The required end of month payment on a 3-year loan bearing interest at 8.5% compounded monthly is $356.60 What was the original amount of the loan? Multiple Choice $14,564.49 $11,27741 $14.539.99

Q: A Forward Rate Agreement contains an agreed interest rate of 5.75% on a 6-month loan. If settled at…

A: Forward rate agreements are used by entities to hedge against the interest rate risk. It is an…

Q: To borrow $1,200, you are offered an add-on interest loan at 9 percent. Two loan payments are to be…

A: Borrowed Amount = $1,200 Interest Rate = 9% Time Period = 1 Years

Q: Find the ending balance for December in the below monthly loan amortization schedule.…

A: Loans are paid by fixed equal monthly installments that carry the payment for interest and payment…

Q: wer takes out a 10-year mortgage loan for $300,000 with an interest rate of 7%. What portion of the…

A: Interest payments:Interest payments refer to the amount of money that is paid by a borrower to a…

Q: a-1 mortage makes loans with the interest charged on the loan principle rather than on the unpaid…

A: Equal Annual Payment: $2,052.19Explanation:We are givenPrincipal amount (P): $10,000Annual interest…

Q: The annual rate of interest on a mortage loan is 11 1/2% the monthly interest payment is $453.76..…

A: Annual interest rate = 11.5%   Monthly interest rate = Annual interest rate / 12 = 11.5%/ 12…

Q: Calculate the monthly payment by using the loan amortization table:  (Round your answer to the…

A: Annuity: An annuity is defined as a series of payments, whether received or made, that are equal and…

Q: A car loan is taken for $20,000 to be paid back in 6 years, with monthly payments of $304. What…

A: We need to use RATE function in excel to calculate annual rate to be charged on loan. The formula is…

Q: What is the APR for a fed ra

A: APR means annual percentage rate. APR means the borrowing cost incurred by the borrower for a…

Q: The quarterly pay

A: The loan amount refers to the money which a person should owe from a bank or financial institution…

Q: A loan company advertises that $100 borrowed for one year may be repaid by 12 monthly installments…

A: Effective annual interest is the amount which is expressed in terms of percentage paid annually to…

Q: Original Terms of Loan:  30 year loan of $127,800 at an interest rate of 6 ½ %. What is the monthly…

A: The equivalent annual cost is the periodic payment made towards the acquisition of an asset or…

Q: Find the APR of the loan given the amount of the loan the number and types of payment in the add-on…

A: Annual percentage rate (APR) : It refers to the yearly generated interest by a Principal amount that…

Q: What is the maturity value of a $7,500 loan for 16 months at 4.8% compounded monthly? Also. how much…

A: Future value is the worth of any asset or any sum of money at a future date when such asset or money…

Q: a 5-year $10,000 loan requiring monthly payments at a fixed rate of 9% is amortized into five-year…

A:

Q: A P22,000 loan bearing interest at 9.6% compounded bimonthly was repaid, after a period of deferral…

A: Interest rate (r) = 9.6% per annum = 9.6%/24 per bimonthly = 0.4% Bimonthly payment (B) = P 2600…

Q: Jack borrows $7,000.00 at an interest rate of 15% compounded monthly to be paid off monthly payment…

A: Answer Correct option $6,467.70

Q: The following loan is a simple interest amortized loan with monthly payments. $5000, 7 1/2%, 4…

A: Answer: Principal balance = $ 5000 rate = 7.5% time = 4 years

Q: using the ordinary interest method, find the amount of interest on a loan of $5,000 at 10 1/2%…

A: Loan amount = $5,000 Period of loan = 274 days Interest rate = 10 1/2%

Q: Simple Interest: A $45,000 loan at 3.75% dated June 10 is due to be paid on October 11. Using…

A: Ordinary interest method is one in which the rate of interest is divided by 360 days convention…

Q: onsider a loan at 4.125% APR on 6 years for a $23,000 car a. Estimate the monthly payment (using…

A: Equated Monthly Installments are one part of the equally divided monthly outgoes to clear off an…

Q: Compute the size of the final payment for the following loan.   Principal​ $ Periodic Payment​ $…

A: A loan is  basically a type of debt that an individual or the other entity incurs. The lender, who…

Q: what is the total amount of the monthly payments for a 5-year loan is $10,692. The APR is 7%. How…

A: Using the present value of annuity formula we can calculate the original amount borrowed…

Q: What end of month payments are required over 4 years to pay off a $27,000 loan borrowed at 9.75%…

A: A loan is an agreement between two parties where an amount is forwarded with the promise to pay it…

Q: Quarter-end payments of $1,490 are made for 8 years to settle a loan of $31,880. What is the…

A: Compound = n = Quarterly = 4Payment = pmt = $1490Time = nper = 8 * 4 = 32Present Value of Loan = pv…

Q: How much total principal is repaid between the 1st and 7th payment interval of a 4.5-year loan for…

A: Here, Time Period of Loan is 4.5 years Loan Amount (PV) is $4,887 Interest Rate on Loan is 7.4%…

Q: A $90,000 loan at 7.7% compounded semiannually requires monthly payments of $1,600. Calculate the…

A: A loan is a type of debt where a borrower borrows money from a lender with the agreement to repay…

Q: What is the rate of interest on a $375,000 25 year fully amortizing loan of the monthly repayments…

A: A loan refers to a contract between two parties where money is forwarded by one party to the other…

Q: What was the term of a $4850 loan at 4.5% if the interest due at the end was $145.50? Answer (need…

A: Solution:When some amount is invested somewhere, it earns interest on it.So, in case of simple…

Q: What is the effective annual rate on a loan that charges 8.2 percent, compounded quarterly? Multiple…

A: Effective annual rate is computed by following formula:-Effective annual rate =  - 1 whereA =…

Q: What monthly payment is required to pay off a $60,000 loan in seven years if the interest rate on…

A: Monthly payment refers to the amount that is being paid on monthly basis for the repayment of the…

Q: A $90,000 loan at 7.7% compounded semiannually requires monthly payments of $1,600. Calculate the…

A: We need to first calculate the monthly payment of loan thereafter the number o0f periods of loan and…

Q: How much is your loan payment based on the following: Time - 5 years Interest Rate - 5.8% Principle…

A: Time Period = 5 yearsInterest rate = 5.8%Principal Balance = $ 28,000Discount Rate = 4.2%

Q: A 18-year loan requires month - end payments of $627.33 including interest at 9.2% compounded…

A: Present value refers to the discounted value of the future cash flow.

Q: A lender makes a loan of $100,000 at a 6% interest rate for 25 years with monthly payments. The…

A: Step 1 It is the sum that you pay above and beyond the principal of a borrowed loan. Both nominal…

Q: A bank has agreed to lend you $127,800 for a home loan. The loan will be fully amortized over 57…

A: Amortization is a term used in business to describe the process of spreading payments out over time.…

Q: Interest is $405 on a principal balance of $5,000; assuming a 7 month loan what is the rate

A: We can determine the annual interest rate by rearranging the simple interest formula below:In the…

Q: Find the amount (in $) of interest on the loan. Principal Rate (%) Time Interest $70,000 8…

A: Interest Amount = Principal * Interest rate * Number of months / 12

Q: Use the following amortization chart: Selling price of home $ 84,000 Down payment $ 4,000 Principal…

A: The question is based on the concept of Annuity in Financial Management. Annuity refers to the…

Q: Finance charges on a payday loan may not exceed 16.7% of the amount advanced. Find the annual…

A: Here, Finance Charges is 16.7% of the amount advanced Borrowed Amount is $300 Duration of Payday…