A loan's quirky terms require the first payment to be made at the moment the money is lent. Payments are $95 every month, the monthly interest rate is 0.41%, and the loan is paid off in equal payments over 8 years. How much money was borrowed? Answer and round to the nearest cent..
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A loan's quirky terms require the first payment to be made at the moment the money is lent. Payments are $95 every month, the monthly interest rate is 0.41%, and the loan is paid off in equal payments over 8 years. How much money was borrowed? Answer and round to the nearest cent..
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- 4) You borrow $2500 on September 3rd this year. Your demand loan carries an interest rate of 7.46%. You make partial payments of $500 on October 15th and $1575 on November 17th, You want to make a final payment of the remaining outstanding balance on November 30tn. What is the size of your final payment? Use the declining balance method. A) $450.02 B) $399.76 C) $612.84 D) $851.11 E) $449A loan is to be paid by installments of $800 1-month from now, $600 3-months from now, and $500 4- months from now. Instead of this payment scheme, the borrower wishes to make one single payment 2 months from now. What is the amount of the alternative single payment using a focal date of 3 months and r = 6%? A. $1890.55 B. $1905.51 C. $1896.03 D. $1901.00Use the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,300 10.4 107 X days $227 Need Help? Read It
- The following loan was paid in full before its due date. a) Find the value of h using an appropriate formula. b) Use the actuarial method to find the amount of unearned interest. c) Find the payoff amount. Regular Monthly Payment APR # of Payments Remaining after Payoff 8.7% 4 $214 What is the finance charge per $100 financed? h = $ (Round to the nearest cent.) The unearned interest is about $ (Round to the nearest cent.) The payoff amount is $ Enter your answer in each of the answer boxes. f12 inser f9 f1o f7 fg f6 f4 f5 esc 5 7 8. %24 3 %23Suppose you borrow from a bank $1,756.06 today (t=0). You agree to pay back $3,637.64 in 4 years (t=4). The interest rate (%) that the bank charge you is closest to ________%. Input your answer without the % sign and round your answer to two decimal places.A loan has quarterly payments. The APR is 16%, and interest is compounded 12 time(s) per year. The effective interest rate that would be needed to find the payment amount for the loan is _%. Margin of error for correct responses: +/-.02 (%) Rounding and Formatting instructions: Do not enter dollar signs, percent signs, commas, X, or any words in your response. Do not round any intermediate work, but round your *final* response to 2 decimal places (example: if your answer is 12.3456, 12.3456%, or $12.3456, you should enter 12.35).
- Complete the following table by using Table 15.1. ( Do not round intermediate calculations.Round your answers to the nearest cent.): Selling price: $158,000 Down payment: $31,000 Amount mortgage: ?? Rate: 6.50% Years: 30 Monthly payment: ?? First payment broken down into-- interest: ?? principle:?? Balance at end of month: ??Need hood explanation, don’t use excel please. Tsinoor takes out a loan of $6800. He will repay the loan over 5-years with semi-annual payments of $816 (first payment due in 6-months). Using linear interpolation, what rate of interest, j2 is being charged on the loan?Find the amount (in of interest and the maturity value of the loans. Use the formula MV = P + I to find the maturity value. (Round your answers to two decimal places.) Principal Rate (%) Time $145,000 14/12/2 Need Help? Submit Answer Read It 8 months Interest Enter a number. Maturity Value LA X
- 3. ZZ bank offers a personal loan of RM30,000 with an interest rate of 4.5% compounded monthly. The customer must pay back the loan through monthly payments for 5 years. No use excel. Use formula below. a) Find the monthly payment. (RM559.29) b) Calculate the total interest charged. (RM3557.40) c) Immediately alter paying the 48th payment, the customer decided to settle the balance of the loan. Find the amount to be paid.(RM6550.71)← Use PMT- to determine the regular payment amount, rounded to the nearest dollar. Your credit card has a balance of $3600 and an annual interest rate of 16% With no further 1- purchases charged to the card and the balance being paid off over three years, the monthly payment is $127, and the total interest paid is $972. You can get a bank loan at 8.5% with a term of four years. Complete parts (a) and (b) below. a. How much will you pay each month? How does this compare with the credit card payment each month? Select the correct choice below and fill in the answer boxes to complete your choice. (Do not round until the final answer. Then round to the nearest dollar as needed) This is 5 A. The monthly payments for the bank loan are approximately $ OB. The monthly payments for the bank loan are approximately $ This is 5 less than the monthly credit card payments more than the monthly credit card paymentsThe following loan was paid in full before its due date a) Find the value of h using an appropriate formula b) Use the actuarial method to find the amount of unearned interest c) Find the payoff amount Regular Monthly Payment # of Payments Remaining after Payoff APR 7.2% $247 8 What is the finance charge per $100 financed? h=$ (Round to the nearest cent)