19.) The Roberts Furniture Showroom offers credit to its customers at a rate of .9...
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Finance
19.)
The Roberts Furniture Showroom offers credit to its customers at a rate of .9 percent per month. What is the APR of this credit offer?
You are looking to purchase a new truck for your business. The salesman offers either cash todayof $85K (which you have but would rather not spend) OR 60 monthly payments of $1,700 with the first payment due immediately. If you can borrow money from your bank for 5 years with and APR of 6.0% and monthly compounding. Which is the better offer?
You want to purchase a new apartment which costs $300,000. Your plan is to pay 20 percent down in cash and finance the balance over 25 years at 6.25 percent. What will be your monthly mortgage payment?
Picard wants to have $25,000 in an investment account 2 years from now, his expected graduation. The account is expected to pay .2% percent interest per month. If he saves money every month, starting one month from now, and ending 2 years from today (immediately following the last investment), how much will he have to save each month to reach his goal?
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