A $25,000 loan has a yearly 3.2% interest applied to it monthly. The loan is being paid off with monthly payments of $200 per month. How much is still owed on the loan after one month of interest and payment has been applied?

Q: A cash loan is to be repaid by paying $13,500 at the beginning of every month for 3 years. If…

A: Here, Monthly payment = $13,500 Number of years = 3 years Interest rate = 12% Payment at the…

Q: Paul obtained a loan of $20,000 at 4.10 % compounded monthly. How long will it take to settle the…

A: The objective of the question is to find out how long it will take for Paul to settle his loan of…

Q: A $230,000 mortgage has a stated annual rate of 4.5% on a 30 year loan.  What is the monthly…

A: Compound = Monthly = 12Principal Amount = p = $230,000Rate of Return = r = 4.5 / 12 = 0.375%Time = t…

Q: The monthly payments on a 15-year loan of $20,000 at 6.8% interest are $177.54. (a) What is the…

A: Ordinary annuity is when the PMTs are made at the end of the period.

Q: What is the monthly payment on a loan of $5,000 at APR = 8% for one year.

A: Loan amount (LV) = $5000 Interest rate = 8% Monthly interest rate (i) = 8%/12 = 0.666666666666667%…

Q: A loan is taken out at j12 = 18% and is paid back with monthly payments of $279.00, plus a smaller…

A: Annual interest rate j12 = 18% (i.e compounding monthly)henceMonthly interest rate = 18% / 12 =…

Q: A $15 000.00 loan requires payments at the end of each month for five years. If the interest rate on…

A: Present value of annuity formula.PV = A*wherePV = present value of annuityA= periodic paymentsr=…

Q: you obtained a $10000 loan at 1.5% compunded monthly. how much more interest will you pay in the…

A: Data given: Loan amount=$10,000 Rate=1.5% (compounded monthly) Required: how much more interest will…

Q: at period of time could you pay back a loan of $3000 by making monthly payments of $110 if interest…

A: Loans are paid by the equal amount of monthly payments these payments carry the payment of principal…

Q: Compute the monthly payment on a $65,000 loan if the principal and interest are to be repaid in 84…

A: Monthly payments could be computed by using the present value formula. Present value of all the…

Q: What is a monthly payment on a 25 year loan of 70200 if the annual interest rebate is 5%

A: Using Excel PMT function

Q: What are the weekly payments on a 6-year, $80,000 loan if the interest rate is 14%?

A: Using excel PMT function

Q: You want to receive ​$700 at the end of each month for 5years. Interest is 8.1% compounded monthly…

A: Calculating the present value is especially helpful when planning for retirement. To determine the…

Q: Laurier Inc. has borrowed $ 65000 from its bank. The annual interest rate on the loan is 4%…

A: Solution Given Amount borrowed $65000 Interest rate 4% Compounding Annually…

Q: If $14,000 is borrowed for 2 months and $82 is paid, then the annual simple interest rate is ____

A: Interest = p * r * t Interest = $82 principal = $14,000 r = rate of interest  t = time in years = 2…

Q: Please answer with details on how to do it. Thank you.  A company borrows $ 100,000 today at 6 %…

A: Annuities seem to be interest-bearing financial products that offer a steady steady flow of income…

Q: Find the annual simple interest rate of a loan, where $300 is borrowed and where $315 is repaid at…

A: Simple interest is an amount of interest that is paid on the principal portion of a loan or deposit.

Q: You have taken out a 60-month, $23,000 car loan with an APR of 4%, compounded monthly. The monthly…

A: The loan Amortization Schedule gives the information about your loan and how you'll repay it. The…

Q: Jack borrows $7,000.00 at an interest rate of 15% compounded monthly to be paid off monthly payment…

A: Answer Correct option $6,467.70

Q: What is the amount of each payment if Plascote Industries borrows $32,600, at  an annual interest of…

A: for calculating amount to be paid for each installment we use PMT function in excel to determine the…

Q: ou have just signed for a car loan with 48 monthly payments of $500 (principal and interest) at an…

A: First we need to use loan amortization formula below to calculate loan amount.wherePV = loan…

Q: A 200,000 dollar loan is taken out. Interest is 6 percent nominal, converted monthly. The loan is to…

A: we will only answer the first three subparts . For the remaining subparts, please resubmit the…

Q: A loan of $28,500 is repaid by payments of $725 at the end of every month. Interest is 3.4%…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: A business loan of 800,000 is to be repaid in full after 2 year. What is the amount to be paid if…

A: Loan = 800,000 N = 2 years Effective rate of interest = 8%

Q: A loan, amortized over 15 years, is repaid by making payments of $1,900 at the end of every month.…

A: Principal payment refers to the amount of loan that is paid back by the borrower. The loan amount is…

Q: What is the monthly payment on a loan of $5,000 at APR = 10% for one year.

A: Loan amount = $5000 Interest rate = 10% Monthly interest rate  = 10%/12 = 0.833333333333333% Number…

Q: Ten annual payments at an interest rate of 7% are made to repay a loan of $9000. Build the table…

A: Yearly Payments implies, regarding any Material Contract, the aggregate sum of the installments…

Q: A person borrows $9000 from a bank and agrees to pay it off by equal payments at the end of each…

A: > Given data:> Principal amount = $9000> Time period = 2 Years> Total number of payments…

Q: You have taken out a 60-month, $26,000 car loan with an APR of 4%, compounded monthly. The monthly…

A: Loan Amortization Schedule gives the information of your loan and how you'll repay it. The payment…

Q: what is the total amount of the monthly payments for a 5-year loan is $10,692. The APR is 7%. How…

A: Using the present value of annuity formula we can calculate the original amount borrowed…

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: What monthly payments must you make to pay off the $50,000 loan at 8.4% compounded monthly over 3…

A: A study that proves that the 1value of money today is higher than the future value of money is term…

Q: Find the annual simple interest rate of a loan, where $800 is borrowed and where $904 is repaid at…

A: Interest charged on the principal amount at a fixed rate for a fixed period of time is known as…

Q: You take a small business (SBA) loan for $90,000. The current annual interest rate on SBA loans is…

A: Loan Amount = a = $90,000 Interest rate = 6%

Q: How much interest is paid in total on a 3-year loan for $30 000? The interest rate is 8.7%…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.