Looking for help with the first few questions on this sheet to get a hang of the way these problems should be approached...1
Work out the following problems.
Please turn them in to me by 4:45 p.m., Thursday, February
Use of Tables is NOT permitted.
Only a financial calculator or a spreadsheet may
This is an individual assignment and perhaps one of the best chances for you to
learn and apply time value of money concepts.
You may consult other members of the class,
but your submission should be made separately and should mention the name of person(s)
you worked with.
Hand written answers are acceptable.
All answers have to be sequential
and properly labeled
Answer the questions as if you are taking a test on which partial credit
may be awarded for partially correct answers.
That is, show all your work and/or inputs.
me if you need help.
Sam Trunk just turned 35.
Till now he has no savings and wants to retire at age 65.
and his wife Julie want to draw $4,000 at the end of each month for the next 35 years
How much should Sam and Julie save at the end of each month
next thirty years to meet their retirement goal?
Time value of money is 4.8% APR.
all your work.
Amanda Weet who is six years old has been gifted $75,000 (after-tax) towards a college
Her parents do not have the ability to add any other amounts to the fund and a good
four-year college education will cost about $50,000 per year
in ten years from now.
rate of return should she earn to be able to withdraw $50,000 at the end of
(Hint: IRR problem, draw a time line)
An auto dealer has designed a marketing gimmick.
They are asking their customers to
pay only $99 at the end of each month, for the first two years for a car priced at $10,000.
The APR on the vehicle is 4.80% and the total term of the loan is 5 years.
What is the
monthly payment for the remaining three years?
Interest is payable for the entire five year
The Booslers have twenty years remaining
on a 5.4%APR thirty-year
balance of $500,000.
The Bank of Greater Nowhere offers to refinance the loan at
3.24% APR for the next twenty years.
What is the monthly saving for the Booslers.
all your work.
Multi step problem.
Figure out outstanding balance first)
Prepare an amortization schedule for the 121st, 122
and 123rd payments on a 30-year,
3.60% APR, $1 million mortgage loan.
Payments are monthly.
Show all your work.
(Similar concept to problem 4).
This question was answered on: May 23, 2022
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