can you solve it not using advanced functions, thank you:) 10. Warren bought a bicycle for $2500, plus 13% HST. He arranged to make a payment to the store at the end of every month for 2 years. The store is charging 6% interest per annum, compounded monthly. a) How much is each payment? b) How much interest is Warren paying?
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- You borrow $22541 to buy a car. You will have to repay this loan by making equal monthly payments for 14 years. The bank quoted an APR of 6%. How much is your monthly payment (in $ dollars)? I'm not sure how the answer is 198.6394, Can you explain that to me on the financial calculator, please? Thank you :)Biden has purchased a new piano for $5,000. He made a downpament of $500. He paid the balance by a loan from 5/3 bank. The loan is to be paid on a monthly basis for two years charging 12 percent interest. How much are the monthly payments? Include the following variables to help you solve the problem: m Nper (or N) =n*m Rate (or I/Y)=i/m PV PMT FVBiden has purchased a new piano for $5,000. He made a downpament of $500. He paid the balance by a loan from 5/3 bank. The loan is to be paid on a monthly basis for two years charging 12 percent interest. How much are the monthly payments? Using excel or finance calculator! m Nper (or N) =n*m Rate (or I/Y)=i/m PV PMT FV
- 2. Suppose you have a bank account into which you make $100 deposits each month. You find a bank account paying r 100% (r is a decimal rate) per month. You would like to save up for a $2,000 car down payment, which you would like to have in 15 months. What must the bank account pay in order for this to be accomplished?Suppose you invest $130 a month for 5 years into an account earning 8% compounded monthly. After 5 years, you leave the money, without making additional deposits, in the account for another 29 years. How much will younhave in the end? Suppose instead you didn't invest anything for the first 5 years, then deposited $130 a month for 29 years into an account earning 8% compounded monthly. How much will you have in the end? Question Help: D Video Submit Question4. You want able to withdraw 15,000 each month for 15 years. your account earns 3 1/4% interest. a. how much do you need in your account at the beginning? b. how much total money will you pull out of the account? c. How much of that money is interest?
- You want to be able to withdraw $45,000 each year for 30 years. Your account earns 10% interest. a) How much do you need in your account at the beginning? (Round to the nearest cent.) $ b) How much total money will you pull out of the account? (Round to the nearest cent.) $ c) How much of that money is interest? (Round to the nearest cent.) $Suppose that you buy a car costing $14,000. You agree to make payments at the end of each monthly period for 4 years. You pay 7% interest, compounded monthly.(a) What is the amount of each payment? (b) Find the total amount of interest you will pay.. You have determined that you can afford to pay $800 per month toward a new Italian sports car. You call up your bank and find out that the going rate is 12% compounded monthly for 5 years. How much can you borrow? ÖÖ 11:05 /
- Please use formula in solving. You are interested in buying a house worth P1,200,000. You paid P250,000 as down payment. In order to pay for the remaining amount, you take out a loan from the bank at a 9% interest rate to be paid for 25 years. a) What is your monthly payment?b) What is the total interest paid for the loaned amount?c) How much of the principal has been paid after 10 years? d) After 15 years, you decide to sell the house. How much should the selling price be to cover the remaining balance of the payments?Ten years ago, you deposited P5400 per month. You made the deposit for 6 years and then stopped. 4 years later, you established a belts and nuts factory, and start withdrawing P2300 every month for advertisement. Money is worth 6% compounded monthly. How many months can you withdraw before the money is exhausted? What is the present worth of the withdrawal?(kindly give tye given, complete and detailed solution. Thank you)PLEASE don't use excel for this. Show the solution with formula needed. SIMPLE INTEREST 1. You owe P120,000.00 from a friend that promise to pay 6% simple interest. How much will you pay at the end of 9 months? How about at the end of 1 year and 6 months? COMPOUND INTEREST 1. If the sum of P12,000.00 is deposited in an account earning interest rate of 9% compounded quarterly, what will it become after 1 year? And what is the effective rate? 2. An investment of P3,000,000.00 earns interest of 9% compounded continuously. What is the effective rate of interest?