**Title: Calculating Loan Details Using APR Table****Instructions:**Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.)**Loan Details Table:**| Amount Financed | Number of Payments | APR | Table Factor | Finance Charge | Monthly Payment ||-----------------|--------------------|------|--------------|----------------|-----------------|| $700 | 18 | 16% | | | |**Explanation:**The table provides loan details that need calculating using an APR table. The columns include:- **Amount Financed:** The initial loan amount, which is $700.- **Number of Payments:** The total number of payments, which is 18.- **APR (Annual Percentage Rate):** The interest rate on the loan, which is 16%.- **Table Factor:** A value to be determined using the APR table corresponding to the number of payments and interest rate.- **Finance Charge:** The total cost of the loan, calculated using the table factor.- **Monthly Payment:** The monthly amount to be paid, calculated using the finance charge and the amount financed.The APR table (Table 13-1) will provide values needed to fill the blanks for the table factor, finance charge, and monthly payment.

The annual percentage rate (APR) refers to the annual interest rate generated by borrowers or…

Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) Amount Number of Financed Payments Table Factor Finance Charge Monthly Payment $700 18 APR 16% $ $ $

Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) Amount Number of Financed Payments Table Factor Finance Charge Monthly Payment $700 18 APR 16% $ $ $

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Note: Round all answers to the nearest cent when necessary. Calculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan.
How much is your loan payment based on the following: Time - 5 years Interest Rate - 5.8% Principle Balance - $28,000 Assume the interest rate is an APR. If needed, the discount rate is 4.2%.
Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) Amount Number of Financed Payments $6,200 36 APR 11% LA Table Factor Finance Charge Monthly Payment
Calculate the monthly payment from the following information by formula. Note: Do not round intermediate calculations. Round your answer to the nearest cent. Number of monthly payments 48 $ Amount financed 4,450 APR 13 % PMT
Suppose you borrow $14,000. The interest rate is 11%, and it requires 4 equal end-of-year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Round your answers to the nearest cent. If your answer is zero, enter "0". Beginning Repayment Ending Year Balance Payment Interest of Principal Balance 1 $ fill in the blank 60 $ fill in the blank 61 $ fill in the blank 62 $ fill in the blank 63 $ fill in the blank 64 2 $ fill in the blank 65 $ fill in the blank 66 $ fill in the blank 67 $ fill in the blank 68 $ fill in the blank 69 3 $ fill in the blank 70 $ fill in the blank 71 $ fill in the blank 72 $ fill in the blank 73 $ fill in the blank 74 4 $ fill in the blank 75 $ fill in the blank 76 $ fill in the blank 77 $ fill in the blank 78 $ fill in the blank 79
Find the APR (true annual interest rate), to the nearest half percent, for the following loan. Amount Financed Finance Charge Number of Monthly Payments $1700 $96 18 LOADING... Click the icon to view the annual percentage rate table. Question content area bottom Part 1 The annual percentage rate is enter your response here%.
Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.)
Calculate the amount financed, the finance charge, and the total deferred payment price for the following installment loan. Round your answers to the nearest cent. Total Purchase Deferred (Cash) Down Amount Monthly Number of Finance Payment Price Payment Financed Payment Payments Charge Price $2,800 0% $190.35 24
TABLE 14.2 Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan) Terms in months 6 12 18 24 30 36 42 48 54 60 7.50% $ 170.34 86.76 58.92 45.00 36.66 31.11 27.15 24.18 21.88 20.04 8.00% $ 170.58 86.99 59.15 45.23 36.89 31.34 27.38 24.42 22.12 20.28 8.50% 9.00% $ 170.83 $ 171.20 87.22 87.46 59.37 59.60 45.46 45.69 37.12 37.35 31.57 31.80 27.62 27.85 24.65 24.77 22.36 22.59 20.52 20.76 10.00% $ 171.56 87.92 60.06 46.14 37.81 32.27 28.32 25.36 23.07 21.25 10.50% $ 171.81 88.15 60.29 46.38 38.04 32.50 28.55 25.60 23.32 21.49 11.00% $ 172.05 88.38 60.52 46.61 38.28 32.74 28.79 25.85 23.56 21.74 11.50% $ 172.30 88.62 60.75 46.84 38.51 32.98 29.03 26.09 23.81 21.99 12.00% $ 172.55 88.85 60.98 47.07 38.75 33.21 29.28 26.33 24.06 22.24 12.50% $ 172.80 89.08 61.21 47.31 38.98 33.45 29.52 26.58 24.31 22.50 13.00% $ 173.04 89.32 61.45 47.54 39.22 33.69 29.76 26.83 24.56 22.75 13.50% $ 173.29 89.55 61.68 47.78 39.46 33.94 30.01 27.08 24.81 23.01…
Calculate the missing information for the installment loan that is being paid off early. Number of Payments Payments Payments Made Remaining 36 23 Sum-of-the- Digits Payments Remaining Sum-of-the- Digits Number of Payments Rebate Fraction
Assume that interest is the only finance charge. Use financial calculator to answer the questions. How much interest would be paid on a $8,000 installment loan to be repaid in 48 monthly installments of $211.10? Round the answer to 4 decimal places. % per month What is the APR on this loan? Round the answer to 2 decimal places. %
If you borrow $7,300 at $800 interest for one year, what is your effective interest rate for the following payment plans? Note: Input your answers as a percent rounded to 2 decimal places. a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments Effective Rate of Interest % % % %

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