Q: out a 36-month installment loan to finance a delivery van for $26,100. The payments are $987 per…
A: The given problem can be solved using FV function in excel. FV function computes outstanding loan…
Q: If you repaid a loan of $3000 in 4 years with monthly installments of $86, what was the finance…
A: Computation:
Q: You want to buy a house, and a local bank will lend you $100,000. The loan will be fully amortized…
A: Monthly loan payment: It is the amount of money that is given to the lender by the borrower on the…
Q: You borrowed $650,000 from a bank at an interest rate of 63% compounded quarterly to purchase a new…
A: Monthly payments can be calculated by present value of annuity as the money borrowed (Loan) is the…
Q: You have borrowed $20,000 from a bank for a five-year period. You will be making monthly payments on…
A: Borrowed amount is $20,000 Interest rate on Loan is 12% per annum Interest rate compounded monthly…
Q: You borrow $30,000 for 10 years to pay tuition and fees. The annual interest rate is 12 percent.…
A: Loan amount (PV) = $30000 Interest rate = 12% Monthly interest rate (r) = 12%/12 = 1% Period = 10…
Q: Suppose you borrow 11,000 for 5 years at 6% towards the purchase of a car. What would be the monthly…
A: The computation of monthly payments:Hence, the monthly payment is 212.66.
Q: You are considering taking out a loan of 20,000.00 that will be paid back over 7 years with monthly…
A: given information loan amount = 20,000 interest rate = 4.8% monthly interest rate = 0.004 no of…
Q: Suppose you buy a $40,000 car and you 'put down' $5,000 and finance the rest for 72 months at 3.75%…
A: Solution:- When a loan is taken, the amount can be repaid as a lump sum payment or in instalments.…
Q: You have just purchased a new warehouse. To finance the purchase, you have arranged for a 30-year…
A: The calculation is:
Q: Your car loan requires payments of $1,000 per month over the next18 months and payments of $2,000…
A: The concept of time value of money will be used here. As per the concept of time value of money the…
Q: Suppose you have accumulated $22,000 in credit card debt. If the interest rate on the credit card is…
A: Present Value = Annuity * PVAF (Periodic rate, Number of Periods )
Q: You overhear your friend saying that he is repaying a loan at P5,000 every month for the next three…
A: Using excel PV function
Q: If a person has taken a home loan of 50000 TL with an annual effective interest rate of 12% and his…
A: A home loan is taken in order to finance the purchase of a house. The borrower makes regular…
Q: Suppose that you borrow $10,000 for four years at 8% toward the purchase of a car. Find the monthly…
A: The amortization schedule shows the periodic loan payment owed for each period, the amount of…
Q: You buy a house and finance $250,000 at 4% per year. One loan is 30 years (360 monthly рayments) and…
A: Monthly payments is calculated by present value of annuity formula. r is annual percentage rate and…
Q: If you borrow $24398 with an annual rate of 9% compounded monthly and make a payment of $282 every…
A: Here we will use the concept of time value of money. As per the concept of time value of money the…
Q: You borrow $30,000 for 10 years to pay tuition and fees. The annual interest rate is 12 percent.…
A: To calculate the monthly payment amount we will use the below mention formula Monthly payment =…
Q: You borrow $85,000; the annual loan payments are $8,273.59 for 30 years. What interest rate are you…
A: The present value is the value of the sum received at time 0 or the current period. It is the value…
Q: Suppose you obtain a 20-year mortgage loan of $194,000 at an annual interest rate of 8.2%. The…
A: Periodic Payments (PMT) refers to the amount need to de deposits regularly ( Yearly, Quarterly,…
Q: Suppose you obtain a 20-year mortgage loan of $191,000 at an annual interest rate of 8.1%. The…
A: Here, Mortgage Amount is $191,000 Annual Interest Rate is 8.1% Mortgage Period is 20 years Annual…
Q: You borrow $8,000 at an annual rate of 21%. If you repay the debt in three months, what do you owe?
A: In this question we require to calculate the amount we owe if we borrow $8000 and repay it in 3…
Q: You have just purchased a home by borrowing $400, 000 for 30-years at a fixed APR of 3.87%. The loan…
A: Answer. APR means Annual periodic interest rate
Q: You are buying vehicle for $20,000 and are paying $2,000 as a down payment. You have negotiated a…
A: Annuity means finite no. of payments which are same in size and made in equal intervals. This…
Q: will we owe more or less than $200,000 (half the original loan amount)?
