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Find how much principle did hank pay during twelve months

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Reference no: EM132665014

Problem 1: Hank purchased a $28,000 car two years ago using an 8 percent, 5-year loan. He has decided that he would sell the car now, if he could get a price that would pay off the balance of his loan. What is the minimum price Hank would need to receive for his car?

Problem 2: Using the same data that is in problem 1, how much principle did Hank pay during the 12 months he had his car?

Problem 3:  What is the future value of a $500 annuity payment over eight years if interest rates are 14 per 14 percent?

Problem 4:  What is the present value of a $775 annuity payment over six years if interest rates are 11 percent?

Problem 5: A loan is offered with monthly payments and a 15.5 percent APR. What is the loan's effective annual rate (EAR)?

Problem 6: Assume that you contribute $300 per month to a retirement plan for 25 years. Then you are able to increase the contribution to $500 per month for 20 years. Given a 9 percent interest rate, what is the value of your retirement plan after 45 years?

Problem 7: What is the interest rate of a 6-year, annual $10,000 annuity with a present value of $45,000?

Reference no: EM132665014

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