What is amount of each monthly loan payment

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Reference no: EM131328950

1. Assume you graduate with $31,300 in student loans at an interest rate of 5.25 percent, compounded monthly. If you want to have this debt paid in full within three years, how much must you pay each month?

2. Sara is the recipient of a trust that will pay her $500 on the first day of each month, starting immediately and continuing for 40 years. What is the value of this inheritance today if the applicable discount rate is 7.3 percent, compounded monthly?

3. Anna's grandmother established a trust and deposited $250,000 into it. The trust pays a guaranteed 4.25 percent rate of return. Anna will receive all of the interest earnings on an annual basis and a charity will receive the principal amount at Anna's passing. How much income will Anna receive each year?

4. You are buying a car for $7,500, paying $900 down in cash, and financing the balance for 24 months at 6.5 percent, compounded monthly. What is the amount of each monthly loan payment?

Reference no: EM131328950

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