Find the amount of interest (in $) on a loan of $6,000, at 5% interest, for 60 days using the exact interest method. (Round your answer to the nearest cent.) $
Q: Reya paid Php 9,250 on a loan made 6 months before at 12% simple interest. Find the interest…
A: Simple interest is simple interest without any compounding that means no interest on interest…
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A: Discount method is one of the methods to provide a loan. Under this amount loan amount is provided…
Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…
A: A loan is a sum of money that one or more individuals, businesses, or other organisations acquire…
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A: Finance Charge: It is the cost in relation to borrowing money or the payment of any loan…
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: For the car loan described, give the following information. A car dealer will sell you a used car…
A: Note: As per Bartleby guidelines,If a question with multiple sub-parts are posted, first 3…
Q: Calculate the monthly payment by using the loan amortization table: (Round your answer to the…
A: loan amount= $26000 time= 36 months or 3 years Rate=11% If you borrow $26000 at 11% for 3 years,…
Q: Investigate the effect of the interest rate on home loans by finding the monthly payment and the…
A: Data Given, Loan Amount (Principle) = $150000 Time period of loan (n)= 20 years Payment Interval =…
Q: Martinez Sporting Goods borrows $4,500, at 5% interest, for 120 days. Use the exact interest method…
A: Interest amount is the fixed amount that the lender will charge for lending some amount for certain…
Q: What is the actuarial rate for a simple loan of $1,500 that requires a repayment of 2,000 in 5
A: In this we have to calculate effective interest rate by use of present and future value.
Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…
A: Solution Rate (in %) for the loan = Interest / principal amount * 360/ days of loan
Q: A local business received a $45,000 loan at 4.95% compounded monthly. The business settled the loan…
A: Loan repayments of equal amounts can be defined as an annuity. The principal amount of loan is the…
Q: Investigate the effect of the interest rate on home loans by finding the monthly payment and the…
A: Formulas:
Q: Find the finance charges on a 8.4 percent, 18-month, single-payment loan when interest is computed…
A:
Q: Chuong Ngo borrows $3200 from a bank that advertises a 8% simple interest rate and repays the loan…
A: Given: Borrowed amount = $3,200 Simple interest = 8% Monthly payments =4
Q: A student loan with a simple annual interest rate of 2.5% must be paid back in ten years. A student…
A: Given data, Interest rate(r)=2.5% or 0.025 per annum Total interest(I)=P2,000 Time(t)=10 years
Q: Find the amount of interest (in $) on a loan of $4,000, at 5% interest, for 70 days using the exact…
A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…
Q: Given a $5,000 loan at 8% for 90 days, compare the interest accrued using the standard method (365…
A: calculate interest under standard method Interest = ($5,000 / 300) * 85 * 90 /365) Interest =…
Q: loan shark made a loan of $5000 to be repaid with $5500 dollars at the end of two months. What is…
A: simple interest involves no compounding that means no interest on interest is included.
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A: Equated Monthly Installments are one part of the equally divided monthly outgoes to clear off an…
Q: The financial officer of Toys and Noise arranges a loan of $8,500, at 8.5% interest, for 35 months.…
A: Simple interest is a quick and easy method of calculating the interest charge on a loan. Simple…
Q: Find the amount of interest (in $) on a loan of $6,000, at 5% interest, for 80 days using the exact…
A: Under the ordinary interest method, the number of days in a year is assumed to be 360, but under the…
Q: For the car loan described, give the following information. A car dealer will sell you a used car…
A: The annual interest rate that is charged by the lenders or at which the investors earn additional…
Q: The simple interest charged on an 8-month loan of $95,000 is $974. Find the simple interest rate.…
A: Simple interest = Amount*Rate*time in years
Q: A payday loan provides short-term loans ranging from $250 to $2,000. Assume the cost of the loan is…
A: In the question it is given that the cost of the loan is $1.00 per day per $100 borrowed until the…
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A: Calculation of Principal Balance:The principal balance on the loan after six months is…
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: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…
A: We need to use ordinary interest formula to solve this problem Simple/ordinary interest…
Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…
A: Given, Interest = $25,650 Principal = $135,000
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Q: Suppose that you took out a loan at 10% interest for 283 days. If the amount of interest was…
A: In this question we need to find the amount of principal borrowed if amount of interest was $930.41…
