Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9. You want to lend $1,000 as a bank deposit in a private bank with an interest rate 3 Xper month. You plan to deposit

image text in transcribed
image text in transcribed
9. You want to lend $1,000 as a bank deposit in a private bank with an interest rate 3 Xper month. You plan to deposit $100 per month for 6 months. You plan to withdraw accumulated balance Loan/Initial/Present amount PV Rate of interest (IX) RATE per month Number of period NPER months TOTAL PAYMENT TOTAL INTEREST 50,00 $0.00 10. You want to lend $10,000 as a bank deposit in a private bank with an interest rate 3 Xper month. You plan to withdraw principle and interest as equal/uniform end-of-perlod payments over Loan/Initia Present amount Rate of interest (0) Number of period PV RATE NPER per month months Amount per month finding PMT) TOTAL PAYMENT (PMTX NPER) TOTAL INTEREST 9. You want to lend $1,000 as a bank deposit in a private bank with an interest rate 3% per month. You plan to deposit $100 per month for 6 months. You plar to withdraw accumulated balance (i.e. principle and interest) as a lump sum (in one payment) at the end of 6 MONTHS. What is the value of the total payment? What is the total interest paid to you at the end of 6 months? 10. You want to lend $10,000 as a bank deposit in a private bank with an interest rate 3 % per month. You plan to withdraw principle and interest as equal/uniform end-of-period payments over 6 MONTHS. What is the value of the total payment? What is the total interest paid to you at the end of 6 months

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions

Question

Prepare for a successful job interview.

Answered: 1 week ago

Question

Describe barriers to effective listening.

Answered: 1 week ago

Question

List the guidelines for effective listening.

Answered: 1 week ago