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)

Q: Find the amount (in $) of interest on the loan. Principal $90,000 Rate (%) m/+ Time 9 months LA…

A: Step 1 The amount a lender charges a borrower is called an interest rate, and it is expressed as a…

Q: Develop an amortization schedule for the loan described. (Round your answers to the nearest cent.)…

A: First, we need to compute the annual payment required to pay off this loan in 3 years and then using…

Q: To borrow $1,200, you are offered an add-on interest loan at 9 percent. Two loan payments are to be…

A: Borrowed Amount = $1,200 Interest Rate = 9% Time Period = 1 Years

Q: 5. How much interest must be paid on a loan of $4300 at 10% compounded semi- annually for 4 years?…

A: Working: Futute value= Spot1+rnWhere, r=Coupon Raten= no. of period F.V.…

Q: a-1 mortage makes loans with the interest charged on the loan principle rather than on the unpaid…

A: Equal Annual Payment: $2,052.19Explanation:We are givenPrincipal amount (P): $10,000Annual interest…

Q: A loan 1000 is repaid by equal annual amounts of principal for 10 years and annual interest of 7% on…

A: Answer a:

Q: Drill Problem 15-2 (Algo) [LU 15-1 (2)] Complete the following amortization chart by using Table…

A: A mortgage is a loan that a borrower takes to purchase a property. The property itself acts as…

Q: Given the following information on a MPT, what is the servicing fee payment in year 3? (Round your…

A: Mortgage pass through security is a pool of mortgages built and then sold as participation…

Q: The following shows an amortization schedule for a loan which calls for level semi-annual payments…

A: Outstanding Balance at the end of 1st installment = 9088.510 Installment year period = 3151.490…

Q: H3. A loan of $18430 is to be repaid at 4% effective by payments of $1500 at the end of each year…

A: Loans are paid by annual payment that carry the payment of interest and principal amount also.

Q: Construct an amortization schedule for a $1.000, 3.5% annual rate loan with 3 equal payments. The…

A: Annual Payment = [PV of Annuity * r] /[1 - (1 + r)-n]

Q: 5% annual rate loan with 3 equal payments. The first payment will be made at the end of the1st year.…

A: Information Provided: Loan value = $1000 Annual rate = 5% Number of payments = 3

Q: a. Complete an amortization schedule for a $46,000 loan to be repaid in equal installments at the…

A: We have to create an amortization schedule for the loan. But for that, we need to know the annual…

Q: Part 1 a. Calculate P1+r12n and call this number A.   A=enter your response here ​(Round to two…

A: Time value of money (TVM) is used to measure the value of money at different point of time in the…

Q: Problem #3: A loan of amount $16720.82 is repaid in 15 annual payments beginning 1 year after the…

A: To determine the principal repayment in year 6 we first need to determine the loan balance in year…

Q: Find the total monthly payment, including taxes and insurance, for the following loan. Term of…

A: A mortgage is a loan taken out for the purchase of real estate. The real estate being purchased acts…

Q: Determine the interest rate on this loan, if the payments begin one year after the loan is signed…

A: Present value illustrates the current value of a sum of money that will be received or paid in the…

Q: A loan is to be repaid by an annuity payable monthly in arrears over a 5-year period. The annuity…

A: A repayment schedule, also known as an amortization schedule or loan repayment schedule, is a table…

Q: A loan of amount $33300 is to be repaid in payments that each consist of a principal repayment of…

A: Interest refers to an amount that is paid every time along with the principal payment for the…

Q: Please make sure to Data Analytics Project #3 completed before answering this question. Click on the…

A: The annual payment on the loan worksheet = $14,168.37 per yearMonthly payment =$1,169.67 per…

Q: Consider a student loan of $10,000 at a fixed APR of 10% for 5 years. a. Calculate the monthly…

A: Here,LoanAmount (PV) is $10,000Interest Rate (r) is 10%Time Period of Loan (n) is 5 yearsCompounding…

Q: Consider a loan of $8,000 charging interest at j12-6% with monthly payments of $321.50 Calculate the…

A: Amount of Loan =$8000 Interest rate = 6% per annum Interest rate per month = 6%/12= 0.50%

Q: 2. Find the amount (in $) of interest on the loan

A: Interest: It is the monetary charge paid to the lender by the borrower for taking a loan. Interest…

Q: For the following loan, make a table showing the amount of each monthly payment that goes toward…

A: Loan Amount = $160000 APR = 3% Tenure = 30 years We are required to make table for monthly payment…

Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.