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: Calculate the interest to be paid on a loan of $80,000, for 90 days, at 9.5%
A: Given Principle = 80000 Rate = 9.5%
Q: Label all final answers with the correct. units, if applicable. Unless otherwise stated, use 4…
A:
Q: You have taken out a loan of $11,000.00 for 4 years at an APR of 4.6% (loans are always compounded…
A: P=principal r= interest rate n=number of payments
Q: A bank has agreed to lend you $127,800 for a home loan. The loan will be fully amortized over 57…
A: Amortization is a term used in business to describe the process of spreading payments out over time.…
Q: .A bank offers a 272- day discounted loan at a simple discount rate of 12%. (a) How much money would…
A: The discount on loan is given and that discount on loan is the interest being charged on the loan…
Q: A payday loan provides short-term loans ranging from $250 to $2,000. Assume the cost of the loan is…
A: The annual percentage rate (APR) is the percentage rate that shows the interest rate calculates on…
Q: A loan is partially settled by making payments of $3, 500 at the end of every six months for five…
A: Using Excel PV function
Q: Find the finance charges on an 8.4 percent, 18-month, $1,000, single-payment loan when interest is…
A: The charge paid to an investor or a fund provider for borrowing money is known as a finance charge…
Q: Hi there, quick question. For an loan with a capital amount of 2500, initiation fee of 315,…
A: Loan is a facility to borrow certain amount of money from the banks and financial institutions at…
Q: A man loans $4,000 at one interest rate and $5,000 at a 1% greater rate. The $5,000 loan earns $110…
A: Let the interest rate for $4000 = r Interest rate for $5000 = r + 0.01
Q: Investigate the effect of the interest rate on home loans by finding the monthly payment and the…
A: A type of loan in which the borrower has to make a schedule for the periodic payment regarding both…
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Q: A car loan of $37,412.98 is to be repaid with end-of-month payments of $725.06. If interest is…
A: Loan amount (PV) = $37,412.98 Monthly payment (P) = $725.06 Interest rate = 5% Monthly interest rate…
Q: discounted loan of $1,000 was taken out by a company for 6 months at a 10% simple discount rate. The…
A:
Q: A man loans $10,000, part at 6% annual interest and the rest at 11%. The annual total income from…
A: The various Loans can be taken on various interest rates. This is done to maintain the total…
Q: Investigate the effect of the term on simple interest amortized auto loans by finding the monthly…
A: Loan Amount =$10,000 Interest rate = 678% = 558%=6.875%
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- Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?Find the simple interest I of the given loan amount. (Round your answer to the nearest cent.) $2,000 borrowed at 6% for three years I= $ ______________Use the add-on method of caloulating interest to find the total interest and the monthly payment. Length of Loan 4 years Amount of Loan Interest Rate $4400 4.1% The total interest is $ (Round to the nearest cent as needed.) The monthly payment is $ (Round to the nearest cent as needed.) Enter your answer in each of the answer boxes.
- 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. %Calculate the monthly payment by using the loan amortization table: (Round your answer to the nearest cent.) Loan $8,500 Down Payment $2,000 Time 48months Rate 10.5% Monthly PaymentInvestigate the effect of the interest rate on home loans by finding the monthly payment and the total interest for a twenty-year simple interest amortized loan of $150,000 at the following rates. (Round your answers to the nearest cent.) (a) 6% payment $ total interest $ (b) 7% payment $ total interest $ (c) 8% payment $ total interest $ (d) 9% payment $ total interest $ (e) 10% payment $ total interest $ (f) 11% payment $ total interest $
- Find the amount (in dollars) indicated. (Round your answer to the nearest cent.) the monthly payments necessary on a 5 year loan of $50,000 at 4.75%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. %Find the monthly payment and estimate the remaining balance. Assume interest is on the upaid balance. 3 year computer loan for $3285 at 6.6%, remaining balance after 2 years. The monthly payment is $ (Round to the nearest cent as needed.) The remaining balance is $ (Round to the nearest dollar as needed.)
- A payday loan provides short-term loans ranging from $250 to $2,000. Assume the cost of the loan is $1.00 per day per $100 borrowed until the loan is repaid. What is the APR for a $300 payday loan that is repaid in five days? 1.67 Need Help? Read ItUse the ordinary interest method to compute the time (in days) for the loan. Round your answer up to the next highest day when necessary. Principal Rate (%) Time Interest $7,300 10.4 107 X days $227 Need Help? Read ItFind the future (FV) of a loan of a $6,100 loan at 7.5% for 9 months. (Assume simple interest and round to the nearest cent.) Write your answer in the text box below and submit your work at the last question.