Question: the questions below to solved it. PV = PMT * [1 - (1 + r)^(-n)] / r PV = Present value (loan amount) PMT =

the questions below to solved it. PV = PMT * [1 - (1 + r)^(-n)] / r PV = Present value (loan amount) PMT = Annual loan payment r = Annual interest rate n = Number of years Given: PV = $16,000 r = 5% = 0.05 n = 6 What will be your annual loan payments? How much of your first payment will be applied to interest and to principal repayment? Interest: $ Principal repayment: $

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 Mathematics Questions!

please answer these question and finish them in 3 hours, give the detail andexplanation of the every step to me , thank you ! Examination Cover Page Examination Period: Academic Institution: Academic...

For each of the following situations involving annuities, solve for the unknown. Assume that interest is compounded annually and that all annuity amounts are received at the end of each period....

Hello can I have your attention? Sorry for disturbing but can you answer this please ?. Im badly needed right now. Thank you so much. Please help me to answer this Answer must have (given, formula...

1. APR (Annual Percentage Rate) column The APR column using VLOOKUP function to get the APR corresponding to the number of years for each customer based on the Years-Rate small table on the top...

Loans There may be many times in your life in which you will need to borrow money: paying for college, buying a car, buying a home, improving a home, paying for a wedding, etc. When borrowing money,...

You have applied for a job with a local bank. As part of its evaluation process, you must take an examination of the time value of money analysis covering the following questions. Identify NPV, PMT,...

QUESTION 3 (The formulas, values and hints are given in parts 3b , 3c and 3d. Kindly give correct answers for all parts.) Priya takes out a loan from the Deep Bay Bank for $30,000 to buy a new Prius....

Compute the amount that can be borrowed under each of the following circumstances: (PV of $1,FV of $1,PVA of $1, andFVA of $1) (Use appropriate factor(s) from the tables provided. Round your "Table...

USING THE ABOVE DATA FILE (BF008 EA) ANSWER THE ASSIGNMENT ABOVE IT. GRADED LPI.2 ASSIGNMENT Download: LP1.2AssignmentDataFile.xlsx from the Student Resources folder. In this assignment, we are going...

1) What's the future value of $20,000 after 3 years it it earns 8% annually? WY PV PMT FV N 2) What's the present value of $20,000 to be received in 3 years if the annual interest rate is 8%? VY PV...

Scientists are using a device to count neutrinos. Every time a neutrino is detected, the sensor will record the time. Neutrinos are assumed to arrive independently with a constant likelihood of...

The Managing Director, Tom Copeland has asked you to implement a process to monitor expenditure and income. He has asked you to prepare a spreadsheet to capture and compare actual income and...

Question 9 2 pts Cults and churches have many similarities, but one key difference. That difference is that cults have demanding membership requirements while churches do not. cults exploit the...

Required information (The following information applies to the questions displayed below.) This year, Sooner Company reports a deficit in current E&P of ($310,000). Its accumulated E&P at the...