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?If I loaned 163,085 today and promised to pay it back after 5 years to the bank with monthly payments that starts also by the time I received my loaned amount with an interest rate of 0.11 compounded monthly. What is the monthly amount I must set aside to pay for this loan?You plan to borrow $10,000 from the bank. For a four-year loan, the bank requires annual end-of-year payments of $3,223.73. What is the annual interest rate on this loan?
- Suppose you take on a loan that is subject to an annual interest rate of 12%, with the interest rate being calculated at the end of each month. Two years later you pay back the loan in full by making a payment of $1,020. What was the original amount of the loan?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?If I plan to avail of a loan today and I will pay it P7,938 every end of the month for 6 years charged by an interest rate of 11.09% compounded quarterly. How much money will I take home today if I will avail of the loan, in pesos, answer in two decimal places?
- 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 EXCELIf 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.1) I borrowed $10,000 at 4% on a 60-month term and found the monthly payment to be $184. How much do I actually pay the lender over the course of the loan? 2) If I can afford a $350 monthly payment for 48 months, how much can I borrow if the interest rate is 5%? 3) What is the monthly payment on a $12,000 loan at 6% with a 48 month term? 4) Compute the following (use a calculator) A) s[48, .06/12] B) a[36, .05/12] C) a[360, .0325/12]