Q: Suppose you lend $11,500 to a friend at an APR of 10.00%. Your friend will pay you back beginning…
A: The periodic payment can be made monthly, quarterly, semi-annually or annually. Periodic payment is…
Q: Juliana is taking out an $8,700, 3year loan with an APR of 2.31%. What will be the monthly payment…
A: Monthly payment is refer as the regualr amount of fund or payments at monthly time interval. It is…
Q: You borrow $560,000 to purchase a home. The loan rate is 8.95% and must be repaid in 27 years. What…
A: Compound = Monthly = 12Present Value of Payment = pv = $560,000Interest Rate = r = 8.95 / 12%Time =…
Q: You are purchasing a home for $150,000 at an 8% APR. Your loan period is 360 months. If your…
A: Given Cost of home is $150,000 APR is 8%Loan period is 360 Payment is $1,100.65
Q: Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Monica wants to consolidate several loans she has into a single three-year loan for $150,000 that…
A: When making payments for loans the monthly payment amount is fixed. However the interest component…
Q: What is the monthly payment amount on a $100,000 home loan if the rate is 6.0% APR, and the loan is…
A: Present Value of loan (PV) = $100,000Annual Rate = 6%Monthly rate (r) = 6% / 12 = 0.5% or…
Q: ana has to pay RM1,200 every month for 360 months to settle a housing loan at 4% compounded…
A: Here we will use the concept of time value of money. As per the concept of time value of money the…
Q: After making payments of $901.10 for 6 years on your 30-year loan at 8.9%, you decide to sell your…
A: Monthly payment (C) = $901.10 Monthly interest rate (r) = 0.00741666666666667 (i.e. 0.089 / 12)…
Q: A couple requires a mortgage loan of $182,000. They figure they can afford $1400 a month. If they…
A: A mortgage refers to a covered loan that is taken out for the purchase of a property which itself…
Q: te down the loan factor that will be used in calculations, if Magda decides to pay her monthly…
A: Loan factor is the present value factor of monthly annuity considering interest rate and time…
Q: ava wants to take a loan out a 23,500 loan with a 4.3% APR. can she afford to pay 220 per month for…
A: A sum borrowed to meet specific personal or business requirements is recognized as a loan. The loan…
Q: If you take out a loan for a new $20,000 car, a typical APR with a fair credit score is 4.8%. If you…
A: Solution:- We know, Equal monthly installment = { Loan amount x r x [ (1+r)n / (1+r)n -1] where r…
Q: Suppose you take out an auto loan for $25,500 over a period of six years at an APR of 7.5%.…
A: The annual percentage rate refers to the yearly rate of interest paid for a loan or received from an…
Q: Suppose Bill purchases a car and he is going to finance $12,000 for 24 months at an APR of 5.1%…
A: compound = monthly = 12 Present Value = pv = $12,000 Time = t = 24 Interest rate = 5.1 / 12 =…
Q: What is the maximum APR you can accept if you can afford to make monthly payments of $120 on a…
A: The yearly rate that borrower pays on loan and investors receives on deposits is the annual…
Q: A borrower takes out a 30-year mortgage loan for $250,000 with an interest rate of 5% APR compounded…
A: Loan Value = pv = $250,000Interest rate = rate = 5% per year = 5% / 12 = 0.4167% per monthPeriod =…
Q: Nancy takes out a $500,000 loan for 25 years at 4% monthly. a) What is the monthly payment? b) What…
A: in this we have to calculate present value FACTOR and calculate monthly payments.
Q: You receive a car loan of $22,000 and must pay off the loan in 60 monthly installments. If your…
A: The periodic payment for a loan can be found using the PMT Function in excel. PMT = (RATE, NPER, PV,…
Q: payment
A: Monthly payments are nothing but the payment which has to be made by the borrower every month. The…
Q: after making payments of $917.10 for 6 years on your 30-year loan at 8.3%, you decide to sell your…
A: Loan payoff is the amount that is to be paid to the bank at the current date to completely relieve…
Q: xandra received a 30 year loan of $280,000 to purchase a he the loan was 4.60% compounded…
A: Loans are paid by the equal monthly payments and these monthly payments carry the payment for…
Q: Pauline borrows a loan of 120000 for 3 years at 11.5% simple interest Calculate the total interest…
A: Workings: Calculation of monthly interest payment: Monthly interest…
Q: (a) For Loan A, the interest rate is 6.15% per year and the loan term is 7 years. Find the total…
A: Information Provided: Loan amount = $7500 Loan A & B rate = 6.15% Loan A Period = 7 years Loan…
Q: For a personal loan amount of $5,000 @ 10.5% APR due in nine (9) months, a) what is the total…
A: Loan = 5000 Annual Percentage Rate = 10.5% N = Time Period = 9 months
Q: Suppose you borrow $10,000 from your parents to buy a car. You agree to pay $208 per month for 48…
A: Here the monthly payment is a annuity and we need to find the interest rate given the following:…
Q: Catherine obtained a loan of $40,000 at 4.5% compounded monthly. How long (rounded up to the next…
A: Solution:- When a loan is taken, the borrower is given the option whether to repay it in…
Q: You make a down payment of $2,500 and finance the balance by making monthly payments of $718.66 for…
A: APR is calculated through following excel formula:APR==rate(nper,pmt,-pv)*12=17.25%Where,nper=24pmt=…
Q: Assume Mary agrees to a 15-year, $200, 000 mortgage loan, with a rate of 5% with estimated upfront…
A: The time value of money is a foundational concept in finance which is based on the assumption that…
Q: u take out a 30-year $150,000 mortgage loan with an APR of 12% and monthly payments. In 11 years,…
A: Principal balanceamount outstanding and owing for satisfying the payoff the amount of an underlying…
Q: Juliana is taking out an $8,700, 3 -year loan with an APR of 2.31%. What will be the monthly payment…
A: Monthly payment is refer as the regualr amount of fund or payments at monthly time interval. It is…
Q: What is the monthly payment for a 5-year car loan of $14,000 that has an APR of 6% compounded daily…
A: An amortized loan is repaid in equal installments. Each installment comprises interest on loan…
Q: A man wants to borrow $1500 at 10% interest rate from October 1 through December 23. How much will…
A: Interest is an additional amount which is paid by borrower to the lender on the basis of time…
Rachel has a $15,000, 36 month loan with an APR of 8.25%.
