How many month will it take you to get out from under debt

Assignment Help Financial Management

Reference no: EM131984406

1 You’re buying a new car and the bank says they’ll loan you the required balance of the $30,000 price if you’ll put down $3,000. Payments will be for 60 months, and the bank’s rate of interest on car loans is 9%. How much will your monthly payment be? PMT $560.48

2. You’re buying a ‘starter home’ that costs $140,000 and you have $20,000 to put down. If you finance the balance at 4% for 30 years, how much will your monthly payment be? PMT $572.90

3. An investment offers the following annual cash flows: End of years 1 thru 10, $5,000, years 11 15.3895% $16,497.27 $730.43 thru 20, $7,500. If your required return on this investment is 6%, what is it worth today? PV $67,624.19

4. You graduate and owe $10,000 on your credit card, which charges 1.5% monthly interest. You plan on paying only the minimum payment of $200 until it is paid off. How many month will it take you to get out from under this debt? 93.11 months.

Reference no: EM131984406

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