A: Loan Amount: It represents the credit taken by the borrower from the lender. The borrower makes…
Q: You were buying a House for $190,000 with a down payment of $57,000. The loan will be paid back over…
A: A study that proves that the future worth of the money is lower than its current value due to…
Q: You are going to buy new machinery worth$36,200. The dealer computes your monthly paymentto be…
A: The effective annual rate of interest is the actual or the real rate of interest paid or received…
Q: You take out a $7,000 car loan that calls for 60 monthly payments starting after 1 month at an APR…
A: The present value of annuity refers to the current value of regular payments made at fixed intervals…
Q: Someone is borrowing from a five-six ( Bumbay ) money lender. How much will be charged if you want…
A: Interest is referred to as the monetary charge which is to be paid to the moneylender on the…
Q: You have $2,650 balance on your charge card, and the finance charge is 16.8% annually. You send in…
A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…
Q: If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year…
A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…
Q: You borrow $85,000; the annual loan payments are $8,273.59 for 30 years. What interest rate arc you…
A: The provided information are: Number of periods (Nper) = 30 years Annual payment (PMT) = $8273.59…
Q: You have borrowed $14,300 at a compound annual interest rate of 15 percent. You feel that you will…
A: given, p= $14300 pmt = $3000 r=15%
Q: You have taken out a 60-month, $26,000 car loan with an APR of 6%, compounded monthly. The monthly…
A: Loan Amortization Schedule gives the information of your loan and how you'll repay it. The payment…
Q: Suppose you obtain a 30-year mortgage loan of $195,000 at an annual interest rate of 8.6%. The…
A: Monthly property tax =Annual property tax /12 Monthly property tax = $969/12 Monthly property tax =…
Q: Suppose you obtain a 30-year mortgage loan of $193,000 at an annual interest rate of 8.6%. The…
A: Mortgage loan is a kind of secured loan, whereby, the lender provides the desired funds to the…
Q: You borrow $225,000; the annual loan payments are $30,017.40 for 30 years. What interest rate are…
A: Interest Rate: For the usage of assets, a lender will charge an additional sum on top of the loan in…
Q: Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments…
A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…
Q: You borrow $205,000; the annual loan payments are $29,274.57 for 30 years. What interest rate are…
A: using TVM SOLVER, WE FIND THE RATE BY GIVING FOLLOWING INPUT:: PV=-205,000 PMT=29,274.57 FV=0 PERIOD…
Q: You are borrowing $500,000 to buy a house. The interest rate is 3% compounded monthly. The…
A: Given:
Q: If you want to earn 15% annual simple interest on an investment, how much should you pay for a note…
A: The question specifies that the maturity value of note receivable due in 10 months from now will be…
Q: You want to borrow $30,000. For the loan to you must repay $1100 every quarter (4 times per year)…
A: Loan is an agreement between lender and borrower where lender agrees to provide funds to lender for…
You borrow $230,000; the annual loan payments are $20,430.31
for 30 years. What interest rate are you being charged?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- You borrow $175,000; the annual loan payments are $10,120.27 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number.You borrow $85,000; the annual loan payments are $8,273.59 for 30 years. What interest rate arc you being charged?Suppose you borrow $15,000 and then repay the loan by making 12 monthly payments of $1,297.92 each. What rate will you be quoted on the loan? NO EXCEL
- Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $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 borrow $155,000; the annual loan payments are $12, 490.89 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number. How do i do this on a finance calculator (BA II Plus)
- Suppose that you're planning a vacation and borrow $2,000 from a bank for one year at a stated annual interest rate of 14 percent, with interest prepaid (a discount interest loan). Also, assume that the bank requires you to maintain a compensating balance equal to 10 percent of the initial loan value. What effective annual interest rate are you being charged?My friend is charging me 3.69% per month on loan. a loan? What is the nominal interest rate per year on what is effective interest rate per yeer on loan ?Suppose you borrow $21,000 from your bank to buy a car. You agree to pay $433.89 per month for 60 months. What is the interest rate (APR) for the loan?
- Assume that you borrow $5000 and pay back the $5000 plus $250 in interest at the end of the year. Assuming no inflation, what is the real interest rate? What would the interest rate be if the $250 of interest had been discounted at the time the loan was made? What would the interest rate be if you were required to repay the loan in 12 equal monthly installments?You are borrowing $10,000 over a two-year period. The annual percentage rateis 4.5%.1) What is the monthly payment?2) What is the total amount paid for loan? 3) What is the total interest paid for the loan?If a person has taken a home loan of 50000 TL with an annual effective interest rate of 12% and his payments are 1864,9 TL monthly. If so, find out in how many months this person's debt will end?