Answer:
Price of Bond= $907.766
Explanation:
The price of the bond is the present value of its future cash flow discounted at the required rate of return of 5.5%.
Price of Bond = PV of interest payment +PV of redemption value
<em>PV of interest payment:</em>
interest payment = 5.5%× 1000= 55
PV = A × (1+r)^(-n)/r
A- 55, r - 7%, n- 10 years
PV = 55, r- 5.5%, n- 10
PV = 55× 1.07^(-10)/0.07= 399.417301
<em>Present Value of redemption </em>
PV = F× (1+r)^(-n)
F= 1000, r- 7%, n- 10 years
PV = 1,000× 1.07^(-10)= 508.3492921
Price of Bond = 508.3492921 + 399.417301= 907.7665931
Price of Bond= $907.766
Jamal's monthly payment for the car loan is $578.59.
Data and Calculations:
Amount of Jamal's auto loan = $30,000
Term of the auto loan = 5 years or 60 months
Interest rate payable = 5.9% APR
Monthly payment from an online financial calculator:
Monthly Pay = $578.59
Total Loan Amount = $30,000.00
Upfront Payment = $0.00
Total of 60 Loan Payments = $34,715.41
Total Loan Interest = $4,715.41
Total Cost = $34,715.41
Thus, Jamal will be making a monthly payment of $578.59.
Learn more about calculating monthly payments for auto loans at brainly.com/question/11866605
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