finance 2000

Project Description:

find the monthly payment due on a loan of $30,000 with an interest rate of 8% apr, amortized over 36 months.

a. $940.09

b. $2,560.34

c. $845.72

d. $834.76

e. none of the above
2. you have just signed a lease for a car. you are required to pay $350 per month for 72 months. the first payment is due today. each payment is due at the start of the month. if the correct interest rate is 6% apr, what is the present value of your lease payments?

a. $21,118.83

b. $21,224.42

c. $20,524.42

d. $25,200

e. none of the above
3. you have saved $40,000 as a down payment on a $150,000 house. mortgage rates are at 7% apr (with monthly compounding). if you finance for 30 years (360 monthly payments), what will be the amount of your monthly payment?

a. $727.95

b. $997.95

c. $305.56

d. $731.83

e. none of the above
4. find the effective annual rate (ear, not apr) for a 10% loan with quarterly compounding.

a. 10.38%

b. 9.65%

c. 10.47%

d. 10%

e. none of the above
5. a may graduate borrowed $80,000 at 6% apr amortized over 10 years. he defers his student loan payments for 3 months, making his first monthly payment (of 120 monthly payments) at the end of august. how much interest can he deduct next april 15? you should know that taxes due on april 15 are computed on the income and expenses of the prior calendar year.

a. $2,005.25

b. $4,636.20

c. $797.56

d. $1,107.49

e. none of the above
6. you have borrowed $250,000, to be repaid in equal monthly payments for 10 years at 8% apr. your intention is to pay an extra $250 each month over and above your obligatory payment. how many months will it take until you are out of debt?

a. 137.46 months

b. 106.63 months

c. 120 months

d. 99.44 months

e. none of the above
7. you have $150,000 in mortgage debt. $100,000 is financed at 5.5% apr with monthly payments over 10 years. $50,000 is financed at 12% apr with monthly payments over 10 years. what is the interest rate on your portfolio of debt?

a. 11.67 apr

b. 8.75% apr

c. 7.67% apr

d. 7.78% apr

e. none of the above
8. three years ago, you bought a mini cooper, financing the $30,000 purchase price for 5 years with a 7% apr loan and monthly payments. you have just made your 36th payment and are considering the purchase of a chrysler pt cruiser. how much do you owe on your loan for the mini cooper?

a. $13,267.70

b. $8,614.56

c. $21,385

d. $19,238.72

e. none of the above
9. what rate of return (apr) is offered by an investment that costs $9,000 now, pays $2,000 at the end of each year for the next 5 years, and then requires shut-down expense of $500 at the end of year 5?

a. 1.93% apr

b. 8.02% apr

c. 12.94% apr

d. 1.90% apr

e. none of the above
10. if you borrow $10,000 at 8% apr for 5 years with annual payments, how long will it take until you owe only $5,000?

a. 2.26 years

b. 2.74 years

c. 2½ years

d. none of the above
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