A local business received a $45,000 loan at 4.0 compounded semi-annually. The business sett oan with monthly payments of $875. a. How many payments are required to settle t Round up to the nearest whole payment.
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- A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the recorded interest figure at that time? A. $7,150 B. $65,000 C. $14,300 D. $2,383Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600A local business received a $45,000 loan at 4.95% compounded monthly. The business settled the loan with quarterly payments of $625. a. How many payments are required to settle the loan? Round up to the nearest whole payment. b. What was the interest portion of payment 61? $0.00 Round to the nearest cent c. What was the size of the final payment? Round to the nearest cent.
- A loan of $2700 collecting simple interest at a 7.9% annual rate was repaid with a check for $2806.65. How long did it take the borrower to repay the loan?A bank has agreed to lend you $127,800 for a home loan. The loan will be fully amortized over 57 years at 12.98%, with .13 points. The loan payments will be monthly. The closing cost is estimated to be $2,168. Calculate the loan principal. $130,063.66 $130.137.18 $130,181.52 $130,144.37 None of the answers are correctA local business received a $45,000 loan at 4.95% compounded semi-annually. The business settled the loan with quarterly payments of $650. a. How many payments are required to settle the loan? Round up to the nearest whole payment. a) 156 b) 155 c) 158 d) 157 b. What was the interest portion of payment 52? a) $469.94 b) $460.16 c) $473.64 d) $466.13 c. What was the size of the final payment? a) $7.23 b) -$2.24 c) $4.07 d) $11.96
- 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 # of Payments Remaining after Payoff APR 7.2% $247 8 What is the finance charge per $100 financed? h=$ (Round to the nearest cent)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 %232. A loan of $94028.12 is repaid by monthly payments of $625.75. The interest rate charged is 5.1% compounded monthly. (a) Find the number of monthly payments. (b) What is the total amount of interest paid over the course of the loan?
- A man approaches a Loan Agency for P100,000 to be paid in 24 monthly instalments. The agency advertises an interest rate of 1.5% per month. They proceed to calculate the amount of his monthly payment as follows: Amount requested P100,000 Credit investigation P500 Credit risk insurance P1,000 Total P101,500 Interest = P101,500(24)(0.015) = P36,540 Total owed = P36,540 + P101,500 = P138,040 Payment = P138,040 / 24 = P5,751.67 What is the effective rate of interest of the loan?A company financed the purchase of a machine with a loan at 2.5% compounded monthly. This loan would be settled by making payments of $9,400 at the end of every month for 5 years. a. What was the principal balance of the loan? $0.00 Round to the nearest cent b. What was the total amount of interest charged on the loan? $0.00 Round to the nearest centA Company borrowed money from a local bank. The note the company signed requires five annual installment payments of $10,000 beginning one year from today. The interest rate on the note is 7%. What amount did the company borrow? Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)