Login

Contact Us
Ask Experts & Get Answers to Your Questions  ASAP
Not a General Question?
How JustAnswer Works:
Ask an Expert
Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
Get a Professional Answer
Via email, text message, or notification as you wait on our site.
Ask follow up questions if you need to.
100% Satisfaction Guarantee
Rate the answer you receive.
Ask Martin Your Own Question
Martin
,
Engineer
Category:
General
Satisfied Customers:
4319
Experience:
i'm 41 and i never stopped studying and experimenting
14666028
Type Your Question Here...
Martin is online now
Hi Martin! I had posted this questions since Monday 7/25/11
Customer Question
Hi Martin!
I had posted this questions since Monday 7/25/11 and i haven't got any answers yet.. will you bew able to help me with them, since you had helped me before, that is why I ask you now.. I need the questions by friday 7/29/11.. Please please let me know as soon as possible if you are or not able to help me..
I need help with this questions.
1.) If the principal P = $400, the interest I = $112, and the rate r = 7%, find the following. (a) What is the time? years (b) What is the future
Submitted:
3 years ago.
Category:
General
Share this conversation
Expert:
Martin
replied 3 years ago.
Hello.
That is "time value of money".
PV=FV/(1+i)^n
1. PV is the value at time=0
2. FV is the value at time=n
3. i, interest rate at which the amount will be compounded each period
4. n is the number of periods (not necessarily an integer).
400=512/(1+0.07)^n
n=3.649
As i assumed the interest rate to be annualized, a) would be 3.649 years and b) would be $512 (the original 400 plus the 112 of interest).
Ask Your Own General Question
Customer:
replied 3 years ago.
Thank you for your response, but what happen to the other questions?? i posted you this to.
2.) Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,500 at 2.6% addon rate for 5 years. (Round your answers to the nearest cent.) $ interest $ per month
3.) Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. Assume 365 days in a year. (Round your answer to the nearest cent.) $3,000 balance, 21% rate, $1,500 payment, adjusted balance method $
4.) A car dealer will sell you the $16,450 car of your dreams for $3,240 down and payments of $339.94 per month for 48 months. What is the total amount paid for both car and financing? (Round your answer to the nearest cent.) $
5.) A car dealer carries out the following calculations. What is the annual percentage rate? (Round your answer to the nearest tenth.) List price $ 5,368.00 Options $ 1,625.00 Destination charges $ 200.00 Subtotal $ 7,193.00 Tax $ 431.58 Less tradein $ 2,932.00 Amount to be financed $ 4,692.58 8% interest for 48 months $ 1,501.63 MONTHLY PAYMENT $ 129.05 %
6.) If a business borrows $16,000 and repays $23,200 in 4 years, what is the simple interest rate? %
7.) Convert the following credit card rate to the APR. Nebraska, 0.03288% daily rate. (Round your answer to the nearest whole number.) %
8.) Suppose you have a $1,000 charge on a credit card charging 1.5% monthly interest using the adjusted balance method. The minimum payment due in May is $70. How much will you save in interest charges in June by paying $140 instead? $
Expert:
Martin
replied 3 years ago.
Sorry i only saw the first one. I will look into all those, this may take some time as there is many.
Ask Your Own General Question
Customer:
replied 3 years ago.
Ok, I need them no latter than saturday 10:00 PM...
Like I told you before, I had posted this questions since Monday 7/25/2011 and no one had responded to me yet..
Expert:
Martin
replied 3 years ago.
As a tip when there is many questions, split them up and you will increase the chance to get a fast response.

2)
(Principal x addon interest rate x period of the loan) / (repayment frequency)
* I assume the addon rate is annual.
(42500 * 0.026 * (12* 5) / (1*12) = $5525 in Interest
so $48025 in total divided by 60 month give $800.42/month.

3)
I never understood credit card.

4)
3240 + 339.94 * 48 = $19557.12 in total.

5)
my head spin

6)
simple interest = Principal * Rate * Time
16000+ (16000 * (X / 100) * 4) = 23200
X= 11.25%

