Brian took eight years to pay off his $71,900 loan. The loan had an interest rate of 8.16%, compounded quarterly. If Brian paid quarterly and made the same payment every time, how much was each payment that he made?
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- Please Need helpPrisha received a loan of $8,100 at 5.25% compounded monthly. He settled the loan by making periodic payments at the end of every three months for 6 years, with the first payment made 3 years and 3 months from now. What was the size of the periodic payments? $ 0.00 Round to the nearest centJohn received a loan of $40,500, 6 years ago. The interest rate charged on the loan was 4.68% compounded quarterly for the first 6 months, 5.46% compounded semi-annually for the next 2 years, and 5.88% compounded monthly thereafter. a. Calculate the accumulated value of the loan at the end of the first 6 months. Round to the nearest cent b. Calculate the accumulated value of the loan at the end of the next 2 year period. Round to the nearest cent c. Calculate the accumulated value of the loan today. Round to the nearest cent d. Calculate the amount of interest charged on this loan over the past 6 years. jamie wants to double his money in 9 years in an investment fund. What quarterly compounding interest rate do you suggest that he looks for?
- Josiah took out a 25-year loanfor $215,000 at 9.6% interest,compounded monthly. If hismonthly payment on the loan is$1893.41, how much of his firstpayment went toward notereduction?Tom Bond borrowed $6,200 at 6,% for three years compounded annually. What is the compound amount of the loan and how much interest will he pay on the loan? Compound amount = S (Round to the nearest cent as needed.)Jimmy paid off a mortgage by paying $700 per month for 12 years. What was the original amount of the mortgage if the interest rate charged was 4.30% compounded semi-annually? Round to the nearest cent
- 1) Alisha invests 5,000 into an account. The effective monthly interest rate is .25% for the first six months, .5% for the next year, and .75% for the next six months. Find the amount Alisha has in the account after two years, and find the average compound monthly interest rate (i.e. the equivalent effective monthly interest rate) for the two year period. Finally, find the average yearly interest rate (i.e. the equivalent effective annual interest rate) for the two year period.Angelica took out a 20-year loanfor $170,000 at 5.4% interest,compounded monthly. What isher monthly payment?6 Keane just borrowed $38,700 for 5 years at an interest rate of 5.9 percent, compounded monthly. What is the amount of each monthly loan payment?
- Dustin obtained a business loan of $220,000 at 5.21% compounded semi-annually.a. What was the size of the semi-annual payments to be made over 30 years in order to pay off the loan?$0.00Round to the nearest centb. Calculate the interest paid on the loan. Calculate the accumulated amount of end-of-month payments of $1,500 made at 7.26% compounded quarterly for 3 years. How many more payments would be required to be able to accumulate at least $54,000 by saving $1,650 at the beginning of every month instead of $1,650 at the end of every 6 months? Assume an interest rate of 4.73% compounded semi-annually.If Rochelle obtained a business loan of $205,000.00 at 4.67% compounded semi-annually, how much should she pay at the end of every 6 months to clear the loan in 30 years? Round to the nearest centJeremy received an excellent interest rate for her loan of $9,500. Calculate the nominal interest rate compounded semi-annually if the loan accumulated to $ 10, 110.18 in 6 years and 6 months.