Parker borrowed $283,000 at 7.5% compounded quarterly to finance the purchase of a pizza franchise. The loan will be repaid with end-of-month payments for 10 years. How much interest and principal are repaid in the third year of the loan?

Q: Jesse borrowed from a bank at 5.92% compounded semi-annually; he settled the loan by repaying $3,055…

A: Interest rate is 5.92% compounded semi-annually Amount repaid is $3,055 every 6 month Time period is…

Q: Payment rate = i 729.18 dollars per year Interest paid i 12395.98

A: We first need to determine the effective annual rate using the formula below: EAR = einterest rate -…

Q: Justin is financing S169,600 for a home at 5.25% interest with a 25-year fixed-rate loan. Find the…

A: Using excel pmt function

Q: Adrian borrowed $2,000 for 4 years For the first 15 years, the interest rate on the loan was 8%…

A:

Q: Jason received a 30 year loan of $290,000 to purchase a house. The interest rate on the loan was…

A: The amount of loan is $290,000 The interest rate is 2.80% Compounded semi-annually The time period…

Q: b) A man borrowed GH¢164,000 from a bank to help finance the purchase of a store. The bank charges…

A: Interest is the cost of borrowing money. It can be simple or compounded.

Q: The owner of the Pink Flamingo Motel borrowed $19 500.00 at 8.11% compounded semiannually and agreed…

A: Borrowed Loan = $19500Quarterly Payment = $1110Interest Rate = 8.11%Term of periodic payment =…

Q: John Adams borrowed $25,000 at a 10% annual interest rate for a vehicle purchase from First  State…

A: solution given Amount of loan $25,000 Rate of interest 10% Payment Three equal end…

Q: Corey received a $36,750 loan from a bank that was charging interest at 3.50% compounded…

A: We need to use loan amortization formula below to calculate semi-annual payment.  where P=Loan…

Q: Gilbert borrowed $646,000 at 5% compounded semiannually to finance the purchase of a building for…

A: Amount borrowed (B) = $646000 Interest rate = 5% compounded semiannually n = 25 years = 300  months…

Q: Smith borrows 21,500 to purchase a new car. The car dealer finances the purchase with a loan that…

A: Loan amount = $21,500Number of loan terms = 4 yearsInterest rate for the 1st year = 0%Annual…

Q: Falco Inc. financed the purchase of a machine with a loan at 2.82% compounded quarterly. This loan…

A: Quarterly payments = $8,000Period = 5 YearsInterest rate = 2.82% per annumNote : “Since you have…

Q: Nelson took out a 25-year home loan of $500,000. He made equal month-end repayments at the interest…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: You have taken out a 60-month, $23,000 car loan with an APR of 4%, compounded monthly. The monthly…

A: The loan Amortization Schedule gives the information about your loan and how you'll repay it. The…

Q: Dustin obtained a business loan of $220,000 at 5.21% compounded semi-annually.a. What was the size…

A: Sure, let's tackle these questions step by step.a. To find the size of the semi-annual payments to…

Q: A man borrowed $300,000 from a finance company that charges interest at 16% compounded…

A: Amount borrowed is $300,000. Interest rate 16%. Term of loan payment 12.

Q: Bill Mitselfik borrowed $10,000 to be repaid in quarterly installments over the next five years. The…

A:

Q: James received a 15 year loan of $230,000 to purchase a house. The interest rate on the loan was…

A: Working Note #1 Loan amount ($) 230000 N (years) 15 Period 180 Rate(Compounded annually)…

Q: he Flemings secured a bank loan of $240,000 to help finance the purchase of a house. The bank…

A:

Q: Jack has borrowed $1,000,000 from MQ Bank for 10 years at an interest rate of j₂=3.47%. He will make…

A: I can help you calculate Jack's annual payment amount (X) for the remaining eight years of his loan,…

Q: Casey secured a 5-year car loan at 6.20% compounded annually that required him to make payments of…

A: Present Value represents the value of a future amount in today's dollars, taking into account…

Q: Nelson took out a 25-year home loan of $500,000. He made equal month-end repayments at the interest…

A: A loan is an amount that is borrowed from a bank or any other party. Loans are used by individuals…

Q: Kingsley Toyota borrowed $100,000 from a local bank. The loan requires Kingsley to pay 10 equal…

A: Step 1: Compute the present value of an ordinary annuity of $1.

Q: The Flemings secured a bank loan of $400,000 to help finance the purchase of a house. The bank…

A: A loan is amount borrowed to meet certain requirements. The loan can be amortized over the period o…

Q: You have taken out a 60-month, $26,000 car loan with an APR of 4%, compounded monthly. The monthly…

A: Loan Amortization Schedule gives the information of your loan and how you'll repay it. The payment…

Q: The interest rate for the first five years of a $95,000 mortgage is 7.2% compounded semiannually.…

A: Given, The mortgage is $95000 Rate is 7.2% compounded annually Term is 25 years.

Q: Wade Ellis buys a new car for $16,447.22. He puts 10% down and obtains a simple interest amortized…

A: Here, Value of Car is $16,447.22 Down Payment is 10% Interest Rate is 11.5% Time Period is 4 years

Q: Marshall recently obtained a 5-year, $50,000 loan. The loan carries 10 percent compound annual…

A: The payments discussed here are a form of annuity wherein an equal payment is made each period.

Q: The owner of the Pink Flamingo Motel borrowed $19 500.00 at 8.11% compounded semi-annually and…

A: Borrowed Loan = $19500Quarterly Payment =$1110Interest Rate = 8.11%Term of periodic payment =…

Q: Tedros borrowed $2 million and planned to repay the loan by making equal month-end payments over a…

A: Time value of money(TVM) means that the money received today will be worth more than the amount of…

Q: The Flemings secured a bank loan of $272,000 to help finance the purchase of a house. The bank…

A: Amount of loan "P" is $272,000 Interest rate is 4% per year Monthly interest rate "r" is…

Q: A civil engineering student borrowed P40,000 to meet college expenses during his senior year. He…

A: We need to find the future value at the end of 3 years then use pmt function to calculate equated…

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.