In the first payment on a 60- month, $10,000 car loan with an APR of 2.89%, how much pays off the principal?
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- How much pays off the principal??1. Consider a loan at 4.125% APR on 6 years for a $23,000 car a. Estimate the monthly payment (using the average balance method). b. How much would you pay in total for interest?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?
- 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 EXCELYou borrow $5,000 at 10% per year and will pay off the loan in 3 equal annual payments starting 1 year after the loan is made. The end-of-year payments are $2,010.57. Which of the following is true for your payment at the end of year 2? a. Interest is $500.00 and principal is $1,510.57 b. Interest is $450.00 and principal is $1,560.57 c. Interest is $348.94 and principal is $1,661.63 d. Interest is $182.78 and principal is $1,827.79.What is the monthly car payment on a 5 year $17,500 car loan at 5% annual interest?
- you obtained a $10000 loan at 1.5% compunded monthly. how much more interest will you pay in the second year compared to the third year of the loanwhat is the total amount of the monthly payments for a 5-year loan is $10,692. The APR is 7%. How much money was originally borrowed?After making 45 payments on a 60 - month, $10,000 car loan with APR of 4%, what is the outstanding balance on the loan?
- What is the monthly payment amount on a $100,000 home loan if the rate is 6.0% APR, and the loan is made for a 15-year period?You borrow $64,000 in the form of an unsubsidized loan at 3.98% APR. How much money do you owewhen you begin making payments six months after you graduate?A loan for $36, 000 was obtained to be paid off over 5 years at 5.5% P. A with monthly repayments. a) What are the required monthly payments? b) How much is paid in interest over the life of the loan?
