FINANCE-Ginger borrowed $350,000 at 5.25%. Her loan is for 30 years
Please show work in excel. Thanks
1. Ginger borrowed $350,000 at 5.25%. Her loan is for 30
years. How much will her monthly payment be
2. Forest & Main earned $1.50 per share three years ago.
Its earnings this year were $2.75. What was the growth rate in earnings
per share over the 3-year period?
is the effective annual interest rate for a 6.25% loan with interest compounded
daily based on a 365 day year?
4. Bucky Bavasi just bought a new TV that cost $1,500. He plans
to finance the purchase with his new credit card which has an 18% nominal
interest rate. The minimum payment on the card is $24.16 per month.
If he makes the minimum payment and makes no other charges, how many months
will it take before he pays off the card?
5. How much must the Big Boy invest today to spend $15,000 next year
on a trip to Tahiti, $30,000 for a new car three years from today, and $25,000
per year for five years beginning at the end of year 4 for other fun
stuff? He can earn 5% on his investments.
How much money will Slats
Slattery accumulate at the end of twenty years if he presently has $175,000 and
plans to invest $50,000 per year for the next ten years? He can earn 4%
on his investments.
7. Lucky just won the Power Ball lottery for $300,000,000. She
has the option of receiving a $15,000,000 annuity for the next 20 years
beginning today or a lump sum payment of $175,000,000 today. If she can
earn 6% on her investments, should she take the lump sum or
annuity? (a) Take Lump Sum
(b) Take Annuity
Monk Manley needs $30,000 to
buy a new car. Nick the Greek has offered to lend him the money if he
agrees to repay $622.75 per month for the next 5 years. What annual interest
rate is being charged on the loan?
9. Meat Murray wishes to buy a boat in five years that presently
costs $120,000. He expects the cost of the boat to increase due to
inflation by 2% per year for the next two years and 4% per year the following three
years. He also wants to spend $75,000 per year for 6 years beginning at
the end of 10 years from today. How much must he save each year for the
next 5 years if he can earn 7% on his investments
10. Horseman Pileggi borrowed $20,000 at a rate of 10% and must repay
it in 5 equal installments at the end of each of the next 5 years. By how
much would he reduce the amount he owes in the first year?
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