14) Barkley Charles has a 4-year CD at Bank of the Bayou for $34,000.00 that earns 3.2% interest compounded monthly. Barkley's CD has a penalty of 8 months of interest. a. If Barkley leaves his money in the CD for the entire term of 4-years, determine the amount owed as a penalty. b. If Barkley leaves his money in the CD for the entire term of 4-years, determine and the amount of money he will receive.
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- Jones purchased a cottage, paying $30 000 down and agreeing to pay $1800 at the end of every month for the next 10 years. The rate of interest is j2 = 5%. Jones pays off the remaining balance without penalty by making a single payment at the end of 5 years. Determine the extra amount that Jones pays in addition to the regular payment then due.On March 31, year 1, Mary borrowed $240,000 to buy her principal residence. Mary paid 3 points to reduce her interest rate from 6 percent to 5 percent. The loan is for a 30-year period. What is Mary's year 1 deduction for her points paid? Multiple Choice ___ $60. ___ $180. ___ $5,400. ___ $7,200.Do it manually please and the answer is 22626.01 Jones purchased a cottage, paying $30 000 down and agreeing to pay $1800 at the end of every month for the next 10 years. The rate of interest is j2 = 5%. Jones pays off the remaining balance without penalty by making a single payment at the end of 5 years. Determine the extra amount that Jones pays in addition to the regular payment then due.
- When Albertina opened her law office, she bought $13,000 worth of law books and S6800 worth of fumiture. She paid $1100 down and agreed to amortize the balance with semiannual payments for 6 years at 11% compounded semiannually. Find the amount of each payment. Then use the formula for the remaining balance to find the number of remaining payments when the loan has been reduced below S8000. What is the amount of each payment? (Round to the nearest cent as needed.)1.1) Dave owes $40,000, due with accumulated interest at the rate (.06, m = 4) at the end of 5 years and 3 months. What is the value of this obligation two years before it is due to a man to whom money is worth (.06, m = 1)? 1.2) Dave owes John $20,000 due after 3 years and $30,000 due after 3 years and 6 months. He intends to pay with equal amounts at the end of 2 years and 4 years. What equal payment will discharge these debts if money is worth (0.06, m = 2)?Mitt was injured by a bus called “Move Forward.” He won a lawsuit and will receive $10,000 per month, at the beginning of each month, for the next 10 years. How much must “Move Forward” deposit into an account earning 5%, compounded monthly, to satisfy this judgment?a. $946,742.b. $937,109.c. $942,814.d. $907,899.
- Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer payments for 12 months, and Kris makes 48 end-of-month payments thereafter. If the original note (loan) is for $28,000 and interest in 6% compounded monthly on the unpaid balance, how much will Kris' payment be? a. 675.58 b. 606.87 c. 657.87 d. 660.87Mr. Cruz agreed to settle a debt by making 12 quarterly payments of P 450 each. If he failed to make the first 3 payments, how much is he going to pay for the next payment due that a) will bring up-to-date with his payments; b) will cancel his debt, money worth 8% compounded quarterly.Fred owes $10,000 due in three years and $5,000 due in ten years. Fred is allowed to pay off both loans after four years at 9% simple interest. How much does Fred pay?
- Chad purchased a house for $475,000. He made a downpayment of 20% of the value of the house and received a mortgage for the rest of the amount at 6.25% compounded semi-annually for 20 years. The interest rate was fixed for a 5-year term. a. Calculate the principal balance at the end of the 5-year term. b. Calculate the size of the monthly payments if after the first 5-year term the mortgage was renewed for another 5-year term at 6.00% compounded semi-annually?3. Mr. Ramirez borrowed P150,000 to be amortized in 2 years by monthly equal payments. If Mr. Ramirez missed the payments during the first year, what amount must he pay in the following month to liquidate alIl his indebtedness if money worth 12%?3. Mr. Ramirez borrowed P150,000 to be amortized in 2 years by monthly equal payments. If Mr. Ramirez missed the payments during the first year, what amount must he pay in the following month to liquidate all his indebtedness if money worth 12%?