Use the Loan Payoff Table to determine both the finance charge and the payment required to amortize a loan of $4100 at an annual interest rate of 11% with a term of 36 monthly payments. What is the amount of each payment? What is the finance charge?

Q: Estimate the annual percent rate for the add on loan Using the given number of payments and annual…

A: As per the information provided:  N = 48 R = 8% To determine: We have to estimate the annual…

Q: Reya paid Php 9,250 on a loan made 6 months before at 12% simple interest. Find the interest…

A: Simple interest is simple interest without any compounding that means no interest on interest…

Q: Use the amortization table to determine how much interest is paid in the first 4 months of the loan.…

A: The interest in the first 4 months of the loan will be total of interest of month 1, month 2, month…

Q: Use the loan amortization table: Purchase price of a used car $5,533, Down payment  $1,153, number…

A: Lookup table are used to calculate the loan amortization and are used as shortcuts to calculate the…

Q: Calculate the finance charge (in $) and the annual percentage rate for the installment loan by using…

A: Using excel RATE function

Q: (a) Determine the effective rate of interest for 4.275% compounded semiannually. Round your final…

A: Bartleby honor code states that in case of multiple questions, the expert is required to give…

Q: Scenario 2: You need a $12,000 loan to buy a good used car. Your bank offers a 3-year loan with an…

A: Monthly payment refers to an amount that is paid every month until the loan period including…

Q: Calculate the loan amount on a purchase having a cash price of $47,900 with a down payment of…

A: Down Payment: The down payment is the portion of the purchase price that you pay out-of-pocket (as…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: The finance charge is the charge which is paid by the borrower on the amount he borrowed is called…

Q: Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments…

A: Amortization refers to the process of gradually paying off a debt, typically a loan, through regular…

Q: Find the effective rate for a payday loan which charges $37.78 for a two week loan of $280. The…

A: The Effective Annual Rate (EAR) is the interest rate that is adjusted for compounding over a given…

Q: Find the amount of interest and the maturity value of the following loan. Use the formula MV = P+ I…

A: Rate = 7% + (1/4)% Rate = 7% + 0.25% Rate = 7.25% ----------------------- Years = 4 + (1/2) Years =…

Q: The principal P is borrowed and the loan's future value A at time t is given. Determine the loan's…

A: Future value (FV) is the value of a current asset based on an estimated rate of increase at a future…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: We will use the future value calculator with given variables to find out the required information…

Q: The following installment loan is being paid off early. Calculate the rebate fraction, the finance…

A: The finance charged is the total cost that has charged for borrowed the specified amount for…

Q: Find the total installment cost and the finance charge for an installment loan with these…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: Calculate the amount financed, the finance charge, and the total deferred payment price for the…

A: Concept: The total deferred amount is defined as the amount of compensation based under the plan…

Q: Find the APR (true annual interest rate), to the nearest half percent, for the following loan.…

A: formula for APR: APR=interestprincipaln×365×100 where, n = no of days in loan term

Q: monthly

A: I would borrow a loan that is amortized quarterly.   The reason for this is based on the principles…

Q: What is the total amount you will pay if you do not pay the loan within the term and meet all the…

A: Step 1:Given: Loan amount = $5400Period of loan = 72 monthsFinal loan amount = $6965.35Interest is…

Q: Find the payment necessary to amortize the following loans using the amortization table, and round…

A: Present value is the sum of money that must be invested to achieve a specific future goal. Future…

Q: What would the loan payment amount and the interest payed for Kevan’s loan be if the PV=8500,…

A: The term loan payment amount refers to the total amount paid by an individual to pay off the loan…

Q: Based on Exhibit 9.9 or using a financial calculator, what would be the monthly mortgage payments…

A: Loan amount 1 = $119,000Loan amount 2 = $103,000Loan amount 3 = $96,000Loan term 1 = 15 yearsLoan…

Q: The principal P is borrowed and the loan's future value, A, at time t is given. Determine the loan's…

A: A loan refers to funds borrowed in return for a cost. The cost of borrowing funds is called…

Q: alculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: Find the monthly payment needed to amortize principle and interest for the fixed rate mortgage. Use…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: How can we calculate the total annual interest payment for a credit card debt of $ 1,000?

A: We should pay the credit card bill by the end of credit free period to avoid interest charges upon…

Q: Term Rate 3.0% 3.5 40 30 years $4.22 4.49 477 25 years $4.74 5.01 5.28 20 years $5.55 5.80 6.06 15…

A: Mortgage loans are paid by fixed equal monthly payments and these monthly payment carry the payment…

Q: A mortgage loan having a face value of \\( \\$ 265,000 \\) is arranged by a mortgage broker. From…

A: The Annual Effective Rate (AER) is a standardized measure used to express the true annual interest…

Q: What are the Effects of Maturity on Monthly Payments on Fully Amortizing Loans?

A: In fully amortized loan, total loan will be paid off by end of maturity i.e. loan term. Monthly…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: APR stands for Annual Percentage Rate. It is a measure of the cost of credit, expressed as a yearly…

Q: the intereswt rate a company pays on 1 - year, 5-year loan depends on?

A: Interest rate:Interest rates are expressed in percentage terms as the cost of loans or return on…

Q: alculate the finance charge (in $) and the annual percentage rate for the installment loan by using…

A: Therefore, the finance charge is $12,334.

Q: If an interest rate of 8.9% compounded semi-annually is charged on a car loan, what effective rate…

A: Interest is an additional amount which is paid by the borrower to the lender on the borrowed amount…

Q: Find apr of the loan given the amount of the loan, number and type of payments and the add on…

A: The annual percentage rate would be providing the information as to what is the cost of borrowing…

Q: asssuming that the interest is the only finance charge, how much interest would be paid on 5,000…

A: The question is based on the concept of Loan and amortization.

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: The annual percentage rate (APR) refers to the annual interest rate generated by borrowers or…

Q: The principal P is borrowed and the​ loan's future value A at time t is given. Determine the​ loan's…

A: Given  in question,Principal (P).Amount (A).Time (t) = 6 months    year = 0.5Let,the rate per year…

Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.