Complete the following table. (Note: Round your answers to the nearest dollar.) Principal Finance charges Loan disbursement Total payback. $6,000 $ S S Annual Percentage Rate (APR) You also want to calculate the APR (annual percentage rate) and compare it to the stated interest rate. First, compute the average annual finance charge by dividing the total finance charge by the life of the loan, which is a year and a half (2.5 years). Enter this value in the following equation. (Note: Round your answers to the nearest dollar.) Next, as a single-payment loan, the average loan balance outstanding is constant at the

Q: Use the amortization table to determine how much interest is paid in the first 4 months of the loan.…

A: The interest in the first 4 months of the loan will be total of interest of month 1, month 2, month…

Q: loan is below. Payments of $1,987.26 are made monthly. Payment # Payment Interest Debt Payment…

A: A loan refers to a contract between two parties where money is forwarded by one party to the other…

Q: Find the amount (in $) of interest and the maturity value of the loans. Use the formula  MV = P + I…

A: Interest expense is a rate at which interest is calculated on the notes payable (amount borrowed).…

Q: Label all final answers with the correct units, if applicable. Unless otherwise stated, use 4…

A: Loans are paid by equal monthly installments and these monthly installments carry payment for…

Q: Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using…

A: Using excel RATE function

Q: (a) Determine the effective rate of interest for 4.275% compounded semiannually. Round your final…

A: Bartleby honor code states that in case of multiple questions, the expert is required to give…

Q: Scenario 2: You need a $12,000 loan to buy a good used car. Your bank offers a 3-year loan with an…

A: Monthly payment refers to an amount that is paid every month until the loan period including…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: The finance charge is the charge which is paid by the borrower on the amount he borrowed is called…

Q: Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments…

A: Amortization refers to the process of gradually paying off a debt, typically a loan, through regular…

Q: Find the effective rate for a payday loan which charges $37.78 for a two week loan of $280. The…

A: The Effective Annual Rate (EAR) is the interest rate that is adjusted for compounding over a given…

Q: Find the amount of interest and the maturity value of the following loan. Use the formula MV = P+ I…

A: Rate = 7% + (1/4)% Rate = 7% + 0.25% Rate = 7.25% ----------------------- Years = 4 + (1/2) Years =…

Q: For the following loan, find (a) the finance charge and (b) the APR. Use the accompanying table to…

A: Finance charge = ( Monthly payment * Number of periods) - Amount of finance.Finance charge per $ 100…

Q: Use the PMT function in Excel to compute the monthly payment on a $351000 business loan at an annual…

A: given that, loan amount = $351000 annual interest = 4.46% number of payments = 30 years * 12 = 360…

Q: You have just been hired as a loan officer at a national bank. Your first assignment is to calculate…

A: The question is based on the concept of Financial Management. Equal periodic payment can be…

Q: onsider a loan at 4.125% APR on 6 years for a $23,000 car a. Estimate the monthly payment (using…

A: Equated Monthly Installments are one part of the equally divided monthly outgoes to clear off an…

Q: Based on Exhibit 9.9 or using a financial calculator, what would be the monthly mortgage payments…

A: Loan amount 1 = $119,000Loan amount 2 = $103,000Loan amount 3 = $96,000Loan term 1 = 15 yearsLoan…

Q: Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage…

A: Amount Financed = $14,000 Number of payment = 36 Monthly payment = $503

Q: For the following loan, find (a) the finance charge and (b) the APR. Use the accompanying table to…

A: Cost of horse trailer = $ 6,100Down payment = 1500Loan amount = 6100 - 1500 = $ 4,600Number of…

Q: alculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: Select the correct choice that completes the sentence below. The rebate amount is equal to the…

A: Rebate is a term used in short-selling, which is selling securities that a trader does not own. In…

Q: Term Rate 3.0% 3.5 40 30 years $4.22 4.49 477 25 years $4.74 5.01 5.28 20 years $5.55 5.80 6.06 15…

A: Mortgage loans are paid by fixed equal monthly payments and these monthly payment carry the payment…

Q: You have just been hired as a loan officer at a national bank. Your first assignment is to calculate…

A: Periodic payment refers to an amount that is paid at every period by the borrower to the lender for…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: APR stands for Annual Percentage Rate. It is a measure of the cost of credit, expressed as a yearly…

Q: Amount borrowed Interest rate Number of periodic payments per year Maturity (in years) Periodic…

A: The time value of money recognizes the idea that the value of an amount of money today differs from…

Q: alculate the finance charge (in $) and the annual percentage rate for the installment loan by using…

A: Therefore, the finance charge is $12,334.

Q: A finance company uses the discount method of calculating interest. The loan principal is $5,000,…

A: Future Value = Present Value * (1+r)^n

Q: To borrow $3,400, you are offered an add-on interest loan at 9.6 percent with 12 monthly payments.…

A: Effective annual rate of return is the interest rate with compounding effects.

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: It is important for borrowers to carefully review the terms and conditions of any credit or loan…

Q: Loan term   in years   Monthly Payment on $178,000 loan (in $) Total amount paid back over the…

A: Please note under answering guidelines only up to 3 subparts can be answered. The table is completed…

Q: You have taken a loan of $78,000.00 for 20 years at 4.9% compounded quarterly. Fill in the table…

A: An amortization table, also known as an amortization schedule, is a financial summary that displays…

Q: Find i (the rate per period) and n (the number of periods) for the following loan at the given…

A: The annual interest rate that is charged by the lenders or at which the investors earn additional…

Q: Ross Land has a loan of $8,500 compounded quarterly for four years at 4%. What is the effective…

A: Effective rate of Interest-The effective rate means the actual rate of interest which is accrued on…

Q: Find the amount (in $) of interest and the maturity value of the loans. Use the formula MV = P + I…

A: Principal amount = p = $145,000 Interest rate = r = 151/2 = 15.5% Time t = 8 / 12 years

Q: For the following loan, find (a) the finance charge and (b) the APR. Use the accompanying table to…

A: Finance charge = Total amount paid  -  Amount financed.Total amount paid = amount of monthly payment…

Q: Find the APR​ (true annual interest​ rate), to the nearest half​ percent, for the following loan.…

A: APR stands for Annual Percentage Rate, which is the interest rate charged on loans or credit cards,…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

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

Q: Investigate the effect of the interest rate on simple interest amortized auto loans by finding the…

A: Compound = monthly = 12 Time = 4 * 12 = 48 Present value = pv = $15,000