Caroline borrowed $1,500.00 at 9.00% p.a. She wants to settle this loan with 2 equal payments, one in 5 months and another in 16 months. Determine the size of the payments using 'now' as the focal date.
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Caroline borrowed $1,500.00 at 9.00% p.a. She wants to settle this loan with 2 equal payments, one in 5 months and another in 16 months. Determine the size of the payments using 'now' as the focal date.
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- Krista borrowed $13,169. The loan is to be repaid by three equal payments due in 91,183,269 and days from now respectively. Determine the size of the equal payments at an interest rate of 7% with a focal date of today.Vincent received a loan of $28,000 at 4.25% compounded monthly. She had to make payments at the end of every month for a period of 5 years to settle the loan. a. Calculate the size of payments. Round to the nearest cent b. Complete the partial amortization schedule, rounding the answers to the nearest cent. Payment Number Payment K 0 1 2 0 0.00 0 0 Total :: :: $0.00 $0.00 $0.00 $0.00 $0.00 Interest Portion Principal Portion $0.00 $0.00 :: :: $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Principal Balance $28,000.00 $0.00 $0.00 :: $0.00 $0.00 0.00Chelsea was supposed to pay Jacob $4,800, 6 months ago, and $1,500, 5 months from now. If she wants to reschedule these payments with two payments, one payment of $3, 100 today and the balance 3 months from now, calculate the balance amount. Assume that the simple interest charged is 5.25% p.a. and the agreed focal date is 3 months from now.
- Jennifer has a 60-month fixed installment loan, with a monthly payment of $223.04. The amount she borrowed was $11,000.00 at 8.0% APR. A split second after making her 36th payment, Jennifer decided to pay off the remaining balance on the loan. What is the total amount due to pay off the balance? Use the actuarial method. If you use the Finance Charge Table 11.2, page 632, and the "unearned interest formula", page 635, in your textbook to solve this problem, the result will match exactly with one of the answers. If you use a spreadsheet to do the computation, your result will not match exactly with any of the answers, but it will differ only very little (mostly less than $1) from the "correct" answer. $4,788.06 $4,897.69 $4,931.79 $5,063.35Alexandra took out a mortgage of $791,000 for a house and just made the 79th end of month payment. Interest on the loan was 4.43% compounded monthly and the mortgage has a period of 19 years. Round ALL answers to two decimal places if necessary. 1) What are her monthly payments? P/Y = I/Y = % BAL= $ positive value) C/Y = PV = $ PMT= $ N = FV = $ 2) What is her current outstanding balance after the 79th payment? (enter aZach Taylor is settling a $20,000 loan due today by making 6 equal annual payments of $4,727.53. What payments must Zach Taylor make to settle the loan at the same interest rate but with the 6 payments beginning on the day the loan is signed?
- please do the following questions with full workingZach Taylor is settling a $20,000 loan due today by making 6 equal annual payments of $4,727.53. Determine the interest rate on this loan, if the payments begin one year after the loan is signed.Lily borrows USD200,000 for 30 years at 6% annually. She agrees to make annual payments of USD12,000 for the first 10 years, and USD12,000 + P for the next 20 years. By answering the following questions correct to two decimal places, a. Find P. b. Find the outstanding loan balance at the end of 5 years. c. Find the outstanding loan balance at the end of 20 years. d. Find the total of interest amount paid of the loan over 30 years.
- Karen obtained a $20,000 loan at 4% compounded semiannually. a-1. What monthly payment will repay the loan in 7 1/2 years? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Monthly payment $ a-2. How much interest will Karen pay over the life of the loan? (Round intermediate calculations to 2 decimal places and round your final answer to the nearest dollar.) Total interest LAJordan was supposed to pay Courtney $4,200 6 months ago and $2,220 in 5 months. If he wants to repay this amount with two payments of $3,500 today and the balance amount in 3 months, calculate the balance amount. Assume interest is 2.40% p.a. and the agreed focal date is 3 months from now.Grace borrowed P150,000 payable in 2 years. To repay the loan, she must pay an amount every month with an interest rate of 6% compounded monthly. How much should he pay every month? P6,468.09 P6,648.90 P6,648.09 P6,684.09