I have borrowed $1000 from the bank. The interest rate I am to pay is 20%, compounded monthly. I am to repay the loan by making 24 equal monthly payments. What is the amount of my monthly payments?
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- If Bergen Air Systems takes out a $100,000 loan, with eight equal principal payments due over the next eight years, how much will be accounted for as a current portion of a noncurrent note payable each year?You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, the bank also charges you a loan initiation fee of $20 which is taken out of the initial proceeds of the loan. Taking into account the impact of the initiation fee, what is the effective annual interest rate on the loan?Suppose you borrow $15,000 and then repay the loan by making 12 monthly payments of $1,297.92 each. What rate will you be quoted on the loan? NO EXCEL
- If I plan to avail of a loan today and I will pay it P7,338 every start of the month for 6 years charged by an interest rate of 11.6% compounded quarterly. How much money will I take home today if I will avail of the loan, in pesos, answer in two decimal places?You have borrowed $10,000 from a bank at the interest rate of 1% per month. Yourmonthly payment is $554.15. Find the time required to repay the loan.You are borrowing $10,000 over a two-year period. The annual percentage rateis 4.5%.1) What is the monthly payment?2) What is the total amount paid for loan? 3) What is the total interest paid for the loan?
- Tom is going to borrow $20000 at an interest rate of 5.25% p.a. calculated quarterly. Tom will make end-of-month repayments for 2 years. The effective rate for this loan is Reff = 0.0043559977 What will be Tom's monthly payment amount? Give your answer to the nearest penny.Suppose you have borrowed 72,000 as a mortgage loan on your house. The interest rate is 3%. The bank has calculated the monthly payment to be $515.83. How long will it take you to pay the loan?a. If you borrow $2,200 and agree to repay the loan in five equal annual payments at an interest rate of 12%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?
- a. If you borrow $1,100 and agree to repay the loan in six equal annual payments at an interest rate of 11%, what will your payment be? b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year?You are going to borrow $30,000 to purchase a car. You agree to repay the loan in 36 monthly payments of $996.43 each. What is the nominal interest rate (APR) of this loan if interest is being compounded monthly? Express your answer as a percentage rounded to the nearest one- hundredth decimal place (for example, enter 15.47 for an answer of 15.4695236%).Suppose you have borrowed $12,000 from a bank with the interest rate of 11.5%. Your monthly installments are $313.07. How long will it take you to pay the loan?