Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $987 per month, and the total finance charge is $9,432. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) $ 19,269.59

Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $987 per month, and the total finance charge is $9,432. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) $ 19,269.59

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

Consider a student loan of $12,500 at a fixed APR of 12%for 25 years. What is the monthly payment?(Do not round until the final answer. Then round to the nearest cent as needed.) The total payment over the term of the loan is?(Round to the nearest cent as needed.) Of the total payment over the term of the loan %? is paid toward the principal and %? is paid toward interest.
Suppose you take out a $37,000 4-year balloon loan from a bank at an interest rate of 9.8%. What will be the balloon payment at the end of the loan term? Round to the nearest dollar.
Your business had to borrow 584, 069.18 to cover some urgent experises. The loan carries an annual interest rate of 15%, and the monthly payment is $2000. How many years will it take to pay off this loan? ROUND YOUR ANSWER TO THE NEAREST WHOLE NUMBER
Suppose you obtain a 20-year mortgage loan of $197,000 at an annual interest rate of 7.9%. The annual property tax bill is $967 and the annual fire insurance premium is $498. Find the total monthly payment for the mortgage, property tax, and fire insurance. (Round your answer to the nearest cent.)
You borrow $280,000; the annual loan payments are $24,871.68 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number. %
Consider a 30-year fixed-rate home loan of $565,500 with an interest rate of 4.25%.What is the total amount of interest paid? (Round your answer to the nearest cent.)
Find the monthly payment for the loan. (Round your answer to the nearest cent.) A $518,000 home bought with a 20% down payment and the balance financed for 30 years at 5.4%
To repay a $35,000 loan you will make 30 equal annual payments (starting one year from today) of $4,998.10. What is the interest rate on the loan? If you don’t have a financial calculator, you can use the fact that it is one of the following rates. a) 8% b) 10% c) 12% d) 14% e) 16%
You borrow $155,000; the annual loan payments are $12, 490.89 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number. How do i do this on a finance calculator (BA II Plus)
Explain
You have just purchased a new warehouse. To finance the purchase, you' ve arranged for a 35-year mortgage for 85 percent of the $3,100,000 purchase price. The monthly payment on this loan will be $17,200. a. What is the APR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g ., 32.16.) b. What is the EAR on this loan? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Suppose your gross monthly income is $5,300 and your current monthly payments are $575. If the bank will allow you to pay up to 36% of gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 30-year mortgage is 4.65%? (Round your answer to the nearest cent.)

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