Q: A payday loan provides short-term loans ranging from $250 to $2,000. Assume the cost of the loan is…
A: Short term loan: Short-term loans are borrowed funds used to fulfill immediate liquidity demands,…
Q: You borrow $10,000 from a bank for three years at an annual interest rate, or annual percentage rate…
A: The rate that is charged at an annual basis on the borrowing funds as well as earned annually on…
Q: A commercial bank will loan you $27,000 for five years to buy a car. The loan must be repaid in 60…
A: EMI or equated monthly installment is referred to as an amount payable, which is paid in each and…
Q: A bank is offering a loan of $20,000 with an interest rate of 9%, payable with monthly payments over…
A: Monthly payment refers to the amount of money payable every month by the borrower to the lender of…
Q: a) You have a bank account that earns 6.8% interest rate. How much must you deposit (prinicipal) in…
A: The Future Value is calculated with the help of following formula Future Value = Principal Amount ×…
Q: To payoff a loan of $1000 you need to make 40 payment of $36.56 per month. What rate of interest are…
A: Annual percentage rate refers to the interest rate paid by the borrower to the lender on a yearly…
Q: Calculate the annual payments for a $15,644 loan that you will repay over 5 years. The bank gives…
A: Annual payments (P) on a loan (PV) of amount $15,644 with an interest rate ( r ) of 6.6% and with 5…
Q: You have borrowed $10,000 from a bank at the interest rate of 1% per month. Your monthly payment is…
A: Loan is the debt borrowed from the bank. monthly payment formula: monthly payment=p×r1-1+r-n×m…
Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…
A: Fixed monthly payment =P× r ×(1+r)n(1+r)n-1 Where : P = Loan amount r = monthly rate of interest n =…
Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…
A: Given Information : Amount of loan : 10,000 OMR Interest rate : 5% annual Tenure : 12 months
Q: You plan to borrow $10,000 from the bank. For a four-year loan, the bank requires annual end-of-year…
A: Present value is the sum of money that must be invested to achieve a specific future goal. Future…
Q: annual interest rate on a credit card is 24.99%. If a payment of $100.00 is made each month, how…
A: We need to use NPER function in excel to calculate time to payoff loan. The formula is:…
Q: A payday loan company charges a $25 fee for a $550 payday loan that will be repaid in 14 days using…
A: Interest Amount = Principal * Rate * Time
Q: A car loan of $28,641.62 is to be repaid with end-of-month payments of $582.15. If interest is 4%…
A: The number of months can be calculated with the help of NPER function of Excel.
Q: I want to borrow $700 for ten days from a payday loan store. Here are the terms for the payday loan:…
A: Pay Day loan: A payday loan is a small personal cash loan at a very high interest rate, secured by…
Q: Assume the following information for a car note: Original loan amount = $23,500 Annual interest rate…
A: Calculation of Principal Balance:The principal balance on the loan after six months is…
Q: Your credit card has a balance of $4500 and an interest rate of 22%. The credit card requires a…
A: Credit cards refer to debt instruments that are provided by financial institutions to individuals…
Q: A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5%…
A: Formulas:
Q: A loan of $2700 collecting simple interest at a 7.9% annual rate was repaid with a check for…
A: Solution : Given Amount of loan $2700 Simple interest rate 7.9% Amount repaid…
Q: You charged $3,172 on a credit card. If you pay the minimum payment per month of $46.69, you will…
A: Charge of credit card = 3172 Minimum monthly payment = 46.69 N = 96 payments
Q: You are borrowing $10,000 over a two-year period. The annual percentage rate is 4.5%. 1) What is the…
A: Loan installment is that amount which is paid by the borrower to his lendor for a fixed period of…
Q: your credit card has a balance of $3000 in an annual interest rate of 17% with no further purchase…
A: We have to compare two amortized loan payments.
Q: A loan of $1500 is repaid with a check for $1575. If the annual simple interest rate was 15%, what…
A: The number of months can be calculated with the help of simple interest equation.
Q: A bank charges a 12% bank discount on short-term loans. A borrower needs GH¢2000 cash to be repaid…
A:
Q: A car loan of $37,412.98 is to be repaid with end-of-month payments of $725.06. If interest is…
A: Loan amount (PV) = $37,412.98 Monthly payment (P) = $725.06 Interest rate = 5% Monthly interest rate…
Step by step
Solved in 2 steps
- Use the table to find the monthly payments on the given loan. Amount Rate Time $63,000 12% 3 years table of monthly payments on a $1,000 loan. The monthly payments for this loan are? (Type an integer or a decimal.)The weekly payment on a 4-year loan at 6.8% compounded weekly is $321.09. Calculate the amount of the loan. Identify the appropriate formula needed to calculate the amount of the loan. Select the correct choice below and fill in the answer boxes to complete your choice. (Type integers or decimals. Round to two decimal places as needed.) A. F= OB. P= O C. P= (1+i)^ - 1 F (1 + i)^ - • R, with F = $, n=[ and i=% with P = $ n= 1-(1+i)n i •R, with n= and i= % i= %, and R=$Suppose you borrow from a bank $1,756.06 today (t=0). You agree to pay back $3,637.64 in 4 years (t=4). The interest rate (%) that the bank charge you is closest to ________%. Input your answer without the % sign and round your answer to two decimal places.
- Assume you take out a car loan of $8,600 that calls for 48 monthly payments of $300 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)↑ How much interest will you have to pay for a credit card balance of $757 that is 1 month overdue, if a 23% annual rate is charged? You will have to pay $ in interest. (Round to two decimal places.)Assume that interest is the only finance charge. Use financial calculator to answer the questions. How much interest would be paid on a $8,000 installment loan to be repaid in 48 monthly installments of $211.10? Round the answer to 4 decimal places. % per month What is the APR on this loan? Round the answer to 2 decimal places. %
- The following loan was paid in full before its due date a) Find the value of h using an appropriate formula b) Use the actuarial method to find the amount of unearned interest c) Find the payoff amount Regular Monthly Payment # of Payments Remaining after Payoff APR 7.2% $247 8 What is the finance charge per $100 financed? h=$ (Round to the nearest cent)You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1 3 4 6 $40,000PLEASE Use the correct function on EXCEL
- You have taken out a loan of $11,000.00 for 4 years at an APR of 4.6% (loans are always compounded and paid back monthly). Fill in the table below showing the first lines of the Armotization Table for this loan rounding all answers to the closest cent (i.e. to 2 decimal places): Payment number Payment amount Principal Amount Interest Balance 0) $11,000.00 1) $ $ $ 2) same as above $ $ 3) same as above $ $ Submit QuestionThe following loan was paid in full before its due date. a) Find the value of h using an appropriate formula. b) Use the actuarial method to find the amount of unearned interest. c) Find the payoff amount. Regular Monthly Payment APR # of Payments Remaining after Payoff 8.7% 4 $214 What is the finance charge per $100 financed? h = $ (Round to the nearest cent.) The unearned interest is about $ (Round to the nearest cent.) The payoff amount is $ Enter your answer in each of the answer boxes. f12 inser f9 f1o f7 fg f6 f4 f5 esc 5 7 8. %24 3 %23For the car loan described, give the following information. A car dealer will sell you the $30,950 car of your dreams for $6,000 down and payments of $667.06 per month for 60 months. (a) amount to be paid $ 46023.60 (b) amount of interest $ 15073.60 (c) interest rate (Round your answer to two decimal places.) 1.70 X % (d) APR (rounded to the nearest tenth of a percent) 20.4 X %