Question: Round up to 4 decimal place for intermediate steps. Round to two decimal places for the final answers. I am using a financial calculatore to

Round up to 4 decimal place for intermediate steps. Round to two decimal places for the final answers.

I am using a financial calculatore to solve the following problems:

Round up to 4 decimal place for intermediate steps. Round to two

4 You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year mortgage loan for 80 percent of the $2,500,000 purchase price. The monthly payment on this loan will be $14,700. What is the APR on this loan? 5 Zampa Credit Corp. wants to earn an effective annual return on its consumer loans of 12.4% percent per year. The bank uses daily compounding on its loans. What interest rate is the bank required by law to report to potential borrowers? 6 You have taken an auto loan of $44,800 from Toyoto. You're prepared to make monthly payments of $610, beginning at the end of this month. How many years will it take to pay off your loan if the car dealer charges 8 percent interest rate

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 Finance Questions!