Chang took out a loan for 146 days and was charged simple interest at an annual rate of 12.5%. The total interest he paid on the loan was $245. How much money did Chang borrow? Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas. $0 X .5

Chang took out a loan for 146 days and was charged simple interest at an annual rate of 12.5%. The total interest he paid on the loan was $245. How much money did Chang borrow? Assume that there are 365 days in a year, and do not round any intermediate computations. If necessary, refer to the list of financial formulas. $0 X .5

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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Suppose the modified mortgage for a house is $289,275 and the monthly mortgage payment is $1801.39 for 30 years. Determine the interest rate. (This is where the financial or graphing calculator is necessary. See this excerpt for details.) The result is the APR required by the Truth in Lending Act. For this example we have included only points. In most situations, other fees would be included as well. (Round your answer to two decimal places.) The APR is %.
Anushka and Benicio borrowed $47,000 at 7% compounded semi-annually as a second mortgage loan against their current home. Repayment amount is $9,400 at the end of every year. a. How many payments are required to repay the loan? Number of payments b. Use the given information to complete the amortization table below. Determine the missing values for the first two payment intervals, the last two payment intervals, and the totals. Report results to the nearest cent. Payment Number 0 1 2 ⠀ : N-1 N Total Amount Paid ($) 9,400.00 9,400.00 ⠀ ⠀ 9,400.00 Interest Paid ($) Principal Repaid ($) Outstanding Balance ($) 47,000.00 0.00
Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed the balance with monthly payments of $236.38 for 36 months. (a) What is the finance charge (in $) on the loan? $ 1459.68 (b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.) ______ %
Krista borrowed 15,268. The loan is to be repaid by three equal payments due in 52, 146, and 261 days from now respectively. Determine the size of the equal payments at an interest rate of 4 % with a focal date of today.
Tim Houston purchased a wall unit for $2,200. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $42.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.) %
Tim Huston purchased a wall unit for $2,200. He made a $600.00 down payment and financed the balance with an installment loan for 48 months. If Tim’s payments are $42.59 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places)
John Paszel took out a loan for 48 months but paid it in full after 27 months. Find the refund fraction he should use to calculate the amount of his refund. (Type an integer or a simplified fraction.)
Shirley Trembley bought a house for $185,300. She put 20% down and obtains a simple interest amortized loan for the rest at 6 3 8 % for thirty years. (Round your answers to the nearest cent.) (a) Find her monthly payment.$ (b) Find the total interest.$ (c) Prepare an amortization schedule for the first two months of the loan. PaymentNumber PrincipalPortion InterestPortion TotalPayment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $ (d) Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Shirley make to qualify for the loan?$ per month
Miller borrows $370,000 to be paid off in four years. The loan payments are semiannual with the first payment due in six months, and interest is at 8%. What is the amount of each payment? Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, and PVA of $1). Multiple Choice О $62,451 О $118,400 $122,549 О $54,955
Tim Houston purchased a wall unit for $2,300. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $43.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)
Tim Houston purchased a wall unit for $2,200. He made a $800 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $43.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)
Tim Houston purchased a wall unit for $2,400. He made a $800 down payment and financed the balance with an installment loan for 48 months. If Tim's payments are $43.50 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places.)

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