,880 is deposited into an account earning 3% interest compounded quarterly. How much will be in the account in 11 years and 6 months? Round the answer to the nearest cent. P/Y = 4 C/Y = 4 IY = %3D PV = 6880 PMT = 0 FV = %3D Submit Question
a b Payment and frequency (PMT) $252.92 at the beginning of the quarter $3,562.47 per month (end) CS per beginning of the year d $400 per quarter (end) $2,500 at the beginning of every 6 months Time in years 8 years 5 years and 6 months 8 years Interest rate and compound frequency 25 payments (I/Y) 5% compounded quarterly 6% compounded quarterly 12% compounded semi-annually 8.75 % compounded years annually compounded monthly Present Value (PV) Not Applicable $16,536.38 Not Applicable $47,083.38 Future Value (FV) Not Applicable Not Applicable $7,525.10 Not Applicable
1. Calculate the simple interest rate when P= $3600 I= $160 and=4 months. Round to the Section nearest hundredth. 4 a. 13.33% b. 0.13% C. 1.11% d. 4.00% e. 4.44% 2. Calculate the simple interest due on a four-month loan of $900 if the interest rate is 2.270 per month. a. $79.20 b. $7,920.00 c. $237.60 d. $6.60 e. $979.20 3. The maturity value of a three-month loan of $2,500 is $2,577. Find the simple annual interest rate to the nearest hundredth. a. 12.32% b. 11.95% c. 3.70% d. 97.01% e. 3.08% 4. What interest will be earned if $4000 is invested for 4 years at an annual rate of 7% compounded monthly? a. 5,288.22 b. 4,094.15 c. 4,166.22 d. 5,120.00 e. 6,501.65 A = $26,000 r =9% 5. Calculate the present value when compounded quarterly, and 1= 30 years. Round to the nearest cent.
Determine the simple interest. p = $1137.94, r = 1-% per month, t = 6 months 4 3 The simple interest on $1137.94 at 1-% per month for 6 months is $ 4 (Round to the nearest cent.)
Determine the monthly payment for the installment loan. Use the installment payment formula m = 1- Amount Financed (P) $1,440 O A. $179.15 B. $35.15 O C. $125.26 O D. $366.02 P n 1+) - not Annual Percentage Rate (r) 8% Number of Payments per Year (n) 12 Time in Years (t) 4
A debt of $3051 with interest at 7.27% compounded monthly is to be repaid by equal payments at the end of each month for 5 years. What is the balance remaining (BAL) after the first payment? Payment Number 0 1 Answer: PMT INT PRN BAL 3051 ?
Solve the following: USE 4 DECIMAL PLACES Nominal Rate 5% compounded semi annually 5% compounded quarterly 5% compounded bi monthly 5% compounded continously Effective rate Effective rate (bi-month) (quarter) (a) (d) Type your final answer: a. Blank 1 b. Blank 2 c. Blank 3 d. Blank 4 e. Blank 5 f. Blank 6 g.Blank 7 h.Blank 8 Effective rate (month) (b) (1) Effective rate (semi annual) (e) Effective sate (year) (c) (h) (Round off your final answer to 5 decimal places and do not put unit of measurement)
Payment and frequency (PMT) Time in years (n) Interest rate and compound frequency (I/Y) Present Value (PV) Future Value (FV) $500.00 per quarter (end) 5 years 5% compounded quarterly ______________ Not Applicable $241.63 per month (end) 69 payments 6 ¾ % compounded monthly Not Applicable _______________ $____________ per quarter 7 years and 3 months 3 % compounded semi-annually $8,000.00 Not Applicable $445.30 per month __________years 7.45 % compounded quarterly Not Applicable $24,788.40 $2,000 beginning of every six months 12 ½ years _______compounded quarterly $46,000 Not Applicable
Complete or fill in the entire chart for the below annuities by filling in all the blanks # Payment and frequency (PMT) Time in years (n) Interest rate and compound frequency (I/Y) Present Value (PV) Future Value (FV) 6) $370.00 per end of quarter 9 years 5% compounded quarterly Not Applicable _______________ 7) $100.00 per month 5 years 6 % compounded monthly ______________ Not Applicable 8) $__________per year 8 years 12 % compounded annually $10,000 Not Applicable 9) $2,000 per quarter __________years 8.75 % compounded quarterly Not Applicable $112,181.65 10) $3,000 every 6 months 24 payments ____________% compounded semi-annually $50,000 Not Applicable 11) $_________ monthly 15 years 18% compounded monthly Not Applicable $1,000,0000 12) $1,690 every 3 months _________ years 2 ¼ % compounded quarterly…
Create the amortization schedule for a loan of $15,000, paid monthly over three years using a 9 percent APR. Enter the data for the first three months. (Round your answers to 2 decimal places.) Month 1 2 3 Beginning Balance Total Payment Interest Paid $ 15,000.00 $ 477.00+-0.5% $ 112.50+-0.5% 477.00+/-0.5% 109.77+/-0.5% 107.01+/-0.5% 477.00+/-0.5% 14,635.50+/-0.1% 14,268.27+/-0.1% Principal Paid $ 364.50+-0.5% Ending Balance $ 14,635.50+/-0.1% 14,268.27+/-0.1% 367.23+/-0.5% 369.98+/-0.5% 13,898.29+/-0.1%

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS