#15 Ioulis by ihding the monthlypayment and the total interest for a four-year loan of$12,000 ata. 8.5%b. 8.75%с. 9%15. Investigate the effect of the interest rate on home loansby finding the monthly payment and the total interestfor a thirty-year loan of $100,000 atd. 10%.a. 6%b. 7%с. 8%d. 9%e. 10%f. 11%16. Some lenders offer fifteen-year home loans. Investigatethe effect of the term on home loans by finding themonthly payment and total interest for a loan of$100,000 at 10% if the term isfifteen years 14. Investigate the effect of the interest rate on simpleinterest amortized auto loans by finding the monthlypayment and the total interest for a four-year loan of$12,000 ata. 8.5%b. 8.75%с. 9%d. 10%.15. Investigate the effect of the interest rate on home loansby finding the monthly payment and the total interestfor a thirty-year loan of $100,000 ata. 6%b. 7%c. 8%d. 9%e. 10%f. 11%16. Some lenders offer fifteen-year home loans. Investigatethe effect of the term on home loans by finding thefor a loan of

Repayment of loan is made in fixed installments which include interest payment and also part of borrowed principal, this process is called amortization of loan.Finding effect of interest rate:- Result of above table:- From above calculations it is clear that with increase in interest rate, amount of monthly payment and total interest payment is increases.

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Finance

payment and the total interest for a four-year loan of $12,000 at me monthly a. 8.5% b. 8.75% с. 9% d. 10%. 15. Investigate the effect of the interest rate on home loans by finding the monthly payment and the total interest for a thirty-year loan of $100,000 at a. 6% b. 7% с. 8% d. 9% e. 10% f. 11% 16. Some lenders offer fifteen-year home loans. Investigate the effect of the term on home loans by finding the monthly payment and total interest for a loan of $100,000 at 10% if the term is

payment and the total interest for a four-year loan of $12,000 at me monthly a. 8.5% b. 8.75% с. 9% d. 10%. 15. Investigate the effect of the interest rate on home loans by finding the monthly payment and the total interest for a thirty-year loan of $100,000 at a. 6% b. 7% с. 8% d. 9% e. 10% f. 11% 16. Some lenders offer fifteen-year home loans. Investigate the effect of the term on home loans by finding the monthly payment and total interest for a loan of $100,000 at 10% if the term is

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 5FPE

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A design studio received a loan of $6,850 at 6.20% compounded semi-annually to purchase a camera. If they settled the loan in 2 years by making quarterly payments, construct the amortization schedule for the loan and answer the following questions: a. What was the payment size? $0.00 Round to the nearest cent b. What was the size of the interest portion on the first payment? a $0.00 0 SUBMIT QUESTION SAVE PROGRESS SUBMIT AS
1. Calculate the simple interest rate when P= $3600 I= $160 and=4 months. Round to the Section nearest hundredth. 4 a. 13.33% b. 0.13% C. 1.11% d. 4.00% e. 4.44% 2. Calculate the simple interest due on a four-month loan of $900 if the interest rate is 2.270 per month. a. $79.20 b. $7,920.00 c. $237.60 d. $6.60 e. $979.20 3. The maturity value of a three-month loan of $2,500 is $2,577. Find the simple annual interest rate to the nearest hundredth. a. 12.32% b. 11.95% c. 3.70% d. 97.01% e. 3.08% 4. What interest will be earned if $4000 is invested for 4 years at an annual rate of 7% compounded monthly? a. 5,288.22 b. 4,094.15 c. 4,166.22 d. 5,120.00 e. 6,501.65 A = $26,000 r =9% 5. Calculate the present value when compounded quarterly, and 1= 30 years. Round to the nearest cent.
Determine the monthly payment for the installment loan. Use the installment payment formula m = 1- Amount Financed (P) $1,440 O A. $179.15 B. $35.15 O C. $125.26 O D. $366.02 P n 1+) - not Annual Percentage Rate (r) 8% Number of Payments per Year (n) 12 Time in Years (t) 4
Find the future value of the loan. $200 loan at 7% for 9 months OA. $210.50 OB. $1,010,50 OC. $128.00 OD. $215.50
What is the annual percentage rate on a loan with a stated rate of 2 percent per quarter? A. 2.00 percent B. 2.71 percent C. 4.04 percent D. 8.00 percent E. 8.24 percent
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge Finance Chargeper $100 APR $17,950 48 $523.47 $ $ %
rive loan is below. Payments of $1,987.26 are made monthly. Payment # Payment 1 1,987.26 2 1,987.26 3 1,987.26 Interest Debt Payment Balance 1,604.17 383.09 1,602.41 384.85 1,600.65 386.61 Provide your answer below: X Y Z Calculate the value of z, the balance of the loan at the end of month 3. Give your answer to the nearest dollar. Do not include commas or the dollar sign in your answer.
Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment FinanceCharge Finance Chargeper $100 APR $14,000 36 $503.00 $ $ %
Compute the size of the final payment for the following loan. Principal $ Periodic Payment $ Payment Period Payment Made at: Interest Rate % Compounding Period 8100 520 3 months beginning 8 quarterly The size of the final payment is $_ .?
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%
Unearned Interest by the Actuarial Method Each loan was paid in full before its due date. (a) Obtain the value of h from the appropriate formula. Then (b) use the actu- arial method to find the amount of unearned interest, and (c) find the payoff amount. 33. 34. Regular Monthly Payment $212 $575 APR 4.7% 5.9% Remaining Number of Scheduled Payments after Payoff 4 8
What 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