Tony opened a hot dog stand last April. He borrowed $5500 to pay for the stand and startup inventory, and he agreed to pay off the loan in 8 months at 7% simple interest Find the total amount required to repay the loan The total amount required to repay the loan is $ (Simplify your answer. Type an integer or decimal rounded to the nearest cent as needed)

Tony opened a hot dog stand last April. He borrowed $5500 to pay for the stand and startup inventory, and he agreed to pay off the loan in 8 months at 7% simple interest Find the total amount required to repay the loan The total amount required to repay the loan is $ (Simplify your answer. Type an integer or decimal rounded to the nearest cent as needed)

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

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For the car loan described, give the following information. A car dealer will sell you the $30,950 car of your dreams for $6,000 down and payments of $667.06 per month for 60 months. (a) amount to be paid $ 46023.60 (b) amount of interest $ 15073.60 (c) interest rate (Round your answer to two decimal places.) 1.70 X % (d) APR (rounded to the nearest tenth of a percent) 20.4 X %
For the car loan described, give the following information. A car dealer will sell you a used car for $6,398 with $798 down and payments of $164.51 per month for 48 months. (a) amount to be paid$ (b) amount of interest$ (c) interest rate (Round your answer to two decimal places.) %(d) APR (rounded to the nearest tenth of a percent)
For the car loan described, give the following information. A car dealer will sell you a used car for $6,698 with $798 down and payments of $161.51 per month for 48 months. (a) amount to be paid $ (b) amount of interest $ (c) interest rate (Round your answer to two decimal places.) (d) APR (rounded to the nearest tenth of a percent) % Need Help? Read It
For the car loan described, give the following information. A car dealer will sell you the $30,150 car of your dreams for $6,000 down and payments of $666.06 per month for 60 months. (a) amount to be paid $ (b) amount of interest 2$ (c) interest rate (Round your answer to two decimal places.) X % (d) APR (rounded to the nearest tenth of a percent) %
Without using excel, answer the question: An investor takes a loan for $40000 to purchase inventory to start a business. The terms of the investors loan state that the interest rate is 12%, interest is compounded monthly and payments will be made in 12 equal end of month payments. How much would the investor need to pay in month 7
For the car loan described, give the following information. A car dealer will sell you a used car for $6,598 with $798 down and payments of $162.51 per month for 48 months. (a) amount to be paid $ 8598.48 (b) amount of interest $ 2252.48 (c) interest rate (Round your answer to two decimal places.) 1.37 X % (d) APR (rounded to the nearest tenth of a percent) 3.74 X %
For the car loan described, give the following information. A car dealer will sell you the $30,750 car of your dreams for $6,000 down and payments of $665.06 per month for 60 months. (a) amount to be paid $ 39903.60 (b) amount of interest $ 9153.60 (c) interest rate (Round your answer to two decimal places.) 20.67 % (d) APR (rounded to the nearest tenth of a percent) %
On January 1, Yumati Electric borrows $700,000 at an interest rate of 6% today and will repay this amount by making 14 semiannual payments beginning May 31. What is the approximate amount of each payments that Yumati will need to make? (Use spreadsheet software or a financial calculator to calculate your answer. Do not round any intermediary calculations, and round your final answer to the nearest dollar.)
For the car loan described, give the following information. A car dealer will sell you a used car for $6,598 with $798 down and payments of $167.51 per month for 48 months. amount to be paid$ ? amount of interest$ ?Interest rate (Round your answer to two decimal places.) % ?APR (rounded to the nearest tenth of a percent) % ?
E. PART E PROBLEM. USE SEPARATE EXCEL ANSWER SHEET. Suppose your business borrow $14,000 from the bank in order to buy a new car by signing a promissory note payable. The bank charges 6% APR, compounded monthly. You will make equal monthly payments at the end of each month for two years. 1. 2. Complete an amortization schedule in Excel for all 24 months that shows the table headers and columns below. Prepare the journal entry for the first payment (Mo. #1). 1 2 Mo.# Beg. Balance 14,000.00 etc. Principal Payment Interest Reduction End. Balance
On September 12, Jody Jansen went to Sunshine Bank to borrow $2,400 at 8% interest. Jody plans to repay the loan on January 27. Assume the loan is on ordinary interest. (Use Days in a year table) a. What interest will Jody owe on January 27? Note: Do not round intermediate calculations. Round your answer to the nearest cent. X Answer is complete but not entirely correct. $ 72.06 X Interest b. What is the total amount Jody must repay at maturity? Note: Do not round intermediate calculations. Round your answer to the nearest cent. Answer is complete but not entirely correct. Maturity value $ 2,472.06 X Return to question
A restaurant borrows $12,800 from a local bank for 5 months. The local bank charges simple interest at an annual rate of 1 7.3% for this loan. Assume each month is of a year. Answer each part below. 12 Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 5 months. $ (b) Assuming the restaurant doesn't make any payments, find the amount owed after 5 months.

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