**Understanding Loan Calculations: Principal, Interest, and Total Payable Amounts**This table illustrates key financial details for several individuals taking out loans. It includes columns for principal amount, interest rate, total interest per year and per month, loan term in months, total interest to be paid, and total loan amount to be paid. Below is a transcribed breakdown of the data:| Name | Principal | Interest Rate | Total Interest per Year | Total Interest per Month | Loan Term (in months) | Total Interest to be Paid | Total Loan Amount to be Paid ||----------|-----------|---------------|-------------------------|--------------------------|-----------------------|---------------------------|------------------------------|| Johanna | 4550 | 5.5% | | | 24 | | || Martin | 7240 | 6.5% | | | 36 | | || Sonia | 5000 | 7% | | | 17 | | || Ferdy | 8500 | 3.5% | | | 5 | | || Dave | 950 | 8.5% | | | 6 | | || Liz | 11400 | 7.45% | | | 9 | | || Jermaine | 12500 | 5.5% | | | 24 | | || Rudy | 22600 | 3% | | | 22 | | || Nora | 15400 | 6.5% | | | 20 | | || William | 4800 | 4.75% | | | 32 | | |### Explanation:1. **Principal**: The initial amount of money borrowed.2. **Interest Rate**: The percentage charged on the principal by the lender.3. **Total Interest per Year/Month**: These columns calculate the interest accumulated annually or monthly.4. **Loan Term (in months)**: The duration over which the loan is expected to be repaid.5. **Total Interest to be Paid

The loan payment consists of both principal amount and the interest payment. The interest on the…

Answered: equal a whole year. Tota lor Loan term…

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

See similar textbooks

Similar questions

The interest rate on a $57,000 loan is 10.4% compounded semiannually. Quarterly payments will pay off the loan in fifteen years. (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. Calculate the interest component of Payment 13. Interest b. Calculate the principal component of Payment 50. Principal c. Calculate the total interest in Payments 39 to 50 inclusive. Total interest $ d. Calculate the reduction of principal in Year 4. Principal reduction %24 %24
What is the total amount that must be repaid on the following note $8,543 borrowed at 14.5% simple interest. what is the total amount to be repaid in 3 years, 125 days later? Round to the nearest cent.
Aaron's student loan of $24,500 at 3.32% compounded quarterly was amortized over 5 years with payments made at the end of every month. What was the principal balance on the loan after 4 years? Round to the nearest cent OD $0.00 ( 0 LA f SUBMIT QUESTION SAVE PROGRESS ↑ SUBM
A loan is to be repaid over 30 years, with month-end repayments of 5,000. If the interest rate is 3.7% p.a. compounded monthly. Calculate the interest paid for year 10. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)
What was the term of a $4850 loan at 4.5% if the interest due at the end was $145.50? Answer (need work shown): 8 months What annual rate of interest was earned if a $15,000 investment for 5 months earned $546.88 in interest? Answer (need work shown): 8.75%
5 % rate for 15 years is 7.90794
A 18-year loan requires month - end payments of $627.33 including interest at 9.2% compounded monthly. What is the balance on the loan after half of the payments have been made? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Balance on the loan $ 45, 959.14 awarded
Subject.... account
onsider the following loan. Complete parts (a)-(c) below. n individual borrowed $65,000 at an APR of 5%, which will be paid off with monthly payments of $442 for 19 years. ... a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ 65000, the annual interest rate is 5%, the number of payments per year is 12, the loan term is 19 years, and the payment amount is $ 442. b. How many total payments does the loan require? What is the total amount paid over the full term of the loan? There are 228 payments toward the loan and the total amount paid is $ 100776 c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest? The percentage paid toward the principal is% and the percentage paid for interest is%. (Round to the nearest tenth as needed.)
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 interest on the following loan. $1850 at 7.5% for 3 months The interest is $ (Round to the nearest cent as needed.)
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) Finance Charge per $100 Number of Monthly Payment Amount Finance APR Financed Payments Charge $14,000 $489.00 $ 36 %

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

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

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

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

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

equal a whole year. Tota lor Loan term (in month months Total Interest to be paid Name Princi Interest Total Total pal rate Interest Interest per per amo to b pai year Johanna 4550 5.5% 24 Martin 7240 6.5% 36 Sonia 5000 7% 17 Ferdy 8500 3.5% ave 950 8.5%