Hans borrowed money from an online lending company to invest in antiques.He took out a personal, amortized loan for $25,500, at an interest rate of 7.5%, with monthly payments for a term of 1 year.For each part, do not round any intermediate computations and round your final answers to the nearest cent.If necessary, refer to the list of financial formulas.(a) Find Hans' monthly payment.$0(b) If Hans pays the monthly payment each month for the full term,find his total amount to repay the loan.$0(c) If Hans pays the monthly payment each month for the full term,find the total amount of interest he will pay.

The Hans borrowed money from an online lending company to invest in antiques. He took personal ,…

Answered: Hans borrowed money from an online…

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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please do the following questions with full working
Luis paid off a loan by making a payment of $4,050, which included simple interest of 3% p.a. If he obtained the loan 6 months ago, calculate the amount borrowed and the amount of interest paid on this loan. Amount borrowed: Round to the nearest cent Amount of interest paid: Round to the nearest cent
Travis Thompson uses his credit card to obtain a cash advance of $600 to pay for his textbooks in medical school The interest rate charged for the loan is 0.05645% per day. Travis repays the money plus the interest after 28 days a) Determine the interest charged for the cash advance. b) When he repaid the loan, how much did he pay the credit card company? Interest charged $ (Round to the nearest cent.)
Dave borrowed $440 and paid $44 in interest when he repaid the principal after one year. The lender also charged him a $4 service fee on a discount basis. What was the effective cost of his loan? (Round your answer to 2 decimal places. Omit the "%" sign in your response.) Effective cost
Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,300 and financed the balance with monthly payments of $232.38 for 36 months. (a) What is the finance charge (in $) on the loan? $ (b) Use Table 13-1 to find what annual percentage rate was charged on Meghan's loan. (Round your answer to two decimal places.) %
Michael Sanchez purchased a condominium for $62,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ (c) If the annual property taxes are $1,670 and the hazard insurance premium is $700 per year, what is the total monthly PITI of Michael's loan (in $)? $ Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments(Necessary to amortize a loan of $1,000) InterestRate (%) 5Years 10Years 15Years 20Years 25Years 30Years 35Years 40Years…
A man borrows $60,000 to help pay for his college expenses. He intends to pay off the loan with regular monthly payments over the next 15 years. Find the monthly payment if he is being charged 5.6% interest per year, compounded monthly. Give the answer to 2 decimal places, and do not use the $ sign in the answer box. The monthly payment is Blank 1. Calculate the answer by read surrounding text. dollars.
Hazel has taken out a 40,000 loan that requires quarterly payments of $2300 over over five years. What is the APR for this loan how do I answer this using the TVM function
To help pay for college, Sam borrowed money from an online lending company. He took out a personal, amortized loan for $53.500, at an interest rate of 5.9%, with monthly payments for a term of 15 years. For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find Sam's monthly payment. $0 (b) If Sam pays the monthly payment each month for the full term, find his total amount to repay the loan. $0 (c) If Sam pays the monthly payment each month for the full term, find the total amount of interest he will pay. $0 X
Tim Huston purchased a wall unit for $2,200. He made a $600.00 down payment and financed the balance with an installment loan for 48 months. If Tim’s payments are $42.59 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places)
Franki finances a motor home for $44,700 by taking out an installment loan for 36 months. The payments were $1,774.31 per month and the total finance charge was $19,175.16. After 25 months, Franki decided to pay off the loan. After calculating the finance charge rebate, find the loan payoff amount.
Michael Sanchez purchased a condominium for $83,000. He made a 20% down payment and financed the balance with a 30 year, 5% fixed-rate mortgage. (Round your answers to the nearest cent. Use this table, if necessary.) (a) What is the amount (in $) of the monthly principal and interest portion, PI, of Michael's loan? $ (b) Construct an amortization schedule for the first four months of Michael's mortgage. PaymentNumber MonthlyPayment(in $) MonthlyInterest(in $) Portion Usedto ReducePrincipal(in $) LoanBalance(in $) 0 $ 1 $ $ $ $ 2 $ $ $ $ 3 $ $ $ $ 4 $ $ $ $ (c) If the annual property taxes are $1,610 and the hazard insurance premium is $760 per year, what is the total monthly PITI of Michael's loan (in $)? $ Table 14-1: Monthly Payments to Amortize Principal and Interest per $1,000 Financed Monthly Payments(Necessary to amortize a loan of $1,000) InterestRate (%) 5Years 10Years 15Years 20Years 25Years 30Years 35Years 40Years…

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