Question

Youngchang Keyboard sells a $4100 keyboard on a monthly payment plan over 3 years. a) If...

Youngchang Keyboard sells a $4100 keyboard on a monthly payment plan over 3 years. a) If the interest rate is 6.5% per year, what is the monthly payment? Answer = $ b) If instead the interest rate is 6.75% per year, what is the monthly payment? Answer = $

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Youngchang Keyboard sells a $4250 keyboard on a monthly payment plan over 6 years. a) If...
Youngchang Keyboard sells a $4250 keyboard on a monthly payment plan over 6 years. a) If the interest rate is 3.75% per year, what is the monthly payment? b) If instead the interest rate is 4% per year, what is the monthly payment?
Jane borrows a loan of $200,000 with minimum payment of 3% in the first 3 years....
Jane borrows a loan of $200,000 with minimum payment of 3% in the first 3 years. The loan is 30 years term and annual interest rate is 6.5%. Payment is made monthly. What is the ending balance at the end of the first month?
1. A security makes monthly payment of $50 for 5years. The monthly payment is expected to...
1. A security makes monthly payment of $50 for 5years. The monthly payment is expected to grow at 1%.   What should be the return if it is sold at $2,000? 2. Current stock price of Google is $1,000. The market expects the price will be $1,700 in 2 years. What should be the return over the next two years if return is continuously compounded? 3. Given the information below, please calculate the profits of the following treasury STRIPS. Treasury STRIPS:...
An $600,000 Mortgage is amortized by monthly payments over 25 years. The interest rate charged is...
An $600,000 Mortgage is amortized by monthly payments over 25 years. The interest rate charged is 4% compounded semi-annually. 1.What is the size of the monthly payment to the nearest dollars? 2.How much interest paid in the first payment? 3.What is the outstanding balance after the first payment?
You want to buy a $203,000 home. You plan to pay 15% as a down payment,...
You want to buy a $203,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan at 4.3% annual interest compounded monthly for the rest. a) How much is the loan amount going to be? $ b) What will your monthly payments be? $ c) How much total interest do you pay? $ d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment...
Stereo Inc. sells a stereo system for $200200 down and monthly payments of $9090 for the...
Stereo Inc. sells a stereo system for $200200 down and monthly payments of $9090 for the next 2 years. If the interest rate is 55% per year compounded monthly, find: a) The cost of the stereo. Answer = $ b) The total amount of interest paid. Answer = $
A borrower obtains a $150,000 reverse annuity mortgage with monthly payments over 10 years. If the...
A borrower obtains a $150,000 reverse annuity mortgage with monthly payments over 10 years. If the interest rate of the mortgage loan is 8%, what is the monthly payment received by the borrower? $820 $863 $1,250 $1,820 Correct answer is A monthly rate: 8/12=.66667% number of month = 10*12=120 monthly payment =future value/FVA .66667%,120                   = 150000/182.95             = $ 819.90 Per month (approx 820) **you can find future value annuity factor using financial calculator This explanation is so confusing...
What is the monthly payment on a mortgage of $75000 with a 6.2% interest rate that...
What is the monthly payment on a mortgage of $75000 with a 6.2% interest rate that runs 30 years? How much interest is paid over the 30 years?
Stereo Inc. sells a stereo system for $100 down and monthly payments of $80 for the...
Stereo Inc. sells a stereo system for $100 down and monthly payments of $80 for the next 4 years. If the interest rate is 3% per month, find: a) The cost of the stereo. Answer = $   b) The total amount of interest paid. Answer = $
4. You want to buy a new car in 3 years which will cost $42,000. You...
4. You want to buy a new car in 3 years which will cost $42,000. You plan to get a 5-year car loan at a 6% interest rate but don’t want your monthly payments to be over $300. You plan to save the rest needed by making monthly deposits into the bank, earning 7.5% on your money. How much do you need to save monthly over the next 3 years to reach your goal? 6. You are buying a new...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT