An installment contract for the purchase of a car requires payments of $251.06 at the end of each month for 3.75 years. Interest is 5% per annum compounded monthly. (a) What is the amount financed? (b) How much is the interest cost? (a) The amount financed is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
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- An installment contract for the purchase of a car requires payments of $217.43 at the end of each month for 6 years. Interest is 6% per annum compounded monthly. (a) What is the amount financed? (b) How much is the interest cost? Question content area bottom Part 1 (a) The amount financed is $enter your response here. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Part 2 (b) The interest is $enter your response here. (Round the final answer to the nearest cent as needed.An installment contract for the purchase of a car requires payments of $202.94 at the end of each month for 3.5 years. Interest is 8 % per annum compounded monthly. (a) What is the amount financed? (b) How much is the interest cost?A loan of $1500 is to be repaid by annual payments of $250 to commence at the end of the fifth year and to continue thereafter for as long as necessary. Find the amount of the final payment, if the final payment is to be larger than the regular payments. Assume i = 5%. Round your answer to two decimal places.
- A2)Prepare an amortization schedule for a five-year loan of $60,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Principal Payment Ending Balance Total Beginning Balance Interest Year Payment Payment 1 3. 4 How much total interest is paid over the life of the loan? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Total interest paid < Prev 10 of 10 Next. A sala set costs P6,800 cash. A buyer pays P2,500 down-payment and the balance will be paid by equal monthly installment payments for 8 months with interest rate of 6% compounded monthly. Find: a. the monthly payments: b. construct an amortization schedule
- Complete an amortization schedule for a 542, 000 loan to be repaid in equal instaliments at the end of each of the next 3 years. The interest rate is 7% compounded annually. If an amount is zero, enter "0". Do not round intermediate calculations. Round your answers to the nearest cent.Prepare an amortization schedule for a three-year loan of $99,000. The interest rate is 10 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 2 3A $23,970 loan is to be settled by making payments of $6,999 at the end of every six months. The interest is 7.58% compounded monthly. a) Find the number of payments in the term. N = b) Fill in the missing values of the amortization schedule below. Round off your answers to two decimal places. Enter a positive value for all answers. Payment Number 0 1 2 3 4 Payment Amount ($) PMT FA A A A Interest Portion ($) INT FA A $ Principal Portion ($) PRN $ A $ Loan Balance ($) BAL A A $23,970
- An instalment contract for the purchase of a car requires payments of $280.49 at the end of each month for 3.75 years. Interest is 10% per annum compounded monthly. 1. The amount financed is: 2. The interest is:A 13 - year loan for $1,500,000 is to be amortized by equal monthly payments. If the APR is at 7.53%, find the amount of the interest in the first payment. $ . (calculate to cents.)Prepare an amortization schedule for a three-year loan of $60,000. The interest rate is 6 percent per year, and the loan calls for equal annual payments. How much is the principal payment for the first year? Select one: a.$ 50,377.17 b.$ 22,446.59 c.$ 20,000 d.$ 18,846.59