a. What is the monthly payment? $
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- Ciana wants to take out a $7,500 loan with a 5.3% APR. She can afford to pay $128 per month for loan payments. 22. What should be the length of her loan? Round to the nearest tenth of a year.a. 5.5 yearsb. 5.6 yearsc. 5.7 yearsd. 5.8 years 23. How would an increase of $20 to her monthly payment affect the length of her loan?a. 0.9 years moreb. 0.9 years lessc. 0.8 years lessd. 0.8 years moreNancy takes out a $500,000 loan for 25 years at 4% monthly. a) What is the monthly payment?b) What is the final payment? TVM FORMULAa
- ava wants to take a loan out a 23,500 loan with a 4.3% APR. can she afford to pay 220 per month for loan payments. A) what should be the length of her loan?round tho the nearest tenth of a year. B) what would an increase of 50 to the monthly payment do to the loan length?17) Nancy takes out a $500,000 loan for 25 years at 4% monthly. a) What is the monthly payment? b) What is the final payment?You borrow $364000 for the the purchase of a house at an APR of 7.52% for 15 years. Your monthly payment is $3378.46. How much money will you pay in interest for this loan?
- Suppose Bill purchases a car and he is going to finance $11,700 for 48 months at an APR of 7.8% compounded monthly. Find the monthly payments on the loan. The monthly payment is:Suppose you borrow $10,000 from your parents to buy a car. You agree to pay $208 per month for 48 months. What is the monthly interest rate? Respuesta:If Megan has $35,000 in student loans and wants to pay them by extending her loan out to 20 yrs (interest of 5.5% and starting at the end of the month), how much will she have paid in total towards her loan? $91,167.07 $28,891.27 $52,980.45 $57,782.53
- K Wei-Jen needs to borrow $5000. She can borrow from a finance company at 6.90% add-on interest for 4 years. Or she can borrow from a credit union (48 monthly payments of $134.14 each.) Find each APR and determine the better choice. 10.0 APR 10.5 APR 11.0 APR 11.5 APR 12.0 APR # of monthly payments (n) 24 36 48 60 10.75 16.16 21.74 27.48 11.30 17.01 22.90 28.96 11.86 17.86 24.06 30.45 12.42 18.71 25.23 31.96 Use the table to find the APR for the finance company loan.% (Round to the nearest half percent.) Use the table to find the APR for the credit union loan. % (Round to the nearest half percent.) Which is the better choice? 12.98 19.57 26.40 33.47 12.5 APR 13.54 20.43 27.58 34.99 13.0 APR 14.10 21.30 28.77 36.52Jeanette took out a loan from the bank today for X. She plans to repay this loan by making payments of $100.00 per month for a certain amount of time. If the interest rate on the loan is 0.66 percent per month, she makes her first $100.00 payment later today, and she makes her final monthly payment of $100.00 in 12 months, then what is X, the amount of the loan? A O An amount less than $1,153.00 or an anmount greater than $1,324.00 O An amount equal to or greater than $1,153.00 but less than $1,199.00 O An amount equal to or greater than $1,199.00 but less than $1,245.00 O An amount equal to or greater than $1,245.00 but less than $1,275.00 O An amount equal to or greater than $1,275.00 but less than $1,324.00Loans and Annuities Due a) i) Ali is paying off a loan by making $50 payments at the end of every month for 2 years, at 6%, compounded monthly. What is the value of the loan today? ii) Ken is paying off a loan by making a $50 down payment and then $50 payments at the end of every month for 2 years, at 6%, compounded monthly. What is the value of the loan today? iii) Maria is paying off a loan by making $50 payments at the beginning of every month for 2 years, at 6%, compounded monthly. What is the value of the loan today? iv) Explain the factors in each situation that account for the differences in the results.
