Miller borrows $370,000 to be paid off in four years. The loan payments are semiannual with the first payment due in six months, and interest is at 8%. What is the amount of each payment? Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, and PVA of $1). Multiple Choice О $62,451 $118,400 О $122,549 $54,955
Q: Calculate the APR of a loan for $10,025, including loan fees of $310, at 11% for 6 years. (Do not…
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A: Instalment= P x R x (1+R)^N / [(1+R)^N-1] N= 3 years*2 = 6 periods R= 10%/2 = 5%
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- Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $989 per month, and the total finance charge is $9,504. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) Need Help? Read It Watch It Master ItSuppose that you decide to borrow $35,000 for a new car. You can select one of the following loans, each requiring regular monthly payments: Installment Loan A: three-year loan at 6% Installment Loan B: five-year loan at 9%. Find the monthly payments and the total interest for Loan A. Find the monthly payments and the total interest for Loan B. Compare the monthly payments and total interest for the two loans. Use this formula to find the monthly payments:Suppose that you decide to borrow $14,000 for a new car. You can select one of the following loans, each requiring regular monthly payments. Installment Loan A: three-year loan at 5.5% Installment Loan B: five-year loan at 6.4% a. Find the monthly payments and the total interest for Loan A. The monthly payment for Loan A is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for Loan A is $. (Round to the nearest cent as needed.) b. Find the monthly payments and the total interest for Loan B. The monthly payment for Loan B is $. (Do not round until the final answer. Then round to the nearest cent as needed.) The total interest for Loan B is $. (Round to the nearest cent as needed.) c. Compare the monthly payments and the total interest for the two loans. Determine which loan is more economical. Choose the correct answer below. OA. The five-year loan at 6.4% is more economical. OB. The three-year loan at 5.5% is more economical.
- Calculate the APR of a loan for $10,025, including loan fees of $310, at 11% for 6 years. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.) APR If you are trying to build credit by using a credit card, each time you make a purchase with the credit card, deduct that amount from your checking account. That way, when your credit card bill is due, you will have enough to pay the credit card off in full. Kathy Lehne is going to start doing this. She plans on paying her credit card bill in full this month. How much does she owe with a 6% APR and the following transactions? (Round your answer to the nearest cent.) 31-day billing cycle 10/1 Previous balance 10/3 Credit 10/12 Charge: King Soopers 10/15 Payment 10/25 Charge: Delta 10/30 Charge: Holiday Fun $1,158 $ 85 cr. 142 250 cr. 315 55 Answer is not complete. Amount owed Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by formula. (Do not round intermediate calculations.…Alexa takes out a loan of 94,000 at an annual effective discount rate of 6%. The loan is to be repaid with annual payments of 10,000. The first payment is due 4 years after the loan is taken out. Calculate the amount of the drop payment. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answwer.Diane is deciding between two personal loans. For each loan, the loan amount is $7500. Use the ALEKS loan calculator for the following. Also use the regular ALEKS calculator, as necessary. Write your answers to the nearest cent. ALEKS Loan Calculator Loan amount: $ Loan term: Interest rate: Calculate years % Monthly payment: (a) For Loan A, the interest rate is 6.15% per year and the loan term is 7 years. Find the total amount to repay Loan A. S (b) For Loan B, the interest rate is 6.15% per year and the loan term is 5 years. Find the total amount to repay Loan B. (c) For which loan would she pay less, and by how much? Loan A The total amount paid is $ less. Loan B The total amount paid is $less. X Ľ
- Suppose you have the following three student loans: $11,000 with an APR of 8.5% for 12 years, $17,000 with an APR of 9% for 17 years, and $13,500 with an APR of 10% for 7 years. a. Calculate the monthly payment for each loan individually. b. Calculate the total you'll pay in payments during the life of all three loans. c. A bank offers to consolidate your three loans into a single loan with an APR of 9% and a loan term of 17 years. What will your monthly payments be in that case? What will your total payments be over the 17 years?Dr. Dennis Natali plans to take advantage of a 0% interest balance transfer credit card offer to pay off a $7,250 loan he has. If his loan is at 7.5% interest for 12 months, what is his payment? How much will he save in interest? (Use Table 14.2) Note: Do not round intermediate calculations. Round your final answers to the nearest cent.Assume you take out a car loan of $8,600 that calls for 48 monthly payments of $300 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
- Prescott Bank offers you a five-year loan for $62,000 at an annual interest rate of 6.25 percent. What will your annual loan payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)Pursell Bank offers you a five-year loan for $100,000 at an annual interest rate of 6.8 percent. What will your annual loan payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Annual loan paymentMary Ott is going to borrow $5,800 for 60 days and pay $159 interest. What is the effective rate of interest if the loan is discounted? Note: Use a 360-day year. Do not round intermediate calculations. Input your answer as Effective rate on a discounted loan %