Nighthawk Lighting Company borrows $300,000 for one year at 7.00% interest. The loan is a discounted loan and also requires a compensating balance of 5%. What is the effective annual rate of interest on this loan? A. 7.00% B. 7.37% C. 7.53% D. 7.96%
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- A financing company charges 1.5% every two months on a loan. Find the equivalent effective rate of interest. 11.34% 12.34% 10.34% 9.34%A financing company charges 1.5% per month on a loan. Find the equivalent effective rate of interest. 19.5618% 18.5618% 17.5618% 16.5618%National Company has a P25,0000 line of credit at a 9% interest rate. The loan agreement requires a 3% compensating balance, which is based on the total amount borrowed, and which will be held in an interest-free account. What is the effective interest rate if the firm borrows P160,000 on the line of credit for one year? 8.67% 9.03% 8.78% 9.28%
- A financing company charges 1% every week on a loan. Find the equivalent effective rate of interest. O 67.77% O 66.77% 68.77% 69.77%Raymond borrowed $3,000.00 from Loans R Us Company. The line of credit agreement provided for repayment of the loan in equal monthly payments of $668.76 which includes interest of 9.00 % per annum calculated on the unpaid balance. a. What is the monthly rate of interest? b. Calculate the outstanding loan balance at the end of the third payment c. What are the total interest charges? d. How many payments are required to pay off the loan e. What is the final PaymentYou plan to borrow $47.400 at a 7.5% annual interest rate. The terms require you to amortize the loan with 7 equal end-of-year payments. How much interest would you be paying in Year 2? a. $3,623.01 b. $2,992.92 c. $2,835.40 Od. $2,520.35 e. $3,150.44
- 1. Loan Amortization Schedule (P/Y = C/Y) Details: RBC has provided a $50,000 loan to Capilano Custom Cabinets Inc. at an interest rate of 6% compounded monthly. The loan is to be paid back in equal payments at the end of each month over an 18-month term. I/Y 5.5% Pmt # P/Y 12 Payment Total Interest paid on loan C/Y 12 N 18 Interest Portion PV PMT Principal Portion FV Principal BalanceWhat is the effective annual interest rate on the loan? Car purchased for $29,000 with a 5 year loan with an annual interest rate of 9% with monthly payments of $601.99. A. .0075% B. .75% C. 9.381% D. 11.5% E. None of the aboveCompany ABC is offered a 1-year loan of $50,000 from Bank DEF. The nominal interest rate is 12%p.a. and interest is to be paid at the beginning of the loan. Question 17 options: 1) The effective interest rate of the loan will be 12.00%p.a. 2) The effective interest rate of the loan will be 10.71%p.a. 3) The effective interest rate of the loan will be 13.64%p.a. 4) There is insufficient information to determine the effective interest rate.
- Interest of $429.48 was charged on a loan of $9500 over a period of 7 months. What simple rate of interest was charged on the loan? Select one: A. 4.38% B. 7.75% C. 3.48% D. 2.64% E. 4.52%Navy Bank requires borrowers to keep a 13 percent compensating balance. Gorman Jewels borrow $380,000 at a 6 percent stated APR. What is the effective interest rate on the loan? (Round answer to 2 decimal places, e.g. 12.25%.) Effective interest rate ________ %Drake Corporation takes out a term loan payable in 12 year-end annual installments of P5,000 each. The interest rate is 14 percent. (a) What is the amount of the loan? (b) what is the loan balance at the end of year 2? CHOOSE THE LETTER OF ANSWERA. (a)P27,301.50 and (b) P26,080.63B. (a)P15,301.50 and (b) P26,080.63C. (a)P26,301.50 and (b) P26,080.63D. (a)P25,301.50 and (b) P26,080.63E. None of the above