an APR of 14% compounded monthly. The credit card company tells you that your minimum payment is $232.90. If you make the minimum payment every month, how many months will it take you to pay off the entire balance (round up to the nearest month)?
2. After an injury, you win a lawsuit judgment of $3,586 per month starting next month for a total of 24 months. If the interest rate is 4.2% APR compounded monthly, what is the current equivalent lump sum of your settlement??Give your answer to the nearest dollar.
3. You borrow $6,205 from your parents after you graduate. You promise to pay them back over the next three years as 31 equal monthly payments starting one month from now. You set the interest rate on the loan as3.1% APR compounded monthly. How big are your monthly payments??Give your answer to the nearest dollar.
4. You would like to have $44,073for the down payment on a house you plan to buy five years after you graduate. If your investments earn 1.2% APR compounded monthly, how much do you have to invest each month, starting next month, to meet your investment goal??Give your answer to the nearest dollar.
5. How much would you pay today for an investment that provides you $100 each year for the next five years and $1,100 six years from now if the interest rate is 4.7%??Calculate your answer to the nearest penny.?Give your answer to the nearest dollar.
6. You are considering buying a house for $200,000. You have $40,000 in your bank account which pays 1% APR compounded monthly. If you contribute 10% of the price of the house as a down payment, the terms of your mortgage will be an original balance of $180,000 to be repaid over 30 years with equal monthly payments calculated based on an APR of 5% compounded monthly. Call thisloan 1. If you contribute 20% of the price of the house as a down payment, the terms of your mortgage will be an original balance of $160,000 to be repaid over 30 years with equal monthly payments calculated based on an APR of 4% compounded monthly. Call this?loan 2.
Which loan option should you take ____________ (enter loan 1 or loan 2)
How much better is it in present value terms ____________? Enter the dollar amount with no commas or dollar sign, for example 45784
7. Your sending your daughter to a prestigious private college starting next year. She will attend for four years. The current cost for one year is $60,000, but is expected to rise 2% per year over the next 10 years. The school has a ?tuition stabilization? plan whereby you can pay for the entire four years by writing a single check for $240,000 when your daughter begins college. Otherwise, you simply pay each year?s tuition as you go. If your investments earn 6% per year, should you pay as you go or take the tuition stabilization plan? How much do you save in present value terms by taking the cheaper alternative?
GIve your answer to the nearest dollar with no dollar sign and no commas. For example 13478.
Please show the steps by using financial caculator. Thanks!
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