An automobile loan of $26,000 at a nominal rate of 12% compounded monthly for 48 months requires equal end-of-month payments of $684.68. Complete the table below, as you would expect a bank to calculate the values. (Round to the nearest cent.) Repayment of Remaining Loan Principal $ 424.68 End of Month Interest Payment (n) Balance $ 260 $25,575.32 2 $ 255.75 $428.93 $ 25,146 39 13 $206.14

An automobile loan of $26,000 at a nominal rate of 12% compounded monthly for 48 months requires equal end-of-month payments of $684.68. Complete the table below, as you would expect a bank to calculate the values. (Round to the nearest cent.) Repayment of Remaining Loan Principal $ 424.68 End of Month Interest Payment (n) Balance $ 260 $25,575.32 2 $ 255.75 $428.93 $ 25,146 39 13 $206.14

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Calculate the amount of interest to be paid on a $50,000 loan over the next 28 months if money earns 8.6% p.a simple interest. Select one: O a. $120,400 O b. $10,033.34 c. $836.12
Determine the monthly payment for the installment loan. Use the installment payment formula m = 1- Amount Financed (P) $1,440 O A. $179.15 B. $35.15 O C. $125.26 O D. $366.02 P n 1+) - not Annual Percentage Rate (r) 8% Number of Payments per Year (n) 12 Time in Years (t) 4
Consider a loan of $8,000 charging interest at j12-6% with monthly payments of $321.50 Calculate the missing amounts in the amortization table. Place the value for A in the first answer box, B in the second and C in the third. PMT Interest Principall Balance 8,000.00 1321.50 40.00 281.50 7,718.50 2 321.50 A C
Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge APR $18,300 72 $424.08 $ %
The interest rate on a $100,000 loan is 7.2% compounded semiannually. The monthly payments on the loan are $700. Do not round intermediate calculations. Round the PMT and final answers to 2 decimal points. a) Calculate the interest component of Payment 221. b) Calculate the principal component of Payment 156. c) Calculate the final payment.
Complete the table.
Sam's Auto Repairs Inc. borrowed $9231 to be repaid by monthly payments over 4 years. Interest on the loan is 3.55% compounded semi-annually. (*Hint: General Annuity) Compute the equal monthly payment. Round your answer to 2 decimal places. Do not enter the dollar sign. Sample input: 124.34 need all steps of calculations for rough work and Create a full loan amortization table for Question
17. Four banks offer different terms for an $8000 loan. Which option should the customer choose to pay the least amount of interest? a. 32 monthly payments of $278.44 at 8% annual interest, compounded monthly b. 34 monthly payments of $260.08 at 7% annual interest, compounded monthly c. 36 monthly payments of $248.85 at 7.5% annual interest, compounded monthly d. 40 monthly payments of $222.99 at 6.5% annual interest, compounded monthly
You have taken a loan of $78,000.00 for 20 years at 4.9% compounded quarterly. Fill in the table below, rounding all values to the nearest cent. Note that the principal column is listed before the interest column even though the interest calculation is done first. Many lending institutions use this order in the amortization schedules they provide to their customers. Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) $ S $ $ s Balance $78,000.00 $
Note: Round all answers to the nearest cent when necessary. Calculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan. Purchase(Cash)Price DownPayment AmountFinanced MonthlyPayment Number ofPayments FinanceCharge TotalDeferredPaymentPrice $2,600 0 $2600 $189.69 18 $814.42 $ ??
Assuming that interest is the only finance charge, how much interest would be paid on a $5,000 installment loan to be repaid in 24 monthly installments of $235.54? Round the answer to the nearest cent. $ What is the APR on this loan? Round the answer to 2 decimal places. %
You have taken out a loan of $11,000.00 for 4 years at an APR of 4.6% (loans are always compounded and paid back monthly). Fill in the table below showing the first lines of the Armotization Table for this loan rounding all answers to the closest cent (i.e. to 2 decimal places): Payment number Payment amount Principal Amount Interest Balance 0) $11,000.00 1) $ $ $ 2) same as above $ $ 3) same as above $ $ Submit Question

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