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- A loan is offered with monthly payments and a 14.50 percent APR. What’s the loan’s effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) EAR =___.__%Consider a student loan of $15,000 at a fixed APR of 9% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $141,126.2179. (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total payment over the term of the loan is $ (Round to the nearest cent as needed.) c. Of the total payment over the term of the loan, % is paid toward the principal and % is paid toward interest. (Round to the nearest tenth as needed.)Prepare an amortization schedule for a three-year loan of $99,000. The interest rate is 10 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 2 3
- Find the APR, rounded to the nearest tenth of a percent (one decimal place) for the loan. Purchase a living room set for $4,900 at 8% add-on interest for 4 years. Enter only the number without % sign. Find APR (rounded to the nearest tenth of a percent) for the loan. Purchase a living room set for $3,600 at 8% add-on interest for 3 years. (A) 10.7% (B 15.6%Prepare an amortization schedule for a five-year loan of $60,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Principal Payment Ending Balance Total Beginning Balance Interest Year Payment Payment 1 3. 4 How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Total interest paid < Prev 10 of 10 Next1. If you borrow $2,400 and agree to repay the loan in four equal annual payments at an interest rate of 10%, what will your payment be? (Do not round intermediate calculations. Round your enswer to 2 decimal places.) Amount of payment b. What if you make the first payment on the loan immediately instead of at the end of the first year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Repayment amount %24 %24
- You take out an $8,900 car loan that calls for 48 monthly payments starting after 1 month at an APR of 6%. a. What is your monthly payment? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. What is the effective annual interest rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. c. Now assume the payments are made in four annual year-end installments. What annual payment would have the same present value as the monthly payment you calculated? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. a. Monthly payment b. Effective annual interest rate c. Annual payment $ 568.69 %You've borrowed $6,903.71 and agreed to pay back the loan with monthly payments of $270. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? Note: Do not round intermediate calculations. Round your answer to the nearest whole number. Number of months b. What is the effective annual rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Effective annual rate %A loan is offered with monthly payments and a 16.50 percent APR. What's the loan's effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Effective annual rate %
- To borrow $2,400, you are offered an add-on interest loan at 10.4 percent with 12 monthly payments. Compute the 12 equal payments. Use the amount you borrowed and the monthly payments you computed to calculate the APR of the loan. Then, use that APR to compute the EAR of the loan. Note: Do not round intermediate calculations and round your final answer to 2 decimal places. Equal payment Effective annual rate. %Consider a student loan of $10,000 at a fixed APR of 6% for 4 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $. (Do not round until the final answer. Then round to the nearest cent as needed.)Prepare an amortization schedule for a three-year loan of $93,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)