Accounting

The Grooms Diner has just purchased a counter and stools for $45,000. Nick paid $5,000 down and is going to borrow the remaining $40,000. The Manhattan National Bank will loan him the money for four years if he agrees to make monthly payments.

A. What are the monthly payments if the bank charges 5 percent interest?

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B. What are the monthly payments if the bank charges 7 percent interest?

C. What are the monthly payments if the bank charges 9 percent interest?

Josh Jacobsen just received $1,000,000 from winning the lottery. He has decided to spend $200,000 immediately and to invest the remaining $800,000 for 10 years.

A. If he can get an 5 percent rate of return that is compounded quarterly, how much will he have at the end of 10 years?

B. If he can get a 7 percent rate of return that is compounded quarterly, how much will he have at the end of 10 years?

C. If he can get an 9 percent rate of return that is compounded quarterly, how much will he have at the end of 10 years?

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