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?For a personal loan amount of $5,000 @ 10.5% APR due in nine (9) months, a) what is the total interest paid, and b) what is the monthly payment?
- 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?Find the present value (principal) to pay on a loan if $ 8,923 of future value (amount) is paid at 10% for 150 days. Present Value: P= $What is the total interest paid on a loan of $5,000 at APR = 6% for 3 years.
- 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 EXCELNoneYou 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.
- A business loan of 800,000 is to be repaid in full after 2 year. What is the amount to be paid if the effective rate of interest is 8%What is the monthly car payment on a 5 year $17,500 car loan at 5% annual interest?Consider a loan of 800,000 which is to be amortized by 60 monthly payments. The interest rate is 12% converted monthly. 1. How much is the outstanding balance after the 36th payment? 2. How much of the 37th payment goes to pay the interest the principal?
