How long will it take to pay off a loan of $47,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $650? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is enter your response here years. (Round to one decimal place.)
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- help please how long will it take to pay off a loan of $45,000 at an annual rate of 11% compounded monthly if you make monthly payments of $450? Use five decimal places for the monthly percentage rate in your calculations the number of years it takes to pay off the loan is ______ years? Round to one decimal place.(Annuity number of periods) How long will it take to pay off a loan of $47,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of $650? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is years. (Round to one decimal place.) C(Annuity number of periods) How long will it take to pay off a loan of $48,000 at an annual rate of 9 percent compounded monthly if you make monthly payments of $800? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is years. (Round to one decimal place.)
- Suppose you take out a margin loan for $65,000. The rate you pay is an effective rate of 8.7 percent. If you repay the loan in six months, how much interest will you pay? (Do not round intermediate calculations. Round your answer to 2 decimal places.) InterestSuppose you take out a margin loan for $71,000. The rate you pay is an effective rate of 5.6 percent. If you repay the loan in six months, how much interest will you pay? (Do not round intermediate calculations. Round your answer to 2 decimal places.)You are offered an add-on loan for $4,500 at 18% for 5 years. What is the monthly payment? What is the amount of interest? What is the true interest rate cost of this loan? If you could pay the same loan above at a compound rate: What would the monthly payment be? What would the amount of interest be? 3. Prepare a monthly payment schedule for each loan above using Excel, and submit it.
- You have just taken out a $16,000 car loan with a 8% APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment, $____ will go toward the principal of the loan and $______ will go toward the interest. (Round to the nearest cent.)Assume you graduate from college with $26,000 in student loans. If your interest rate is fixed at 5.00% APR with monthly compounding and you repay the loans over a 10-year period, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.) Your monthly payment will be $_____ (Round to the nearest cent.)You borrow $160,000; the annual loan payments are $24,368.03 for 30 years. What interest rate are you being charged? Round your answer to two decimal places.
- You have just taken out a $24,000car loan with a 4%APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest?(Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment,$.... will go toward the principal of the loan and $......will go toward the interest. (Round to the nearest cent.)If you borrow $8,637 and are required to pay back the loan in five equal annual installments of $2,700, what is the interest rate associated with the loan? Use Appendix D or a financial calculator to solve this problem. (Round your answer to the nearest whole percent.) Interest rate %You are considering taking out a loan of $7,000.00 that will be paid back over 12 years with every 2 months payments of $149.54. If the interest rate is 7.7% compounded every 2 months, what would the unpaid balance be immediately after the fifteenth payment? Round answers to 2 decimal places.
