nding Lenny Loanshark charges 1 percent per week on his loans. Assume that there are exactly 52 weeks in a year. Assume that you borrow $1,000 from Lenny. (a) How much will you owe Lenny after one week? (b) How much will you owe Lenny after three weeks? (c) What APR is Lenny charging

Q: Can you solve using excel formulas please. If you have 7% APR loan for 25, 000, your monthly…

A: Time, value of money refers to a concept used for evaluating the present value of an asset that will…

Q: Example 5: While shopping for a car loan, you get the following offers: Solid Savings & Loan is…

A: We need to use pmt formula in excel to calculate monthly payment. Where monthly payment is 250 or…

Q: Joey realizes that he has charged too much on his credit card and has racked up $5,400 in debt. If…

A: Given ,Present value (PV) = $5,400Monthly payment = $125Interest rate = 0.18 / 12 = 0.015AB1Present…

Q: You borrowed $650,000 from a bank at an interest rate of 63% compounded quarterly to purchase a new…

A: Monthly payments can be calculated by present value of annuity as the money borrowed (Loan) is the…

Q: Question 3: Calculate the rate the Rent-Way charges The RentWay company advertises itself as "Rent…

A: The RentWay company advertises itself as "Rent to own program" , we need to calculate the interest…

Q: You bought a Tesla Model 3 for $30,451 and the auto loan is 60-month fixed rate loan with interest…

A: A loan refers to a contract between two parties where money is forwarded by one party to the other…

Q: Different payment plans can affect the amount of money you need to borrow. a) Ali is paying off a…

A: Note: As per our guidelines, we can only answer one question at once. Since, you haven't…

Q: Mansukh

A: The objective of this question is to find out how many months it will take to pay off an unpaid…

Q: You owe $24,000 on student loans at an interest rate of 5.45% compounded monthly. You want to pay…

A: Given loan amount is Interest Rate is Time period since number of payments is monthly total number…

Q: A loan's quirky terms require the first payment to be made at the moment the money is lent. Payments…

A: Present-value is an estimate of the present-value of future cash values ​​that may be received at a…

Q: Number of payments. Tony is offering two repayment plans to Phil for a long overdue loan. Offer 1…

A: using excel NPER formula to calculate the time taken to repay the loan amount…

Q: Simon recently received a credit card with an 18% nominal interest rate. With the cand, he purchased…

A: Data given: Loan amount=$660 Rate=18% Minimum monthly payment=$10

Q: Number of payments. Tony is offering two repayment plans to Phil for a long overdue loan. Offer 1 is…

A: Data given: Offer 2: PV=Loan amount=$16000 PMT=$4200 Rate=16%   Required: Time required to payoff…

Q: You borrowed $30,200 to remodel your kitchen. The interest rate is of the loan is 8.2 percent,…

A: Compound = n = Monthly = 12Present Value = pv = $30,200Interest Rate = r = 8.2 / 12 %Monthly payment…

Q: If you have a $19,500 car note with a $380.00 monthly payment, payable over 60 months, what interest…

A: In the above question we need to compute the interest rate from following details: Value of card…

Q: Question 3: You just got a loan for $15,000 and you plan to pay it off in three years. Your monthly…

A: Loan amount=$15000PMT=monthly payment=500NPER=36Find out period required.

Q: (d) Repeat the process with the loan split into two 3 year loans. Round to the nearest dollar. End…

A: Future Value refers to the value of present value of annuity after a given period of time period…

Q: You owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. You pay…

A: Given : Owe $1,853.42 on a credit card with a limit of $3,000.00 at a rate of 15.5% APR. Pay…

Q: Suppose you take a loan of $25,000 for a car for 4 years. The interest rate is 7.5% percent,…

A: Amortization refers to systematic and regular repayment of loan and interest amount during the…

Q: You want to buy a car and therefore you borrowed $10,000 from a bank today for 6 years. The nominal…

A: Monthly Payment: It is the amount that is paid at the end of each month to the lender of the bond by…

Q: Number of payments. Tony is offering two repayment plans to Phil for a long overdue loan. Offer 1 is…

A: To calculate the annual interest, you need to find 23% of the loan amount. The loan amount that Phil…

Q: Give answer with calculation and explanation, Provide Correct and Incorrect option explanation

A: The objective of this question is to find out how long it will take for the customer to pay off his…

Q: Your credit card has a balance of $3700 and an annual interest rate of 13%. You decide to pay off…

A: Given: Loan amount $3,700 Interest rate = 13% Years =1

Q: which formula 2.Jacob borrows $3,000 at 5% exact interest for 540 days. How much does he need to pay…

A: Simple interest is calculated on the principal using the given rate of interest for the required…

Q: A bank advertises car loans at 8% compounded monthly for 4 years. There is a 0.5% reduction in the…

A: Loans are paid by equal monthly installments that carry the payment of interest and payment of loan…

Q: Many consumers carry a balance each month on their credit cards and make minimal payments toward…

A: Here, Monthly Payment is $251.22 Interest Rate is 23.77% Compounding Period is Daily i.e 365…

Q: COMPARING INTEREST COST. You currently have a credit card that charges 18.99% interest. You receive…

A: Answer:-  Interest cost meaning:- Interest cost is the overall sum of interest payments a borrower…

Q: Calculate the interest and total amount to E Pay attention to the term, sometimes peop equal a whole…

A: The total amount of the loan paid is the sum of interest and principal.

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.