7)
0.03288% daily rate
0.03288 * 365 = 12% APR

8)
1000
periodic rate : 1.5%/month
pay 140 instead of 70
Finance charge = Adjusted balance * periodic rate
case 1, you pay 70:
1000 = (X) * 0.015
X is 66666.66 the ajusted balance
case 2 you pay 140:
Finance charge = (66666.6670) * 0.015 =(NNN) NNNNNNN
So if we consider the minimum to pay (70 as the amount that would maintain at each month the finance charge at $1000, paying an additional 70 (to make the 140) would save you 1000 (NNN) NNNNNNN= $1.05 (as far as i understand the problem)
.
Sorry that i was not able to answer them all, i am not an accountant. I hope it helped a bit that said.
Martin, Engineer
Category:
General
Satisfied Customers:
4319
Experience:
i'm 41 and i never stopped studying and experimenting
Martin and 52 other General Specialists are ready to help you
Ask your own question now
Customer:
replied 3 years ago.
07/03/2011
Hi Martin, I need help in other assignment..
This paper is due SUNDAY 08/07/2011
Assignment # 1: Financial Project
Refer to the Project PDF file titled: Finance Project located HERE.
Situation
Five years ago, you bought a house for $171,000. You had a down payment of $35,000, which meant you took out a loan for $136,000. Your interest rate was $5.6% fixed. You would like to pay more on your loan. You check your bank statement and find the following information.
Escrow payment: $232.78
Principle and Interest payment: $751.90
Total payment: $984.68
Current Loan balance: $121,259.44
Then, answer these questions:
1.) Assuming you currently meet your monthly expenses with no left over to speak of, how much more money a month do you need to make in order to pay off your loan in 20 years instead of 25? Is this reasonable?
2.) Is it more or less reasonable to consider refinancing your loan? In order to answer this, you need to look at different interest rates. Know that if you refinance, your minimum monthly payments will be based on a thirtyyear loan (though you still want to be done in 20 years). Also, refinancing costs you a couple of thousand dollars up front in closing costs.
The format of the report is to be as follows:
1a.) Typed, 1 to 3 page report, double spaced, Times New Roman font (size 12), one inch margins on all sides, APA format.
2b.) In addition to the 1 to 3 pages required, a title page is to be included. The title page is to contain the title of the assignment, your name, the instructor’s name, the course title, and the date. Include the Grading Procedure page in your report.
3c.) Neatness and professionalism of presentation:
* Text should be legible on white paper with black ink.
* Pages should be stapled, without frilly edges, of regular size (81/2 × 11), and uncrumpled.
* Use sentences and paragraphs appropriately.
* Text should be free of typos and spelling mistakes.
* Presentation should include an opening statement describing what you intend to present and a conclusion wrapping up the presentation.
Note: You will be graded on the quality of your answers, the logic/organization of the report, your language skills, and your writing skills.
Share this conversation
JustAnswer in the News:
Askadoc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses workfromhome jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
What Customers are Saying:
Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.
Mary C.
Freshfield, Liverpool, UK
<
Last

Next
>
Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.
Mary C.
Freshfield, Liverpool, UK
This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!
Alex
Los Angeles, CA
Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.
GP
Hesperia, CA
I couldn't be more satisfied! This is the site I will always come to when I need a second opinion.
Justin
Kernersville, NC
Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around.
Esther
Woodstock, NY
Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know.
Robin
Elkton, Maryland
He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here.
Diane
Dallas, TX
Meet The Experts:
Ron
ASE Certified Technician
Satisfied Customers:
21934
23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
<
Last

Next
>
http://ww2.justanswer.com/uploads/FO/fordguy4u/20111217_222940_HPIM1257.64x64.JPG
Ron's Avatar
Ron
ASE Certified Technician
Satisfied Customers:
21934
23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
http://ww2.justanswer.com/uploads/lyeung1/20100725_032152_tn_IMG_0241.JPG
Dr. Y.'s Avatar
Dr. Y.
Urologist
Satisfied Customers:
18990
I am fellowship trained specializing in general urology and reconstructive urology.
http://ww2.justanswer.com/uploads/docjohn174/20081213_170143_johnask.jpg
John's Avatar
John
Home Appliance Technician
Satisfied Customers:
13453
Appliance repair business owner for over 43 years.
http://ww2.justanswer.com/uploads/MU/multistatelaw/20111127_173951_Tinaglamourshotworkglow102011.64x64.jpg
Tina's Avatar
Tina
Lawyer
Satisfied Customers:
8727
JD, BBA Over 25 years legal and business experience.
http://ww2.justanswer.com/uploads/dermdoc19/20100930_160749_Photo_122807_015.JPG
dermdoc19's Avatar
dermdoc19
Dermatologist
Satisfied Customers:
3992
30 years practice in general and cosmetic dermatology
http://ww2.justanswer.com/uploads/BI/birddoctor/2012622_173214_birddoctor.64x64.png
Dr. Pat's Avatar
Dr. Pat
Bird Veterinarian
Satisfied Customers:
3506
25+ years working primarily or exclusively with birds
http://ww2.justanswer.com/uploads/RY/rydergar/201266_192240_IMG0328.64x64.JPG
Dr. Gary's Avatar
Dr. Gary
Cat Veterinarian
Satisfied Customers:
3494
DVM, Emergency Veterinarian, BS (Physiology)
Related General Questions
Question
Date Submitted
Hi Cher, How are you today? I have baby picture from the 50's and 60's that I&#
3/4/2015
3/4/2015
Cher
What is the best and safest way for a landlord to get his rent
3/2/2015
3/2/2015
Barrister
I paid a deposit of $1050 to rent an apartment with promise
3/2/2015
3/2/2015
Barrister
1954 FENDER PRECISION BASS
2/27/2015
3/1/2015
Glenda B.
Great job on previous questions I asked. I also provided
2/27/2015
2/28/2015
stayathomemomof2
I had a dream where I went to a city and when I got there,
2/27/2015
2/28/2015
Martin
Is there a place where "Ask Marcy" columns archived? I have
2/27/2015
3/3/2015
Marcy
Is Rhode Island vulnerable to natural disasters for someone
2/25/2015
2/25/2015
Martin
I've been trying to learn to sing my wife is really good and
2/24/2015
2/24/2015
Martin
Will jfk airport close due weather this weekend?
2/20/2015
2/20/2015
Michael
Chat Now With An Expert
Martin
Electrical engineer
668 Satisfied Customers
i'm 41 and i never stopped studying and experimenting
X
Ask an Expert
Get a Professional Answer. 100% Satisfaction Guaranteed.
52 Experts are Online Now
Type Your Question Here...
characters left: