Question
Time Value Project (4-6): I need these solved using: step-by-step method . **not using excel** Each one of these needs to be worked out :
Time Value Project (4-6):
I need these solved using: step-by-step method. **not using excel** Each one of these needs to be worked out : using step-by-step method showing the work. 4.If you were going to buy your office from Mrs. Beach for $500,000 with a 10% down payment and 15 years with a 6% interest rate. a. How much would your payments be each month? b. What would be the principal and interest payment on the first payment? c. What would be the principal and interest payment on the twelfth payment? d. What type of a problem is this? ___________ 5. Same problem as above, but assume that the loan was for 20 years? a. What is the new payment? b. What would be the principal and interest payment on the first payment? c. What would be the principal and interest payment on the twelfth payment? d. What type of a problem is this? ___________ 6. You want to purchase a truck for $25,000 and you have $3,450 to put down. a. How much will your payments be if you financed the truck for 60 months at 6%? b. How much would the payment be if rate of interest is 5% and you only financed the truck for 48 months? c. Assuming that you would only finance the truck for 4 years, how much would you need to put down to get your payment to $450.00? d. What type of a problem is this? ___________
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