Question: could you please explain how to answer these questions? i always get the wrong answer. thank u! i do not understand what information to put

could you please explain how to answer these questions? i always get the wrong answer. thank u! could you please explain how to answer these questions? i always get
i do not understand what information to put in the tvm calculator to get answers for each question. that is what i need help with. every time I did it I did not get the right answers.

8. Rani recently took out a $50,000 secured line of credit. The rate is 2.75% compounded semi- annually above the Bank of Canada rate which is currently 1%. (use your financial application and provide the appropriate inputs) a. If Rani could afford to make payments of S700 per month, how long would it take her to pay off the outstanding balance on her line of credit? 1% - PMT PV = N = FV = P/Y = c/Y = 81 months Developing = 3 Proficient = 4 Exemplary If Assessment No Attempt - 0 Beginning = 1 Emerging - 2 b. How much total interest would she pay? $6607.88 b. ssessment No Attempt = 0 Beginning = 1 Emerging = 2 Developing = 3 Proficient = 4 Exemplary c. How many fewer payments and less interest would she have to pay if she was able to make monthly payments of S1200? N = 1% = PV = PMT= FV = P/Y = C/Y = 36 fewer payments = $2986.60 less paid in interest

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!