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.)Lillian took out a 20-year loanfor $170,000 at 8.8% interest,compounded monthly. If hermonthly payment on the loanwill remain $1507.74 for the lifeof the loan, how much will Lillianhave paid in interest once theloan is paid off?
- 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.John obtained a loan of $25,000 at 4.6% compounded monthly. How long (rounded up to the next payment period) would it take to settle the loan with payments of $2,810 at the end of every month? Express the answer in years and months, rounded to the next payment periodAngelica 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?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.