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% per month on a loan. Find the equivalent effective rate of interest. 19.5618% 18.5618% 17.5618% 16.5618%What is the effective rate of interest if the loan is discounted ? accountingWhat is the effective annual rate on this loan for this financial accounting question?
- You 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. $3,150.441. 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 above
- Company 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.Kenneth's Arrows and Bows borrow $15,000 for one year at 8% interest. What is the effective rate of interest if the loan is discounted? A. 8% B. 9.5% C. 8.7% D. 10.5%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 ________ %
- What is the effective rate of interest if the loan is discounted ?Assume a $250,000 mortgage loan with 15-year term. The lender is charging an annual interest rate of 8% and three discount points at origination. Other up-front financing costs paid to other service providers (i.e., not the lender) total $1,000. What is the lender's yield on the loan? Assume monthly payments and no prepayment prior to loan maturity. 8.80% O 8.51% O 0.71% ○ 8.58%Hagar Company's bank requires a compensating balance of 10% on a $100,000 loan. If the stated interest on the loan is 7%, what is the effective cost of the loan?