365 360 loan calculator
[DOC File]Voting Theory - OpenTextBookStore
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If the compounding is done daily, k = 365. ... We can quickly calculate 12×30 = 360, giving . Now we can use the calculator. Using your calculator continued. ... You’re paying a total of $302,173.20 to the loan company: $839.37 per month for 360 months. You are paying a total of $302,173.20 - $140,000 = $162,173.20 in interest over the life ...
[DOC File]CHAPTER 21
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Both received a loan from a local bank with a nominal interest rate of 12% where payments are made at the end of each month, and they both pay the same monthly payment. Jamie’s loan is for $15,000; however, his loan matures at the end of 4 years (48 months), while Jake’s loan …
[DOC File]Lecture Notes on Time Value of Money
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3. Financial calculator. You may need to input something like this. Specific functions vary. Be sure to consult the calculator’s manual!!!!! n [N] i [I/YR] PV PMT FV 10 5 10,000 0 ? NOTE: The future value will be negative, indicate an opposite direction of cash flow. 1. Set the calculator …
[DOC File]CHAPTER 3
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Savings: 30 year loan cost ($1330.61 x 360) or $479019.60. 15 year loan cost ($1797.66 x 180) or $323578.80. DIFFERENCE $155440.80. 9-14 PVA = $100,000 x (1 + PVAIF9,12%) = $100,000 x (1 + 5.328) = $632,800. Or solving for the annuity due by financial calculator: $632824.98
[DOC File]Chapter 5
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EAR = (1 + .08/365)365 – 1 = .08327757179 (Point out that is extremely important that we DO NOT round on the intermediate steps.) What we need is an APR based on compounding every two weeks that will pay the same effective rate of interest.
[DOC File]Section 1 - UW-Madison Department of Mathematics
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a) Using a calculator we find that . b) Similar to what was done in part a), we have ( Key idea. There is virtually no difference whether a bank treats a year as 365 days or 360 days. The 365 over 365 method with a daily nominal rate of is the usual method for daily compounding.
[DOC File]CHAPTER 1
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Calculate the finance charge on a home equity loan based on an average daily balance of $52,850 during a 31-day billing period. The lender charges 8.25% interest and calculates interest based on the resulting daily periodic rate. Assume a 365-day year and round the daily periodic rate to 8 decimal places.
[DOCX File]CHAPTER 5
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To account for this, we will divide the interest rate by 365 (the number of days in a year, ignoring leap year), and multiply the number of periods by 365. Doing so, we get: FV in 5 years = $5,000[1 + (.053/365)]5(365) = $6,517.03
[DOC File]FUTURE VALUE AND PRESENT VALUE FORMULAS
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29. The Ohio Corporation is contemplating a substantial loan from the bank. A $5 million loan is available at the prime rate of 18 percent, but also has a 20 percent compensating balance requirement. What is the effective cost of the loan? [22.5%] 30. The Oklahoma Company has an outstanding bank loan of $400,000 at an interest rate of 12 percent.
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