16)A car loan for $33,550 has an interest rate of 5.25% and is amortized over60 months. What is the monthly payment on the loan?a. $ 425.78b. $679.9217)c. $636.98d. $351.24Using the same facts as #16, what is the balance of the loan after 3 fullyears of payments?a $ 14,482b. $ 8,299.28c. Zero.d $15,942

Loan: It represents the amount provided by the lender to the borrower as the amount borrowed. The…

16) A car loan for $33,550 has an interest rate of 5.25% and is amortized over 60 months. What is the monthly payment on the loan? 8. $425.78 b. $679.92 c. $636.98 d. $351.24 Using the same facts as #16, what is the balance of the loan after 3 full years of payments? a $14,482 b. $ 8,299.28 C Zero d $15,942

16) A car loan for $33,550 has an interest rate of 5.25% and is amortized over 60 months. What is the monthly payment on the loan? 8. $425.78 b. $679.92 c. $636.98 d. $351.24 Using the same facts as #16, what is the balance of the loan after 3 full years of payments? a $14,482 b. $ 8,299.28 C Zero d $15,942

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

On a $529,000 home, on a 30-year fixed mortgage, with an interest rate of 5.29, find: a. The down payment amount (15 % )b. Amount borrowed from bank (price of home - down payment) c. The monthly payment d. Total paid back to bank (principal + interest)
Buy On Time or Pay Cash Cost of Borrowing 1. 2. 3. 4. 5. 6. 7. 8. Cost of Paying Cash 9. 10. Terms of the loan a. Amount of the loan b. Length of the loan (in years) c. Monthly payment Total loan payments made ($ per month Less: Principal amount of the loan Total interest paid over life of loan Tax considerations: - Is this a home equity loan? - Do you itemize deductions on your federal tax return? What federal tax bracket are you in? Taxes saved due to interest deductions ($ %) Total after-tax interest cost on the loan X months) Annual interest earned on savings (6% X Annual after-tax interest earnings ($ %) X $10,000.00 5 $188.70 no yes 35% $ $ $ 00 00 $
hh. Subject :- Accounting
f2. Subject :- Accounting Consider a $25,000, three-year loan at an interest rate of 5%, payments to be made monthly. What is the monthly payment using add-on interest?
Today, you signed loan papers agreeing to borrow $4,954.85 at 12% APR compounded monthly. The loan payment is $142.33 a month. How many loan payments must you make before the loan is paid in full? A. 29.89B. 30.02C. 38.88D. 40.00E. 43.00
A mortgage is repaid by making payments of $1800 at the end of every month for 25 years. If interest on the loan is 3.75% compounded semi-annually, what was the principal of the mortgage? O A. $359,249.09 O B. $351,181.15 O C. $352,579.09 O D. $350,899.29 O E. $355,145.23
M7
39 Identify the correct formula to calculate the payment for a loan, where the rate is 6%, the loan amount is $2,000, and payments will be made monthly for six years. =PMT(6,6*12,2000) =PMT(.06/12,6*12,-2000) once=1/1b1435-b60f-40fb-ad57-d89084c2075a&launchCode=qe8mtdEeV5pWjPP2nq... =PMT(.06,6*12,-2000) =PMT(.06,6*12,2000)
2. Problem 5.17 (Effective Interest Rate) еВook You borrow $225,000; the annual loan payments are $30,017.40 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number. %
Suppose that you borrow$ 12000 at interest rate of 5% per year. If you must be repaid the loan in equal end of year payments over the next 4 years, how much must you repay at the end of each year? O a. $3672 Ob. $3384 Oc. $2672 O d. $2384
Investigate the effect of the term on simple interest amortized auto loans by finding the monthly payment and the total interest for a loan of $10,000 at 7 and 7/8% interest if the term is the following. (Round all answers to the nearest cent.) (a) 3 years. Payment $312.79 Total interest $ 1260.34 (b) 4 years. Payment $ 243.54 Total interest $ (c) 5 years. Payment Total interest $ $ 202.17 X
Monthly Payments (Necessary to amortize a loan of $1,000) Interest 5 10 15 20 25 30 35 40 Rate (%) Years Years Years Years Years Years Years Years 3.50 18.19 9.89 7.15 5.80 5.01 4.49 4.13 3.87 3.75 18.30 10.01 7.27 5.93 5.14 4.63 4.28 4.03 4.00 18.42 10.12 7.40 6.06 5.28 4.77 4.43 4.18 4.25 18.53 10.24 7.52 6.19 5.42 4.92 4.58 4.34 4.50 18.64 10.36 7.65 6.33 5.56 5.07 4.73 4.50 4.75 18.76 10.48 7.78 6.46 5.70 5.22 4.89 4.66 5.00 18.87 10.61 7.91 6.60 5.85 5.37 5.05 4.82 5.25 18.99 10.73 8.04 6.74 5.99 5.52 5.21 4.99 5.50 19.10 10.85 8.17 6.88 6.14 5.68 5.37 5.16 5.75 19.22 10.98 8.30 7.02 6.29 5.84 5.54 5.33 6.00 19.33 11.10 8.44 7.16 6.44 6.00 5.70 5.50 6.25 19.45 11.23 8.57 7.31 6.60 6.16 5.87 5.68 6.50 19.57 11.35 8.71 7.46 6.75 6.32 6.04 5.85 6.75 19.68 11.48 8.85 7.6 6.91 6.49 6.21 6.03 7.00 19.80 11.61 8.99 7.75 7.07 6.65 6.39 6.21 7.25 19.92 11.74 9.13 7.90 7.23 6.82 6.56 6.40 7.50 20.04 11.87 9.27 8.06 7.39 6.99 6.74 6.58 7.75 20.16 12.00 9.41 8.21 7.55 7.16 6.92 6.77 8.00…

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS