A short-term lender charges 2.5 percent interest for a two-week period. What would be the annual interest rate from that lender?
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- If $800 is borrowed and the interest after 6 months is $44, what is the annual interest rate for a simple interest loan?What are the interest cost and the total amount due on a six-month loan of $1,500 at 13.2 percent simple annual interest?A payday loan company charges 5% interest for a 2 week period. What would be the annual interest rate from that company?
- What is the monthly payment amount on a $100,000 home loan if the rate is 6.0% APR, and the loan is made for a 15-year period?What is the effective interest rate (APY) for a loan of $8,500 at 12% APR compounded monthly? use the formula method.Assuming that the interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments 166.10? What is the APR on this loan?
- Consider a $150,000 loan with an annual interest rate of 6.5 percent and a 30-year term. Discount points are equal to 2 percent. All other up-front financing costs to be paid by the borrower total $3,000. Compute the monthly payment and the loan balance at the end of months 1–6. What is the effective borrowing cost (EBC), assuming that the loan remains outstanding to maturity?I have an NOI of$172,400. The lender indicated that I can borrow funds at a 7.0% interest rate with a 25 year amortization and 5 year term at a 1.20 Debt Service Ratio(DCR). The lender will charge 2 points. a. What is the monthly payment? b. What is the APR (annual percentage rate) if fully amortized? C. What is the APR at the end of the loan term? d. What if I pay the loan off at the end of the second year, what is my APR? e. What if there was a prepayment penalty of 1.5% at the end of year 4, what is myAPR?Given the following loan information: Annual loan payment = $47,100 Number of remaining periods = 6 Interest rate = 12% What is the book value of the loan?
- If $900 is borrowed and the interest after 6 months is $63, what is the annual interest rate for a simple interest loan? Rate= %A lender requires PMI that is 0.8% of the loan amount of $590,000. How much (in dollars) will this add to the borrower’s monthly payment? Round your answer to the nearest cent.Define the annual percentage rate (APR). Suppose you borrow $3,621.15 and take out a loan with an 8% nominal interest rate. You must repay the loan with 48 monthly payments of $90 each. In addition, you must pay an initial loan processing fee of $100. What is the APR for this loan? How would this be done in excel?