26 Jul WHAT WILL BE THE LOANS EFFECTIVE ANNUAL INTEREST RATE (EAR)?
3. You have contacted a number of car dealerships to determine the best interest rate Show more Show ALL work 3. You have contacted a number of car dealerships to determine the best interest rate on a new automobile loan. A Ford dealership has quoted you a 5-year 10% loan in the amount of $35000 that will require monthly payments. a. What is the monthly loan payment? b. What will be the loans effective annual interest rate (EAR)? 4. Marcus has won the grand prize in a lottery and must choose between the following three options: a. Receive a lump sum payment of $9000000. b. Receive annual end of the year payments of $1000000 for the next 12 years. c. Receive annual end of the year payments of $1500000 for the next 8 years. a. Which option should Marcus choose based on an annual investment rate of 8%? 5. How much money does Kristi need to have in her retirement savings account today if she wishes to withdraw $25000 per year for 30 years? She expects to earn an average rate of 8%. Show less
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