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# 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
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).
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% add-on 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 trade-in \$ 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.
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 add-on interest rate x period of the loan) / (repayment frequency)

* I assume the add-on 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)
---------------------------------
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

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 = (66666.66-70) * 0.015 =(NNN) NNN-NNNN

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) NNN-NNNN= \$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: 4204
Experience: i'm 41 and i never stopped studying and experimenting
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

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 thirty-year 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 un-crumpled.
* 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.

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