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 helpVincent received a loan of $8,100 at 5.50% compounded monthly. He settled the loan by making periodic payments at the end of every three months for 5 years, with the first payment made 2 years and 3 months from now. What was the size of the periodic payments?If Marc obtained a business loan of $225,000 at 4.77% compounded semi-annually, how much should he pay at the end of every 6 months to clear the loan in 15 years?
- Prisha 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 centJosiah 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?Mr. Joe pays $2068 a month for the loan he took from a bank. If the total payment period is 3 years and the interest rate is 29% per year compounded monthly. Determine the amount of loan Mr Joe took?
- 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 centHarlan made equal payments at the end of each month into his RRSP. if interest in his account is 5.8% compounded quarterly, and the balance after ten years is $14,500 what’s is the size of the monthly payment? Please don't answer in handwritten..thanku
- 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 periodIf Phil borrows $40,000 from a loan company at an interest rate of 6.5% per year compounded weekly, and plans to make a payment of $800 per quarter, how may years will it take him to pay off the loan? 1 26.3 2 26.0 3 25.1 4 23.3