How long will it take to pay off a loan of ​$47,000 at an annual rate of 8 percent compounded monthly if you make monthly payments of ​$650​? Use five decimal places for the monthly percentage rate in your calculations.   The number of years it takes to pay off the loan is enter your response here years.  ​(Round to one decimal​ place.)

Q: a credit card with a balance of $9000 and an APR of 16.99% . In order to pay off the balance in 3…

A: Loans are paid equal fixed monthly installments that carry the payment for interest and payment for…

Q: (Annuity interest rate) You've been offered a loan of $25,000, which you will have to repay in 5…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: If you borrow $15,500 with a 5 percent interest rate to be repaid in seven equal payments at the end…

A: Answer of the given question is below with the proper explanation. Note-final answer is rounded at…

Q: (Annuity number of periods) How long will it take to pay off a loan of $49,000 at an annual rate of…

A: Compound = Monthly = 12Present Value = pv = $49,000Interest Rate = r = 9 / 12 = 0.75%Monthly Payment…

Q: You have just taken out a $27,000 car loan with a 8% APR, compounded monthly. The loan is for five…

A:

Q: (USING EXCEL FUNCTION PLEASE) You wish to plan your Bahamas Islands vacation. You estimate that it…

A: Compound = Monthly = 12Future Value = fv = $15,000Monthly Payment = p = $637.66Time = t = 24Payment…

Q: You take out a 20-year $260,000 mortgage loan with an APR of 9% and monthly payments. In 14 years…

A: Principal BalanceThe principal balance, in case of a mortgage loan is the amount due to pay for an…

Q: You have just taken out a $24,000 car loan with a 7% APR, compounded monthly. The loan is for five…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: What is the unpaid balance on the $9000 loan you obtained five years ago with monthly payments and…

A: A loan refers to a contract between parties where money is exchanged on the promise of future…

Q: you deposit money today in an account that pays 13.5% annual interest, how long will it take to…

A: Future value = Present value x (1+i)^twherePresent value = amount deposited today = $1…

Q: borrow $9,100 over five years at 0.13 compounded monthly, what would be your monthly payment? Round…

A: Annuity - Annuity means the amount of series of payments based on fixed intervals periods. The…

Q: Assume you graduate from college with ​$32,000 in student loans. If your interest rate is fixed at…

A: given, P = $32000 r=4.9% m =12 (monthly compounding) n = 10 year

Q: a) Payment of $5,000 per year for 6 years will repay an original loan of $25,000? b) Thirty-six…

A: Future Value = Present value ( 1 + i )n

Q: If you deposit $500 per year in an account for six years at 9 percent compounded annually, how much…

A: Data given: Deposit per year=$500 n=6 year Rate=9% p.a. (compounded annually)   Note: Assumed $500…

Q: You have just taken out a $23,000 car loan with a 7% APR, compounded monthly. The loan is for five…

A: We buy expensive things and large ticket items like a house or a car etc. by taking loans from…

Q: You have a $200,000 loan at 4% interst over 20 years. You make the payment plus $250 at the end of…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: Suppose that you borrow $10,000 from a bank to purchase a car. You agree with the bank to repay the…

A: Given: Particulars Amount Loan $10,000 Interest rate 16% Years 1

Q: You are going to deposit $4100 in an account that pays 0.47 percent interest month. How much will…

A: Future value is the estimated value of a current asset through a discount rate for a future date.…

Q: You are considering taking out a loan of $11,000.00 that will be paid back over 10 years with…

A: Unpaid loan balance will be the present value of outstanding payments that are not yet paid based on…

Q: How much would you need to deposit in an account each month in order to have $10,000 in the account…

A: formula to be used = Future value=PMT(1+r/n)n*t-1)/r/n   PMT= Monthly payment R= interest rate N=…

Q: How much money would you need to place in an account to have $1,000 10 years from today? Assume the…

A: The formula used as follows: Present value=Future value1+innt

Q: Assume you graduate from college with $35,000 in student loans. If your interest rate is fixed at…

A: Monthly payment = PV/(1-(1+i)-n)/i Where PV - Loan amount i.e. $35,000 i - Interest rate i.e.…

Q: You have just taken out a $16,000 car loan with a 8% APR, compounded monthly. The loan is for five…

A: Payment per period can be calculated using PMT function in excel.   PMT(rate, nper, pv, [fv],…

Q: how long will it take to pay off a loan of $45,000 at an annual rate of 11% compounded monthly if…

A:

Q: Find the monthly payment for the loan indicated. (Round your final answer to two decimal places.)…

A: Formula to calculate EMI:  EMI= (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1] Wherein:  P = Loan…

Q: If you borrow $2,200 and agree to repay the loan in five equal annual payments at an interest rate…

A: Loan means lending money by one or more individuals or organizations to other individuals or…

Q: You plan to save money for a down payment of $42,000 to purchase an apartment. You can only afford…

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

Q: You have just taken out a $22,000 car loan with a 6% APR, compounded monthly. The loan is for five…

A: Loans are paid by the equal monthly installments these monthly payments carry the payment for…

Q: What is the effective annual rate on the loan? (i.e., what is the interest rate once we take into…

A: Information Provided: Amount Borrowed = $400,000 Term = 30 years Fixed APR = 3.87%

Q: You just obtained a loan of $13,384 with monthly payments for four years at 8.4 percent interest,…

A: The concept of time value of money can be used here. As per the concept of time value of money the…

Q: You have just purchased a new warehouse. To finance the purchase, you've arranged for a 30-year…

A: mortgage value = n = 30 x 12 = 360

Q: If you buy a computer directly from the manufacturer for $3,237 and agree to repay it in 48 equal…

A: a loan, payments made by the borrower are typically applied first to the interest owed, and then to…

Q: Determine the monthly payment if you take out a loan for $ 180000 with an annual interest rate of…

A: Loan amount (PV) = $180,000 Interest rate = 8.25% Monthly interest rate (r) = 0.0825/12 = 0.006875…

Q: If you buy a computer directly from the manufacturer for $2,668 and agree to repay it in 48 equal…

A: Formula:- Present value of annuity. PV = A * 1 - (1+r)-nr where , PV = Present value of annuity. A…

Q: To buy a car, you borrow $28,000 with a term of five years at an APR of 7%. What is your monthly…

A: Loan amount (PV) = $ 28,000 APR = 7% Monthly interest rate (r) = 7%/12 = 0.583333333333333% Period =…

Q: Suppose that you borrow $17,000 for five years at 6% toward the purchase of a car. Find the monthly…

A: Answer :Principal = $17000 Rate = 6% = 6/1200 = 0.005 Time = 5 * 12 = 60 months Payment per month =…

Q: You are considering taking out a loan of $17,000.00 that will be paid back over 5 years with monthly…

A: Here,ParticularsValuesLoan amount (PV) $ 17,000.00Term of loan 5.00Number of months in a…

Q: (Annuity number of periods) How long will it take to pay off a loan of $47,000 at an annual rate of…

A: Loan amount = $47,000Interest rate = 8% compounded monthlyMonthly payment = $650

Q: You want to buy a car, and a local bank will lend you $15,000. The loan will be fully amortized over…

A: A loan/mortgage indicates a sum borrowed to meet funding requirements. The funding requirements can…