## FINANCE-Ginger borrowed $350,000 at 5.25%. Her loan is for 30 years

## FINANCE-Ginger borrowed $350,000 at 5.25%. Her loan is for 30 years

Please show work in excel. Thanks

1. Ginger borrowed $350,000 at 5.25%. Her loan is for 30

years. How much will her monthly payment be

2. Forest & Main earned $1.50 per share three years ago.

Its earnings this year were $2.75. What was the growth rate in earnings

per share over the 3-year period?

3.

What

is the effective annual interest rate for a 6.25% loan with interest compounded

daily based on a 365 day year?

4. Bucky Bavasi just bought a new TV that cost $1,500. He plans

to finance the purchase with his new credit card which has an 18% nominal

interest rate. The minimum payment on the card is $24.16 per month.

If he makes the minimum payment and makes no other charges, how many months

will it take before he pays off the card?

5. How much must the Big Boy invest today to spend $15,000 next year

on a trip to Tahiti, $30,000 for a new car three years from today, and $25,000

per year for five years beginning at the end of year 4 for other fun

stuff? He can earn 5% on his investments.

6.

How much money will Slats

Slattery accumulate at the end of twenty years if he presently has $175,000 and

plans to invest $50,000 per year for the next ten years? He can earn 4%

on his investments.

7. Lucky just won the Power Ball lottery for $300,000,000. She

has the option of receiving a $15,000,000 annuity for the next 20 years

beginning today or a lump sum payment of $175,000,000 today. If she can

earn 6% on her investments, should she take the lump sum or

annuity? (a) Take Lump Sum

(b) Take Annuity

8.

Monk Manley needs $30,000 to

buy a new car. Nick the Greek has offered to lend him the money if he

agrees to repay $622.75 per month for the next 5 years. What annual interest

rate is being charged on the loan?

9. Meat Murray wishes to buy a boat in five years that presently

costs $120,000. He expects the cost of the boat to increase due to

inflation by 2% per year for the next two years and 4% per year the following three

years. He also wants to spend $75,000 per year for 6 years beginning at

the end of 10 years from today. How much must he save each year for the

next 5 years if he can earn 7% on his investments

10. Horseman Pileggi borrowed $20,000 at a rate of 10% and must repay

it in 5 equal installments at the end of each of the next 5 years. By how

much would he reduce the amount he owes in the first year?

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