Question: Wilma would like to borrow 150 000 to start her own
Wilma would like to borrow $150,000 to start her own business. She would like to make monthly payments to repay the loan in five years. If the bank is quoting her a rate of 6 percent compounded quarterly, determine her monthly payment.
Answer to relevant QuestionsAt the age of 10, Felix decided that he wanted to attend a very prestigious (and expensive) university. How much will his parents have to save each year to accumulate $40,000 by the time Felix needs the funds in eight years? ...How many years will it take for an investment to double in value if the rate of return is 9 percent, and compounding occurs?a. annually?b. quarterly?Josephine needs to borrow $180,000 to purchase her new house in Yarmouth, Nova Scotia. She would like to pay off the mortgage in 20 years, making monthly payments. For the initial three-year term, Providence Bank has offered ...Alysha has decided to use her $50,000 in savings to make a down payment on a house. She will live in the house for the next two years while still at university and then sell it when she graduates. The bank has offered her a ...On the advice of a friend, Gilda invests $20,000 in a mutual fund that has earned 10 percent per year, on average, in recent years. If this rate of return continues, determine how much her investment will be worth in:a. one ...
Post your question