Determine the annual financing cost of a 1-year (365 day), $13,000 discounted bank loan at a stated annual interest rate of 9.0 percent. Assume that no compensating balance is required. Round your answer to two decimal places. %
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Determine the annual financing cost of a 1-year (365 day), $13,000 discounted bank loan at a stated annual interest rate of 9.0 percent. Assume that no compensating balance is required. Round your answer to two decimal places.
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- Determine the annual financing cost of a 1-year (365 day), $9,000 discounted bank loan at a stated annual interest rate of 10.0 percent. Assume that no compensating balance is required. Round your answer to two decimal places. %Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and precentage to one decimal) Amount Financed = 100,000 Number of Payments = 72 Monthly Payment = 2,025.50 SOLVING FOR THE FOLLOWING: Finance Charge = $_________ APR= ___________%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 $210.72? Round the answer to 4 decimal places. % per monthWhat is the APR on this loan? Round the answer to 2 decimal places. %
- 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. %The following loan was paid in full before its due date. a) Find the value of h using an appropriate formula. b) Use the actuarial method to find the amount of unearned interest. c) Find the payoff amount. Regular Monthly Payment APR # of Payments Remaining after Payoff 8.7% 4 $214 What is the finance charge per $100 financed? h = $ (Round to the nearest cent.) The unearned interest is about $ (Round to the nearest cent.) The payoff amount is $ Enter your answer in each of the answer boxes. f12 inser f9 f1o f7 fg f6 f4 f5 esc 5 7 8. %24 3 %23Determine the dollar settlement of the 3 x 6 FRA for the amount $300,000 assuming (a) the settlement occurs on the date of loan initiation and (b) if settlement occurs on the date of loan repayment. Use the following data to carry out the calculations. Interest rates are expressed as stated annual interest rates.
- The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $414.84 APR 4.0% Remaining Number of Scheduled Payments after Payoff 18 Click the icon to view the annual percentage rate table. ... (a) h= $3.20 (b) The unearned interest is $ (Round to the nearest cent as needed.)Complete the next line of the schedule. The loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find the payoff amount. Regular Monthly Payment $445.22 Remaining Number of Scheduled Payments after Payoff 6 APR 11.0% Click the icon to view the annual percentage rate table. (a) h=$ (b) The unearned interest is $ (c) The payoff amount is $ (Round to the nearest cent as needed.) (Round to the nearest cent as needed.)
- Prescott Bank offers you a five-year loan for $62,000 at an annual interest rate of 6.25 percent. What will your annual loan payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)The weekly payment on a 4-year loan at 6.8% compounded weekly is $321.09. Calculate the amount of the loan. Identify the appropriate formula needed to calculate the amount of the loan. Select the correct choice below and fill in the answer boxes to complete your choice. (Type integers or decimals. Round to two decimal places as needed.) A. F= OB. P= O C. P= (1+i)^ - 1 F (1 + i)^ - • R, with F = $, n=[ and i=% with P = $ n= 1-(1+i)n i •R, with n= and i= % i= %, and R=$A $10,100 loan is to be repaid in three equal payments occurring 60, 180, and 300 days, respectively, after the date of the loan. Calculate the size of these payments if the interest rate on the loan is 6%. Use the loan date as the focal date. (Do not round intermediate calculations and round your final answer to 2 decimal places.) Payment