Find the amount due at maturity for a 180 day note of $38,400 at 11.7% ordinary interest if a partial payment of $20,000 is made on the 100th day of the loan. Show all your work in a neat and organized format.

Q: Find the future (FV) of a loan of a $6,100 loan at 7.5% for 9 months. (Assume simple interest and…

A: One way to figure out the interest on a loan or investment is with simple interest. It is referred…

Q: Lorna deposited $1,600, at the beginning of every six months for 10 years, in an account at her…

A: Future value is a value of an investment or asset on a specific date in the future based on growth…

Q: You have a new 10 year Student loan for $20,000.00 that charges an interest rate of 6.45% compounded…

A: Amortization: It is the systematic writing-off of premium or discount on bonds issued. If the market…

Q: Find the exact interest on a loan of ​$6000 at 8​% annually for  50 days.

A: Principal loan amount = 6000Number of days = 50Interest rate = 8%/100 = 0.080000 in decimalTotal…

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) $500 loan for 12…

A: The monthly payment for the loan can be calculated with the help of present value of annuity…

Q: Find the monthly payment for a bank loan. (Round your answer to the nearest cent.) $100 loan for 12…

A: Answer  Principle amount = $100 Interest rate =12% Time = 12 months

Q: Find the monthly payment for the loan. (Round your answer to the nearest cent.) $100 loan for 12…

A: Monthly payment: It is the payment paid by the loan holder to the lender every month in order to…

Q: Prepare the following calculations. principle on a note is $ 4,000, interest rate is 5%, time is 2…

A: 1. Interest = Principle x Interest rate x Time in Years = $4000 x 5% x 2 = $400 2. Interest =…

Q: Wayne signed a $10,000 note at Lynn Bank that charges a 7% discount rate. Use ordinary interest. If…

A: 7% discount rate is for 150 days.  1. To calculate proceeds, deduct interest from signed amount.  2.…

Q: What will be the total interest earned on a 6%, $2,000 note receivable that is due in nine months?

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Find the interest refund on a thirty six month loan with interest of two thousand eight hundred and…

A: The objective of the question is to calculate the interest refund on a loan that is paid off early.…

Q: A payday loan company charges a $25 fee for a $550 payday loan that will be repaid in 17 days.…

A: Given, Payday loan company charges fee = $25 Payday loan amount = $550 Duration = 17 days

Q: , find the monthly payments or

A: Monthly payments refer to the specified amount that a borrower is required to repay on a loan each…

Q: A store is offering to sell an item for $1,900 and loan you the money. The loan calls for equal…

A: Given: Amount borrowed = $1,900 Interest rate = 9.9% Number of years = 4

Q: The local bank is currently offering a new investment product, where deposits earn interest…

A: The FV of an investment refers to the cumulative value of its cash flows assuming that they grow at…

Q: Purchased equipment costing $15,608 by taking out a 4-month installment note with First Bank. The…

A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…

Q: Suppose that you borrow $10,000 from a bank to purchase a car. You agree with the bank to repay the…

A: Given: Particulars Amount Loan $10,000 Interest rate 16% Years 1

Q: A $1000 loan is being repaid in annual Installments of $100 at the end of every year. Assume 17%. a)…

A: A loan refers to a contract between two parties where money is forwarded in exchange for a promise…

Q: What is the payment in month 13 on a CAM loan for $150,000 with a maturity of 15 years at 5.85%?…

A: Debt refers to the owed capital that the corporations or individuals employ, it requires the…

Q: Paul signed an $8100 note at citizens bank. Citizens bank charges a 6.4% discount assume the loan is…

A: Note receivable refers to a negotiable instrument. It represents the claim amount due on the…

Q: Paul and Sandy Moede signed an $8000 note at Citizen's Bank. Citizen's charges a 6.50% discount…

A: Computation of effective rate of interest:Hence, the effective rate of interest is 6.87%.

Q: Please show all formulas and the process in Excel for each question. You borrow a GPM of $450,000…

A: Here, Loan Amount $         4,50,000.00Time Period in years15Interest Rate4.50%Year1 to 56 to 1010…

Q: Find the monthly payment on the loan. Assume that the term of the loan is 10 years. $6300 at 7.8%…

A: Given: Loan amount = $6,300 Interest rate = 7.8% Term = 10 yearsThe payment deferred for 6 months…

Q: You just obtained a loan of $13,384 with monthly payments for four years at 8.4 percent interest,…

A: The concept of time value of money can be used here. As per the concept of time value of money the…

Q: Example: You will receive three payments: $1,000, $2,000 and $3,000 on March 1, May 1 and December 1…

A: Due Date Amount receivedMarch 1 Amount received on March 1=$1,000May 1 Amount received on May…

Q: Amount Rate Time ​$63,000 12​% 3 years table of monthly payments on a​ $1,000…

A: Loan amount (PV) = $ 63000 Annual interest rate  = 12% Monthly interest rate (R) = 12%/12 = 1%…

Q: You want to settle a debt that was scheduled for 3 payments with a single payment in 9 months.…

A: Here,Payment 1 is $411.64 due today i.e Time 0Payment 2 is $610.44 due in 4 months i.e Time 4Payment…

Q: Osmara Del Toro deposits her life savings working at HoneyBee for $545,000, for when her retirement…

A: This question is related to the retirement plan in which he invests an amount of money in the…

Q: 9. A loan of $2400 is to be repaid off by 4 equal quarterly payments at interest rate of 4.8%…

A: To create an amortization schedule, we need to calculate the equal quarterly payments and how much…

Q: zation schedule The data on a loan has been collected in the Microsoft Excel Online file below. Open…

A: Usually when you take a loan you have to make a fixed periodic payment in each period. Here the…

Q: Find the monthly payment for the loan

A: Loan Amount = $200 Time period = 12 months Rate of Interest = 14% Since, loan repayment will be made…

Q: The local bank is currently offering a new investment product, where deposits earn interest…

A: The FV of an investment refers to the cumulative value of its cash flows assuming that they grow at…

Q: Start with a $1,000 deposit and assume a reserve requirement of 15 percent. Trace the amount of…

A: Lending cycles refer to the recurring patterns in a financial institution's willingness to extend…

Q: You have taken out a 20-year loan of $72,000 with 3% interest (APR) compounded monthly and with…

A: Annual percentage rate (APR) is a rate that a person is paying annually after undertaking all the…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.