For the given student loan, find the interest that accrues in a 30-day month, then find the total amount of interest that will accrue before regular payments begin, again using 30-day months.**Loan Details:**- Principal Amount: $6600- Annual Interest Rate: 7.5%- Duration until Graduation: 3 years and 9 months- Payment Deferment Period: 6 months after graduation**Question Breakdown:****Part 1 of 2:***The interest that accrues in a 30-day month is $[____]. Round to two decimal places, if necessary.***To Solve:**1. Calculate the monthly interest rate from the annual interest rate. \[ \text{Monthly Interest Rate} = \frac{\text{Annual Interest Rate}}{12} \]2. Use the monthly interest rate to find the interest accrued in a 30-day month for the given principal amount. \[ \text{Interest for 30 Days} = \text{Principal Amount} \times \text{Monthly Interest Rate} \]3. Insert your answer in the provided box and round to two decimal places as necessary.Please proceed to solve for Part 1, keeping the calculations neat and comprehensible.

For the given student loan, find the interest that accrues in a 30-day month, then find the total amount of interest that will accrue before regular payments begin, again using 30-day months. $6600 at 7.5% interest; student graduates 3 years and 9 months after loan is acquired; payments deferred for 6 months after graduation. Part: 0 / 2 Part 1 of 2 The interest that accrues in a 30-day month is $ places, if necessary. Round to two decimal X

For the given student loan, find the interest that accrues in a 30-day month, then find the total amount of interest that will accrue before regular payments begin, again using 30-day months. $6600 at 7.5% interest; student graduates 3 years and 9 months after loan is acquired; payments deferred for 6 months after graduation. Part: 0 / 2 Part 1 of 2 The interest that accrues in a 30-day month is $ places, if necessary. Round to two decimal X

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

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Prepare an amortization schedule for a five-year loan of $47,000. The interest rate is 7% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations. Enter all amount as positive value. Round the final answers to 2 decimal places. Leave no cells blank - be certain to enter "O" wherever required.) Year 1 Beginning Balance $ 2 2 3 4 5 Total Payment $ Interest Payment Principal Payment Ending Balance $ How much interest is paid in the third year? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Interest paid $ How much total interest is paid over the life of the loan? (Do not round intermediate calculations. Round the final answer to 2 decimal places.) Total interest $
Give typing answer with explanation and conclusion
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
subject : finance
Calculate the interest and total amount to be paid for each of the following. Pay attention to the term, sometimes people take out loans that do not equal a whole year. Total loan amount to be paid Loan Total Interest to be paid Princi Interest pal Name Total Total rate Interest Interest term (in per year per month months Johanna 4550 5.5% 24 Martin 7240 6.5% 36 Sonia 5000 7% 17 Ferdy 8500 3.5% Dave 950 8.5% Liz 11400 7.45% 9 Jermaine 12500 5.5% 24 Rudy 22600 3% 22 Nora 15400 6.5% 20 Nilliam 4800 4.75% 32
You can earn $ 44 in interest on a $ 1 comma 000 deposit for eight months. If the EAR is the same regardless of the length of the investment, how much interest will you earn on a $ 1 comma 000 deposit for: a. 3 months. b. 1 year. c. 1.9 years. Question content area bottom Part 1 a. 3 -months. For a 3 -month, $ 1 comma 000 deposit you will earn $enter your response here . (Round to the nearest cent). Part 2 b. 1-year. For a 1-year, $ 1 comma 000 deposit you will earn $enter your response here . (Round to the nearest cent). Part 3 c. 1.9 -years. For a 1.9 -year, $ 1 comma 000 deposit you will earn $enter your response here . (Round to the nearest cent).
23
Prepare an amortization schedule for a three-year loan of $117,000. The interest rate is 8 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? Note: Leave no cells blank. Enter '0' where necessary. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Year 1 2 3 $ Beginning Balance 117,000.00 Total Payment Total interest Interest Payment Principal Payment Ending Balance
Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid balance. 5-year computer loan for $2770 at 6.7%; remaining balance after 2 years. The monthly payment is (Round to the nearest cent as needed
You borrow $145,000 and must make annual loan payments of $11,635.18 for 20 years, starting at the end of the year. What interest rate are you being charged? a. 5% b. 7% c. 8% d. 9% e. 6%
Subject: acounting
K A student takes out a loan of $1,400 at the beginning of each semester (semi-annually) for 11 semesters to pay for college. The loan charges 6.6% interest compounded semiannually. The student graduates after the 11 semesters and refinances the loan to a lower 5.9% rate compounded monthly with monthly payments (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid. NO The monthly payment is $. (Round to the nearest cent as needed.) Ask my instructor 7 The total amount of interest paid is. $(Round to the nearest cent as needed.) ali Clear all tv NA Check answor

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