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F301 PS2_11Spring

# F301 PS2_11Spring - F301 Problem Set Two Spring 2011 Please...

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F301 Problem Set Two Spring 2011 Please show your work in a professional, businesslike fashion. It should be neither crowded nor illegibly tiny. Make this assignment look like something you could present to your boss. Show your work in the form requested in the problem: either calculations and equations, or calculator inputs with the TVM keys. No credit will be given without complete work. Each part of each problem is worth three points. Total possible points = 33. 1. You have decided to buy a car with the \$10,000 gift you just received from your grandmother. That early Porsche Cayman will cost you \$28,000. With your \$10,000 cash as your down payment, you will need to borrow \$18,000. Suppose this car loan is for four years, with a quoted interest rate of 9% compounded monthly. What will be the amount of your monthly payment? 2. A bank is offering an amortized loan in the amount of \$5,000 for 12 months, with a monthly payment of \$432.27. a.
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