**Loan Payoff Calculation**The loan below was paid in full before its due date. Perform the following tasks:1. **(a)** Calculate the value of $ h $ using the annual percentage rate table.2. **(b)** Use the actuarial method to determine the amount of unearned interest.3. **(c)** Calculate the payoff amount.---**Loan Details:**- **Regular Monthly Payment:** $445.22- **Annual Percentage Rate (APR):** 11.0%- **Remaining Number of Scheduled Payments after Payoff:** 6---**Steps to Complete:**- **(a) $ h = $ \_\_\_**- **(b) Unearned interest is $ \_\_\_** (Round to the nearest cent as needed.)- **(c) Payoff amount is $ \_\_\_** (Round to the nearest cent as needed.) Click the icon to view the annual percentage rate table.

To find the value of h from the Annual Percentage Rate (APR) table, we need to look for the APR of…

me loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find e payoff amount. Regular Monthly Payment $445.22 Remaining Number of Scheduled Payments after Payoff 6 APR 11.0% Click the icon to view the annual percentage rate table.

me loan below was paid in full before its due date. (a) Obtain the value of h from the annual percentage rate table. Then (b) use the actuarial method to find the amount of unearned interest, and (c) find e payoff amount. Regular Monthly Payment $445.22 Remaining Number of Scheduled Payments after Payoff 6 APR 11.0% Click the icon to view the annual percentage rate table.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Similar questions

Answer with Formulas with upvotes
Calculating Interest Using 360 days as the denominator, calculate interest for the following notes using the formula I = P x R × T. Round your answers to the nearest cent. Principal Rate Time Interest $4,100 6.00% 30 days 1,000 7.50 60 3,500 8.00 120 950 6.80 95 1,250 7.25 102 2,600 7.00 90
Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 787.5 6 months $1,575 9
Complete the following table: (Use Table 15.1.) Note: Do not round intermediate calculations. Round your answers to the nearest cent. Selling price down payment amount mortgage rate years Monthly paymeny First payment broken down to interest first payment broken down to principal Balance at end of month $236,000 $47,200 7.00% 15 TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Rate Interest Only 10 Year 15 Year 20 Year 25 Year 30 Year 40 Year 2.000 0.16667 9.20135 6.43509 5.05883 4.23854 3.69619 3.02826 2.125 0.17708 9.25743 6.49281 5.11825 4.29966 3.75902 3.09444 2.250 0.18750 9.31374 6.55085 5.17808 4.36131 3.82246 3.16142 2.375 0.19792 9.37026 6.60921 5.23834 4.42348 3.88653 3.22921 2.500 0.20833 9.42699 6.66789 5.29903 4.48617 3.95121 3.29778 2.625 0.21875 9.48394 6.72689 5.36014 4.54938 4.01651 3.36714 2.750 0.22917 9.54110 6.78622 5.42166 4.61311 4.08241 3.43728 2.875 0.23958 9.59848 6.84586 5.48361 4.67735 4.14892…
Loan payment Determine the equal, annual, end-of-year payment required each year over the life of the loan shown in the following table to repay it fully during the stated term of the loan. (Click on the icon here in order to copy the contents of the data table below into a spreadsheet.) Principal $7,000 Interest rate 13% ... The amount of the equal, annual, end-of-year payment, CF, is $ Term of loan (years) 29 (Round to the nearest cent.)
You have taken a loan of $55,000.00 for 30 years at 4.9% compounded quarterly. Fill in the table below: (Round all answers to 2 decimal places.) Payment number Payment amount Principal Amount Interest 0) 1) 2) 3) Question Help! SaMarran astructor LA LA LA tA Balance $55,000.00 $ LA LA
Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount of interest for the following loan. Round your answers to the nearest cent. Principal Rate (%) Time (days) Exact Interest Ordinary Interest $ $136,000 7.30 64 1,741 1,765
Beta made a 4%, $20,000, 2-year loan to Alpha on July 1. The interest will be received when the loan is repaid. What adjusting journal entry should be recorded on December 31 (end of year)? Group of answer choices Debit Interest Receivable 600 and credit Interest Revenue 600 Debit Interest Receivable 400 and credit Interest Revenue 400 The correct answer is not listed. Debit Interest Receivable 800 and credit Interest Revenue 800 Debit Interest Receivable 1, 600 and credit Interest Revenue 1, 600
Compute the principal (in $) for the loan. Use ordinary interest when time is stated in days. Principal Rate (%) Time Interest $ 9 6 months $1,575
Image is submitted need answers with formula
Find the finance charge on an unpaid balance of $1219.27 in a revolving charge account if the monthly interest rate is 1.5%. The finance charge is $ (Round to the nearest cent.) ...
The opening balance of a savings account for November is $2,004.On November 9. S621 was withdrawn from the account. On November 22, 449 was withdrawn from account. t the acoount pays simple interest at 195% based en the daily cosing balance how much interest is deposited on December 17 For marks your answer should be rounded to he nearest cent Interest = S 0.00

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS