A student loan for $32,000 is paid back in monthly payments over ten years with an intrest rate of 6.5%. a) find the monthly payment b) find the total payments over 10 years

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A: Payment Amount (PMT) = $1500Loan duration (Number of years) = 5 yearsNumber of compounding period…

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…

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Q: You have a new 10 year Student loan for $20,000.00 that charges an interest rate of 6.45% compounded…

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A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: Calculate the present value of a loan that could be cleared by payments of $3,250 at the end of…

A: Present value of loan ca be calculated by using loan amortisation formula. Present value of loan(P)=…

Q: A twenty-year loan of $15,000 is being repaid with payments of X every other year beginning at the…

A: Loans are paid by equal payments that carry the payment of interest and loan.

Q: Čreate a loan amortization table using the following information: Amount of the loan: $500,000…

A: Data given: Amount of loan = $500,000 N= 30 years Interest rate  in year 1= 3%    Working:: Interest…

Q: A bank is willing to lend $20,000 for a home improvement loan to be repaid monthly over 5 years…

A: From the question, we can identify the following variables:Principal amount (P): This is the amount…

Q: Calculate the present value of a loan that could be cleared by payments of $3,250 at the end of…

A: We need to use present value of ordinary annuity formula to calculate the loan amount for given…

Q: Consider a loan of $98,000 at 7% compounded annually, with 12 annual payments. Find the following.…

A: Loan amortization can be defined as the procedure of amortizing the loan in such a way that the loan…

Q: A payment of $500 is made at the end of each month for three years to a savings account. The…

A: Present value method is used to evaluate the different level of investment projects. With the help…

Q: Find the monthly payment and estimate the remaining balance.

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Q: Calculate the effective annual rate on each of the following loans: a. A $5,000 loan for two years,…

A: Interest refers to the cost of money borrowed from a lender. It can be simple or compound. It is…

Q: A loan of $2,000 is paid by the following series of payments, beginning one year after the loan is…

A: Amortization table shows the break up of instalments for the interest charged on the outstanding…

Q: Compute the compound amount and the interest on a loan of $10,500 compounded annually for four years…

A: The computation of compound amount is as follows:Hence, the compound amount of loan is $16910.355.

Q: A house costs $133,000. It is to be paid off in exactly ten years, with monthly payments of…

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Q: A house costs $144,000. It is to be paid off in exactly ten years, with monthly payments of…

A: The Annual Percentage Rate(APR) of the loan can be calculated using the RATE function in Excel.

Q: For a student loan of $20,700 at 2.75% for 20 years, complete the following. (a) Calculate the…

A: Loan amount = $20,700Interest rate = 2.75%Number of years = 20 years

Q: Find the vehicle payment under the following conditions: A loan of $16,000.00 at 4.9% compounded…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: A Student loan totals $30,000 at graduation. The nominal interest rate is 12% compounded monthly,…

A: Total payments= 32 Total amount of loan (L)= 30000 Rate of interest (r) = 12%/12 = 1.0% per month…

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

Q: You have a student loan of 25000 with a fixed Apr of 6 % for 15 years  what is the monthly payment…

A: Using excel PMT function

Q: A student loan for $32,000 is paid back in monthly payments over ten years with an interest rate of…

A: Annuity refers to series of annual payment which are paid or received at start or end of specific…

Q: Calculate the effective annual rate on each of the following loans: 1. $5,000 loan for 2 years,…

A: Effective interest rate refers to the real return that an individual or company earns on a saving…

Q: Consider a student loan of $25,000 at a fixed AP a. Calculate the monthly payment. b. Determine the…

A: Loan amount = $25,000Interest rate = 9%Number of years = 30 years

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%

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Q: cond year. The size of the equal payment needed each year is GHS

A: Information Provided: Loan amount = 200,000 Interest rate = 18% Number of Annual periods = 6

Q: A loan of $9,000 for a two acre pond is compounded quarterly at a rate of 6% for five years. Find…

A: Computation of compound amount (A):

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A: 1). Monthly payment is calculated using following equation Monthly payment = A×(r/m)(1-1(1+r/m)n×m)…

Q: Calculate the present value of a loan that could be cleared by payments of $3,350 at the end of…

A: Here,Semi Annual Payments (PMT) is $3,350Time Period (n) in years is 7 yearsInterest Rate (r) is…

Q: Set XYZ as the last three digits of your student number. Construct an amortization schedule for a…

A: Amortization Schedule: It is a table containing periodic loan payments, interest paid, principal…

Q: consider a student loan of 17,500 at a fixed apr of 12% for 25 years. what is the monthly payment

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Q: Select the correct answer and explain A loan of $ 45,000 is obtained at 17.5% per annum, to be paid…

A: Total Loan amount is $45,000 Rate of interest is 17.5% Time period is 2.5 years or 5 semesmter…

Q: Find the monthly payment on an auto loan of 200000 to be akortized over a 5-year period at a rate of…

A: Given Information : Auto loan - 200000 Period - 5 years Rate - 9%

Q: Determine the amount of the payment required at the end of each quarter to repay a six-year loan of…

A: Time Value of Money :— According to this concept, value of money in present day is more than the…

Q: Consider a student loan of $18,000 with an APR of 6.2% for 7 Years with monthly compounding and…

A: Monthly effective interest rate = APR/12 = 0.062/12 = 0.005167 Total Term of Loan = 7*12 = 84 months…

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.