You borrow 112000 for 10 years from a bank in order to renovate your flat. The effective interest rate charged by the bank is 7.6% per annum_ The loan is to be repaid by level annual repayments, paid in arrears. Calculate the annual repayment. Give your answer to two decimal places.
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- You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?Suppose that you need an amount of money which equals to $10000000. It is possible to find it from bank A at an annual interest rate of 18% under 12 equal payment. If the first payment will be 1 month later the day you used the loan. Find the CF (Cash Flow), the equal payments and prepare the amortization table.
- Compute the future value of a $1500 deposit, after eight years, in an account that pays an interest rate of 7% that compounds monthly. How much interest will be paid to this account?If you borrow $30,000 from a bank for 7 years at an interest rate of 8.5%, how much will you owe in balloon payment at the end of the loan's term? This is a balloon loan with all payment due at the end. Round to the nearest dollar. Type your numeric answer and submitYou borrow $11,000 from the bank at an interest rate of 6%, compounded annually. You are required to make 10 equal end of-year payments to pay off the loan. a) What is the amount of these equal payments? b) What is the amount of the 10 payments if the first payment is not made until 3 years after receipt of the money?
- You are paid £5,000 annually for 10 years, with the first payment due in one year and the last payment due in 10 years. What is the present value of all these payments using an interest rate of 2%? £ Number Enter an answer correct to 2 decimal places.Suppose that your bank pays 6% interest, compounded quarterly. Find out how much should be deposited now to yield an annuity payment of 1,500 at the end of each three months, for 3 years. (Round your answer to the nearest cent)You borrow $11,000 and promise to make payments of $3,359.50 at the end of each year for 5 years. What is the interest rate earned? Round your answers to the nearest whole number
- Suppose that one has a bank loan for P15,584.48, which is to be repaid in equal end-of-month installments for 9 years with a nominal interest rate of 0.114 compounded monthly. What is the amount of each payment?if you deposit $17,000 in the bank today, you will be able to withdraw $24,000 from the account in six years. what is the implied rate that the back is paying?Regular equal amounts of R1200 are deposited into a savings account every three months for six years. If the amount in the savings account nine months after the last deposit is equal to R42 000 then, using Newton's method, the effective quarterly interest rate can be calculated from the iterative equation: