What is the APR for these monthly loans?

Be sure to save an electronic copy of your answer before submitting it
to Ashworth College for grading. Unless otherwise stated, answer in complete
sentences, and be sure to use correct English, spelling, and grammar.

Respond to the items below.

Part A: Cash
Flow of Accounts Receivable

Myers and
Associates, a famous law office in California, bills its clients on the first
of each month. Clients pay in the following fashion: 40% pay at the end of the
first month, 30% pay at the end of the second month, 20% pay at the end of the
third month, 5% pay at the end of the fourth month, and 5% default on their
bills. Myers wants to know the anticipated cash flow for the first quarter of
2009 if the past billings and anticipated billings follow this same pattern.
The actual and anticipated billings are as follows.

Fourth Quarter
Actual Billings
First Quarter
Anticipated Billings
Oct. Nov. Dec. Jan. Feb. Mar.
$392,000 $323,000 $296,000 $340,000 $360,000 $408,000

Part B: Straight
Bank Loan

Right Bank
offers EAR loans of 9.38% and requires a monthly payment on all loans.

a.
What
is the APR for these monthly loans?

b.
What
is the monthly payment for the following?

1.
A
loan of $200,000 for six years

2.
A
loan of $450,000 for twelve years

3.
A
loan of $1,250,000 for thirty years

Part C: Selling
Bonds

Astro Investment Bank has the
following bond deals underway:

Company Bond
Yield
Commission Coupon
Rate
Maturity
Gravity Belts 8.0% 2% of Sale Price 8.0% 10 years
Invisible Rays 9.0% 3% of Sale Price 12.0% 10 years
Solar Glasses 7.0% 2% of Sale Price 5.0% 20 years
Space Ships 12.0% 4% of Sale Price 0% 20 years

Determine the net proceeds of each bond and the cost
of the bonds for each company in terms of yield. The bond yield in the table is
the market yield before the commission is charged. Assume that all bonds are
semiannual and issued at a par value of $1,000.

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