Find the total amount that must be repaid on the following note described. $8,573 borrowed at 16.5% simple interest What is the total amount to be repaid 3 years, 125 days later? (Round your answer to the nearest cent.)___________

Q: Calculate the monthly payment by using the loan amortization table:  (Round your answer to the…

A: Annuity: An annuity is defined as a series of payments, whether received or made, that are equal and…

Q: Suppose you deposit $1,030.00 into an account 4.00 years from today. Exactly 13.00 years from today…

A: Future Value refers to the value of the current asset or investment or of cash flows at a specified…

Q: Fill in the missing information 1. Find the missing information 2. Monetary Value: Round up the…

A: Accrued interest can be referred to as the amount of interest that is earned or due on the notes of…

Q: periodically in order to make the account last the specified amount of time. Round your answer to…

A: Present value of annuity formula: PVA=A×1-11+rmm×nrm where, PVA = account balance r = rate of…

Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: Ordinary interest, also known as simple interest, is a method of calculating interest on a loan or…

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: Complete the following amortization chart by using Table 15.1.  Note: Round your "Payment per…

A: An amortized loan is a borrowing that is repaid slowly. Every payment comprises principal repayment…

Q: The First Bank of Lending lists the following APR for loans. Determine the APY, or effective…

A: APR is the annual rate of interest which is charged on a loan. The borrower needs to make loan…

Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: Principal Amount = p = $185,000 Time = t = 2 years Interest amount = i = $24,050

Q: What is the rate of interest on a loan of $2,000, for 282 days, if the amount of interest is…

A: When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Q: Using the ordinary interest method, find the amount of interest on a loan of $5,000 at 10% interest,…

A: To calculate the interest amount we will use the below formula   Ordinary interest = P*r*d/360 Where…

Q: Suppose you deposit $1,016.00 into an account 4.00 years from today. Exactly 13.00 years from today…

A: Present Value = pv = $1016Time = t = 13 - 4 = 9 YearsFuture Value = fv = $1741

Q: Find the amount (in $) of interest on the loan.

A: Interest: It refers to the monetary charge paid by the borrower to the lender for taking a loan. It…

Q: onsider a loan at 4.125% APR on 6 years for a $23,000 car a. Estimate the monthly payment (using…

A: Equated Monthly Installments are one part of the equally divided monthly outgoes to clear off an…

Q: Compute the size of the final payment for the following loan.   Principal​ $ Periodic Payment​ $…

A: A loan is  basically a type of debt that an individual or the other entity incurs. The lender, who…

Q: I hope you could write the formula and process more clearly. Thank you

A: The monthly payment for the mortgage is approximately £1,137.15.Explanation:Here's how to calculate…

Q: A loan of amount $33300 is to be repaid in payments that each consist of a principal repayment of…

A: Interest refers to an amount that is paid every time along with the principal payment for the…

Q: Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage…

A: Amount Financed = $14,000 Number of payment = 36 Monthly payment = $503

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: The simple interest charged on a 11-month loan of $54,000 is $732. Find the simple interest rate.…

A: simple interest can be given by the formula: I=P×R×T100

Q: What is the total amount that must be repaid on the following note $8,543 borrowed at 14.5% simple…

A: Simple interest is interest without compounding.

Q: Determine the monthly payment for the installment loan. Use the installment payment formula m = 1-…

A: Given , Amount of financed , P = $1440Annual percentage rate , r = 8%No.of payments per year , n =…

Q: The exact interest on a loan of P3728 at 7.4% annual simple interest for 95 days is Round your…

A: The rate at which you borrow or lend money is called simple interest. If a borrower takes money from…

Q: Calculate the amount of interest that the following note will earn (for the life of the note).…

A: Total Interest earned on note = Face value of note x rate of interest x No. of days / 360

Q: Based on the information, determine the value of each "?" in the following table: Loan Amount =…

A:

Q: Use the amortization table to determine how much interest is paid in the first 4 months of the loan.…

A: whenever the lender makes the loan advance to the borrower, then he levies interest on the principal…

Q: Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $70,000 5 4 1 2…

A: The interest is the amount that is received or paid on the principal amount for the specified time…

Q: What is the time period of a loan for $3,000, at 10% ordinary interest, if the amount of interest is…

A: In contrasts to a fee that the borrower may pay the lender or another party, interest is a payment…

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.