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Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 408 Weeks Ago, 6 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Show transcribed image text Karana takes out a conventional loan to purchase a car. The interest rate is 6.4% compounded monthly and Karana has ten years to repay the $27,000 she borrowed. What are Karana's monthly payments? How much would you have to invest each month in an annuity earning 5% monthly to earn $5000 at the end of 18 years? A credit card bill shows a balance due of $12000 with a minimum payment of $24 and a monthly interest rate of 1.44%. What is the EAR? Which of these loan rates is most favorable? How much would you have to invest each quarter in an annuity earning 5% quarterly to earn $20,000 at the end of 20 years?
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