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: 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: 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: 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: 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, 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: 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: 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…

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.