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: Suppose you secure a loan in the amount of $5,000 for the contract period of 24 months. If the…

A: Monthly repayment on a loan is the amount a borrower is required to pay each month to the lender,…

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 $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: You owe $31,000 on student loans at an interest rate of 5.85% compounded monthly. You want to pay…

A: Information provided: Loan amount = $31000 Annual rate "r"= 5.85% Number of years "n" = 7 Number of…

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: 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: Suppose a customer has to pay a total amount of PhP 20,676 as a payment of a personal loan at the…

A: Solved using Financial Calculator  FV = 20,676 N = 3.5 * 4 = 14 I/Y = 4/4 = 1  CPT PV = 17,987.35

Q: A borrower had a loan of $7800 at 5.6% compounded semiannually, with 20 semiannual payments. Suppose…

A: We have; The loan amount is $7800 The interest rate is 5.6% compounded semiannually Total m=number…

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: A loan for $36, 000 was obtained to be paid off over 5 years at 5.5% P. A with monthly repayments. a…

A: First, the present value annuity formula can be employed to determine the monthly payment (PMT).…

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: 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 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: 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: 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…

Q: ABC can take a 45-day loan with a 15% interest deducted in advance, to be reapplied each time. How…

A: Introduction: Interest Rate: Any extra amount which is paid against the money borrowed is referred…

Q: A loan is repaid with payments of $2560 made at the end of each month for 13 years. If interest on…

A: Amortization of a loan refers to the process of spreading out the repayment of a loan over a set…

Q: A loan requires that payments of $580 be made at the end of each month for a total of 180…

A: It is a case of calculation of the present value of a monthly annuity. The monthly annuity is the…

Q: What monthly payment is required to pay off a $40,000 loan in seven years if the interest rate is…

A: Loan Payment: These represent periodic payments made by the borrower for borrowing a sum of the…

Q: compounded quarterly, what was the loan principal?

A: Information Provided: Years = 20 Monthly payment = $1700 Interest rate = 5.70% compounded quarterly…

Q: You have taken out a 60-month, $26,000 car loan with an APR of 8%, compounded monthly. The monthly…

A: A loan refers to a contract between two parties where money is forwarded by one party to the other…

Q: You currently have a balance of $9,000 and you pay an interest rate of 17% per year on the card.…

A: The outstanding balance is $9,000The interest rate is 17% per yearThe minimum payment is 3%The time…

Q: Bank JPX is offering personal loans of $35,000 to be repaid over 6 years with payments of $625 per…

A: Here, To Find: Effective annual rate (EAR) =?

Q: The amount needed to pay off (Round to the nearest cent as needed.) this loan after 2 years is

A: The time value of money recognizes the idea that the value of an amount of money today differs from…

Q: Find the refund fraction on a 18-month loàn with interest of $2,852 if the loan is paid in The…

A: The refund fraction is the fraction or percentage that has to refund of the amount of loan.

Q: A bank lends you $250,000 (loan amount is $250,000) at a 7.25% nominal interest rate. The loan…

A:

Q: An account pays 3.3% interest compounded quarterly. Marson will make a regular deposit at the end…

A: Interest - Interest is a regular payment that is made at a certain rate of interest for a fixed…

Q: You have taken out a 60-month, $26,000 car loan with an APR of 6%, compounded monthly. The monthly…

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

Q: For a personal loan amount of $5,000 @ 10.5% APR due in nine (9) months, a) what is the total…

A: Loan = 5000 Annual Percentage Rate = 10.5% N = Time Period = 9 months

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.