Question
Answer all please 1.Celeste just borrowed 32,900 dollars. She plans to repay this loan by making equal quarterly payments of 2,315.5 dollars for 18 quarters.
Answer all please
1.Celeste just borrowed 32,900 dollars. She plans to repay this loan by making equal quarterly payments of 2,315.5 dollars for 18 quarters. If she makes her first quarterly payment later today, then what is the quarterly interest rate on the loan? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
2.A coffee shop is worth 257,023 dollars. It is expected to produce equal monthly cash flows of 26,998 dollars for 10 months with the first monthly cash flow expected in 1 month. The coffee shop is also expected to make an extra cash flow of 18,552 dollars in 10 months. What is the monthly cost of capital for the coffee shop? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
3.Bryna wants to buy a car that is available at two dealerships. The price of the car is the same at both dealerships. Best Buggies would let her make quarterly payments of $2,240 for 5 years at a quarterly interest rate of 3.72 percent. Her first payment to Best Buggies would be due in 3 months. If California Cars would let her make equal monthly payments of $935 for 4 years and if her first payment to California Cars would be today, then what is the monthly interest rate that Bryna would be charged by California Cars? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
4.Mary Jo wants to buy a boat that is available at two dealerships. The price of the boat is the same at both dealerships. Middlefield Motors would let her make quarterly payments of 4,282.26 dollars for 11 years at a quarterly interest rate of 3.56 percent. Her first payment to Middlefield Motors would be due immediately. If Fairfax Boats would let her make equal monthly payments of 4,352.34 for 2 years and if her first payment to Fairfax Boats would be in 1 month, then what is the monthly interest rate that Mary Jo would be charged by Fairfax Boats? Answer as a rate in decimal format so that 12.34% would be entered as .1234 and 0.98% would be entered as .0098.
5.Bertina plans to retire in 4 years. She plans to collect annual payments of $53,800 for several years. Her first annual payment is expected to be received in 5 years and her last annual payment is expected in 11 years. She can earn 10.23 percent per year. How much money does Bertina expect to have in 4 years?
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