Bristol Electronics Inc. has a long-term loan of $500,000 with an annual interest rate of 6%. The loan is due in 5 years, and interest is paid annually. How much is the interest expense for the year?
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- A loan of $10200 is to be amortized with quarterly payments over five years. The interest on the loan is 7.5% per year, paid on the unpaid balance. What is the payment to pay off the loan?You are borrowing $10,000 over a two-year period. The annual percentage rateis 4.5%.1) What is the monthly payment?2) What is the total amount paid for loan? 3) What is the total interest paid for the loan?A loan of $11,300 is to be amortized with quarterly payments over 6 years. If the interest on the loan is 16% per year, paid on the unpaid balance, answer the following questions. a. What is the interest rate charged each quarter on the unpaid balance? b. How many payments are made to repay the loan? c. What payment is required quarterly to amortize the loan? a. The interest rate each quarter is %. b. There will need to be payments made. c. The quarterly payment needs to be S (Round to the nearest cent as needed.)
- you are taking a $100,000 mortgage loan for your business to be repaid over 5 years in equal semi-annual payments of $13,587 (that is, payments will be made at the end of each half-year). a) what is the APR on this loan, compounded semi-annually? b) what is the effective annual rate (EFF) on this loan? c) Calculate the loan amount that will be shown in the balance sheet of the business at the end of the first year. Clearly indicate what and how the calculated amount will be shown in the balance sheet.A loan of $8000 made at 6% compounded monthly is amortized over five years by making equal monthly payments. What is the size of the monthly payment? What is the total amount paid to amortize the loan? What is the cost of financing?Consider the following loan. Complete parts (a)-(c) below. An individual borrowed $87,000 at an APR of 5%, which will be paid off with monthly payments of $592 for 19 years. ... a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ the annual interest rate is%, the number of payments per year is the loan term is the payment amount is $ There are 1 b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? payments toward the loan and the total amount paid is $. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest? The percentage paid toward the principal is% and the percentage paid for interest is%. (Round to the nearest tenth as needed.) years, and
- A person borrows $15,000 at an interest rate of 6%, compounded monthly, to be paid with payments of $456.33.(a)What is the length of the loan in years? (b) What is the total amount that would be required at the end of the twelfth month to pay off the entire loan balance?What is the annual interest expense of this accounting question?A business received a for year $2,000,000 loan at an interest rate of 7% per year. The principal is going to be paid at the end of the third year. If the market interest rates on similar loans are 13% per year what is the net present value of the loan?
- A loan of $10,000 is taken at an annual interest rate of 6% for 5 years. What is the total interest payable under simple interest? Expalwhat is the total amount of the monthly payments for a 5-year loan is $10,692. The APR is 7%. How much money was originally borrowed?Consider a loan of $98,000 at 7% compounded annually, with 12 annual payments. Find the following. (a) the payment necessary to amortize the loan (b) the total payments and the total amount of interest paid based on the calculated annual payments (c) the total payments and total amount of interest paid based upon an amortization table. ... (a) The annual payment needed to amortize this loan is $ (Round to the nearest cent as needed.) (b) The total amount of the payments is $ (Round to the nearest cent as needed.) The total amount of interest paid is $ (Round to the nearest cent as needed.) (c) The total payment for this loan from the amortization table is $ (Round to the nearest cent as needed.) The total interest from the amortization table is $ (Round to the nearest cent as needed.)
