Find the exact interest on a loan of 57,000, borrowed at 9.4%,made on Feb 13, and due on June 30. Use 365 days in a year and use the exact number of days in a month, with February having 28. Round to the nearest cent.
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made on Feb 13, and due on June 30. Use 365 days in a year and use the exact number of days in a month, with February having 28. Round to the nearest cent.
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- Find the annual simple interest rate of a loan, where $300 is borrowed and where $315 is repaid at the end of 15 months.Annual simple interest rate = %.Find the annual simple interest rate of a loan, where $800 is borrowed and where $904 is repaid at the end of 14 months.Find the length of the loan in months, if $500 is borrowed with an annual simple interest rate of 3% and with $517.5 repaid at the end of the loan.
- 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 interest paid on a loan of $2,700 for one year at a simple interest rate of 11% per year. The interest on a loan is SUsing the simple interest method, find the monthly payments on a $5,500 installment loan if the funds are borrowed for 30 months at an annual interest rate of 14% Use financial calculator to answer the question. Round the answer to the nearest cent. per month
- Using the simple interest method, find the monthly payments on a $2,000 installment loan if the funds are borrowed for 30 months at an annual interest rate of 7%. You can use financial calculator, Excel. Round the answer to the nearest cent. Round the answer to the nearest cent. $ per month How much interest will be paid during the first year of this loan? Round your intermediate computations and final answers to the nearest cent. $Assume that you take out a $7000 loan for 46 months at 7.5% APR. How much total interest will you have paid at the end of the 46 months? (Round your answer to the nearest cent.)Calculating monthly installment loan payments Using the simple interest method, find the monthly payments on a $1,500 installment loan if the funds are borrowed for 18 months at an annual interest rate of 11%. Use financial calculator to answer the question. Round the answer to the nearest cent.$ per month
- Find the monthly payment for the loan. (Round your answer to the nearest cent.) $500 loan for 12 months at 14%Assume you have a balance of $1000 on a credit card with an APR of 24%, or 2% per month. You start making monthly payments of $200, but at the same time you charge an addicional $90 per month to the credit card. Assume that interest for a given month is based on the balance for the previous month. The following table shows how you can calculate your monthly balance. Complete and extend the table to show the balance at the end of each month until the debt is paid off. How long does it take to pay off the credit card debt? Fill out the table row by row, and continue until the last full payment (Round to the nearest cent as needed) Month Payment 0 1 $2 $200 $200 $200 $200 Continue until the last full payment 3 4 $200 Expenses $90 $90 $90 590 Interest 0.02 $1000-$20.00 $90 Therefore, ain)th partial payment will pay off the loan, which means the loan will paid off in months New Balance $1000 $1000-$200-500-$20.00-$910.00Create an amortization table for a $60,000 loan. We will assume payments are made monthly over 6 years at an interest rate of 4%. a.) First use a formula cell in your spreadsheet to calculate the monthly payment amount. b.) Create an amortization table for the 72 months. Your columns of your amortization table should include payment number, payment amount, interest paid each month, principle paid that month, amount paid on principal total, and the amount of principal remaining.