Arden Motors offers a 60-month auto loan for $12,000 with an APR of 3.6%. In the first monthly payment, how much goes toward paying off the principal?
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How much goes rowerd paying off the principal? Financial accounting
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- Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600
- Please help solbeYou have taken out a 60-month, $22,000 car loan with an APR of 4%, compounded monthly. The monthly payment on the loan is $405.16. Assume that right after you make your 50th payment, the balance of the loan is $3,978.30. How much of your next payment goes toward principal and how much goes toward interest? Compare this with the prinicipal and interest paid in the first month's payment. (Note: Be careful not to round any intermediate steps less than six decimal places.) The amount that goes towards interest is $ (Round to the nearest cent.)You have taken out a 60-month, $26,000 car loan with an APR of 6%, compounded monthly. The monthly payment on the loan is $502.65. Assume that right after you make your 50th payment, the balance of the loan is $4,890.99. How much of your next payment goes toward principal and how much goes toward interest? Compare this with the prinicipal and interest paid in the first month's payment. The amount that goes towards interest is $ . (Round to the nearest cent.) The amount that goes towards the principal is $. (Round to the nearest cent.) Compare this with the prinicipal and interest paid in the first month's payment. (Select the best choice below.) O A. In the first month, the amount that goes towards principal is $372.65 and toward interest is $130.00. Therefore, you can see that over time, as you pay down the principal of the loan, less of your payment has to go to cover interest and more of your payment can go towards reducing the principal. O B. In the first month, the amount that…
- Cray Computing needs a 5-month loan for $300,000. Its bank quotes a simple interest rate of 15% on the loan. What is the annual percentage rate (APR)?You have taken out a 60-month, $26,000 car loan with an APR of 8%, compounded monthly. The monthly payment on the loan is $527.19. Assume that right after you make your 50th payment, the balance of the loan is $5,083.64. How much of your next payment goes toward principal and how much goes toward interest? Compare this with the prinicipal and interest paid in the first month's payment. (Note: Be careful not to round any intermediate steps less than six decimal places.) The amount that goes towards interest is $. (Round to the nearest cent.) CBank JPX is offering personal loans of $35,000 to be repaid over 6 years with payments of $625 per month. The first loan payment occurs one month after borrowing the $35,000. What effective annual rate (EAR) are they charging on this loan?
- You have taken out a 60-month, $27,000 car loan with an APR of 7%, compounded monthly. The monthly payment on the loan is $534.63. Assume that right after you make your 50th payment, the balance of the loan is $5,178.70. How much of your next payment goes toward principal and how much goes toward interest? Compare this with the prinicipal and interest paid in the first month's payment. The amount that goes towards interest is $nothing. (Round to the nearest cent.) The amount that goes towards the principal is $nothing. (Round to the nearest cent.) Compare this with the prinicipal and interest paid in the first month's payment. (Select the best choice below.) A. In the first month, the amount that goes towards principal is $377.13 and toward interest is $157.50. Therefore, you can see that over time, as you pay down the principal of the loan, more of your payment has to go to cover interest and less of your payment can go towards reducing the…You take out an $8,900 car loan that calls for 48 monthly payments starting after 1 month at an APR of 6%. a. What is your monthly payment? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. b. What is the effective annual interest rate on the loan? Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. c. Now assume the payments are made in four annual year-end installments. What annual payment would have the same present value as the monthly payment you calculated? Note: Do not round intermediate calculations. Round your answer to 2 decimal places. a. Monthly payment b. Effective annual interest rate c. Annual payment $ 568.69 %Safewell Co obtains a discount loan at a 12 percent interest rate. Safewell borrows $100,000 for one year. What is the effective interest rate?
