Homework 5 due November 24, 2020 1. Spottico Inc. borrowed $80,000 on May 1, 2020. This loan will accrue interest at 5% compounded semi-annually. The terms of the loan require repayment in two installments: $40,000 on April 30, 2022 and the remainder due on April 30, 2024. What total amount of money will Sportiso Inc. have paid for this loan? You must show the equation you used, identify the table you used and provide the factor you used. If any of these are missing, you get no credit for your answer. Table: Equation: Table factor: The total amount Sportico Inc. will have paid: per 2. Joe Speeder determines he can manage to make a monthly car payment of $200 month. The interest rate on used car loans for which Joe qualifies is 2 percent per month a. How much can Joe afford to spend for a car if he can make the payments for three years? You must show the equation you used, identify the table you used and provide the factor you used. If any of these are missing, you get no credit for your answer. Table: Equation: Table factor: Price of the car: The can only get a loan that requires $200 monthly b. How much can he afford payments for two years? Table: Equation: Table factor: Price of the car: Homework 5 due November 24, 2020 1. Spottico Inc. borrowed $80,000 on May 1, 2020. This loan will accrue interest at 5% compounded semi-annually. The terms of the loan require repayment in two installments: $40,000 on April 30, 2022 and the remainder due on April 30, 2024. What total amount of money will Sportiso Inc. have paid for this loan? You must show the equation you used, identify the table you used and provide the factor you used. If any of these are missing, you get no credit for your answer. Table: Equation: Table factor: The total amount Sportico Inc. will have paid: per 2. Joe Speeder determines he can manage to make a monthly car payment of $200 month. The interest rate on used car loans for which Joe qualifies is 2 percent per month a. How much can Joe afford to spend for a car if he can make the payments for three years? You must show the equation you used, identify the table you used and provide the factor you used. If any of these are missing, you get no credit for your answer. Table: Equation: Table factor: Price of the car: The can only get a loan that requires $200 monthly b. How much can he afford payments for two years? Table: Equation: Table factor: Price of the car