Given the annual interest rate and a line of an amortization schedule for that loan, completethe next line of the schedule. Assume that payments are made monthly.AnnualInterest Rate Payment6.7%$468.39Fill out the amortization schedule below.InterestPaid$42.28AnnualInterest Rate6.7%InterestPaid$42.28$(Round to the nearest cent as needed.)Payment$468.39Paid onPrincipal$426.11Paid onPrincipal$426.11$Balance$7,150.14Balance$7,150.14$

An amortization schedule is a table that shows the breakdown of each loan payment, detailing how…

Answered: Given the annual interest rate and a…

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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a. Annual payment b. Semiannual payments c. Quarterly payments d. Monthly payments If you borrow $9,500 at $760 interest for one year, what is your annual interest cost for the following payment plan? (Round the final answers to 2 decimal places.) Effective rate elp Save & Exit % 4 Submi
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.)
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge Finance Chargeper $100 APR $50,000 60 $1,176.33 $ $ %
Prepare an amortization schedule for a three-year loan of $96,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. How much total interest is paid over the life of the loan? (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 Total Payment Total interest Interest Payment Principal Payment Ending Balance
Prepare an amortization schedule for a five-year loan of $70,000. The interest rate is 9 percent per year, and the loan calls for equal annual payments. Note: Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Year 1 2 3 4 5 $ Beginning Balance 70,000.00 $ 58,421.11 X 45,800.12 X 32,043.24 x 16,094.24 x > Answer is complete but not entirely correct. Total Interest Payment Payment 17,996.47 $ 17,996.47✔ 17,996.47 ✔ 17,996.47 ✔ 17,996.47✔ Answer is complete and correct. 6,300.00 $ 5,257.90 X 4,122.01 X Total interest paid $ 19,982.35 2,884.90 X 1,444.43 x Principal Payment Ending Balance How much total interest is paid over the life of the loan? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16. 11,696.47 $ $ 58,303.53 12,738.57✔ 57,261.43 X 13,874.46 X 56,125.54 X 15,111.57 X 54,888.43 X 16,552.04 X 53,447.96 X
Find the payment necessary to amortize a 4% loan of $900 compounded quarterly, with 15 quarterly payments. The payment size is S
Subject: accounting
How much total principal is repaid between the 1st and 7th payment interval of a 4.5-year loan for $4887 at an interest rate of 7.4% compounded monthly and the payments are also monthly. Round your answer to the nearest dollar.
Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) Monthly Payment Number of Finance Amount Financed APR Payments Charge $18,100 72 $426.08 $ 12577.76 %
Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge APR $18,300 72 $424.08 $ %
Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using the APR formula. (Round dollar amounts to the nearest cent and percentages to one decimal place.) Amount Number of Financed Payments $18,500 72 Monthly Payment $424.08 $ tA Finance Charge APR %
Find the amortization table for a $8,000 loan amortized over 3 years with semiannual payments if the interest rate is 5.9% per year compounded semiannually. (Round your answers to the nearest cent.) Payment Toward Payment Toward Outstanding Principle End of Payment Made Period Interest Principal 8000 1 2

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