Mark takes out a loan for $20,000. The loan has 2% interest rate and a 2.5% APR. Complete the following statement. The sum of the interest plus fees on this loan is $900 $500 $600 $400

Q: Suppose you take out a loan for 180 days in the amount of $15,500 at 13% ordinary interest. After 40…

A: answer principal amount = $15,500 rate of interest = 13% partly payment  after 40days  partly…

Q: Cash is borrowed on a 2-month note payable. If the interest cost to borrow is RO 400 what is the…

A: Interest is calculated on the principal amount borrowed by the business.  In the given case if…

Q: Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was…

A: Interest rate = r = 12% Time = t = 200 days Interest amount = i = $710.14   Number of days in Exact…

Q: A borrower has two alternatives for a loan: (1) issue a $360,000, 75-day, 6% note or (2) issue a…

A: Notes payable is a promise to pay certain amount by the buyer to the seller on a date and interest…

Q: Calculate the monthly payment by using the loan amortization table:  (Round your answer to the…

A: Annuity: An annuity is defined as a series of payments, whether received or made, that are equal and…

Q: Loan Details Payment (PMT) Monthly (End-of-month) Monthly interest rate (RATE) Months to Pay Off…

A: If the borrower wants to pay a 48 month loan in 20 months then the installments for 20 months will…

Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: Solution Rate (in %) for the loan = Interest / principal amount * 360/ days of loan

Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: Ordinary interest, also known as simple interest, is a method of calculating interest on a loan or…

Q: borrower has two alternatives for a loan: (1) issue a $510,000, 75-day, 8% note or (2) issue a…

A: When the money is provided to another person for the fixed time period, and upon the fixed interest…

Q: The First Bank of Lending lists the following APR for loans. Determine the APY, or effective…

A: APR is the annual rate of interest which is charged on a loan. The borrower needs to make loan…

Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: Principal Amount = p = $185,000 Time = t = 2 years Interest amount = i = $24,050

Q: Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on…

A: Add on Interest loan is a type of where the total amount of principal and interest is used to…

Q: Ludwig borrowed $8,000 on July 20, at 11% interest. If the loan was due on October 17, what was the…

A: Step 1 A percentage of the principal, or the amount loaned, is what a lender charges a borrower as…

Q: Your business takes a loan for $5,000. The loan term is 90 days and you will pay $200 in interest…

A: Effective rate refers to the actual interest rate earned or paid after taking into account…

Q: 1. find the interest rate. (round your final answer to the nearest percent) P=$55, I=$3.30,t= 6…

A: Bartleby honor code states that when motile questions are asked, the expert is required only to…

Q: What is the effective annual interest rate on the loan? Car purchased for $29,000 with a 5 year loan…

A: Compound = n = Monthly = 12Interest Rate = r = 9%

Q: Using the ordinary interest method, find the amount of interest on a loan of $5,000 at 10% interest,…

A: To calculate the interest amount we will use the below formula   Ordinary interest = P*r*d/360 Where…

Q: A house price of $100,000 can be financed with two loans below with monthly payments. The total…

A: 1. Two-Loan Option: - $80,000 first loan at 5% for 30 years.   - Second loan: $10,000 for 30 years…

Q: Find the amount (in $) of interest on the loan.

A: Interest: It refers to the monetary charge paid by the borrower to the lender for taking a loan. It…

Q: Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on…

A:

Q: onsider a loan at 4.125% APR on 6 years for a $23,000 car a. Estimate the monthly payment (using…

A: Equated Monthly Installments are one part of the equally divided monthly outgoes to clear off an…

Q: How much interest will you pay on a loan of $15 500 if you are paying the loan off in 9 months? Your…

A: On the income statement, the expenditure for interest is categorized as a non-operating item. It is…

Q: I want to borrow $700 for ten days from a payday loan store. Here are the terms for the payday loan:…

A: Pay Day loan: A payday loan is a small personal cash loan at a very high interest rate, secured by…

Q: Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on…

A: The add-on interest method adds the total interest and the principal amount to reflect the amount…

Q: Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage…

A: Amount Financed = $14,000 Number of payment = 36 Monthly payment = $503

Q: You decide to originate the loan, but move at the end of 5 years. What is the remaining balance you…

A: Loan Amount  $                   3,00,000.00 Time Period 30 Years Interest Rate 7.20%

Q: A finance company uses the discount method of calculating interest. The loan principal is $5,000,…

A: Future Value = Present Value * (1+r)^n

Q: 2. Find the amount (in $) of interest on the loan

A: Interest: It is the monetary charge paid to the lender by the borrower for taking a loan. Interest…