What is the total interest paid on a loan of $5,000 at APR = 6% for 3 years

Q: A cash loan is to be repaid by paying $13,500 at the beginning of every month for 3 years. If…

A: Here, Monthly payment = $13,500 Number of years = 3 years Interest rate = 12% Payment at the…

Q: What is the monthly payment on a loan of $5,000 at APR = 6% for 3 years

A: Monthly payment can be calculated by loan amount divided by present value factor of an ordinary…

Q: You got a loan today of $10,000 for 3 years, annual interest rate is 6%. The annual payment is…

A: Annual Payment of Loan: It is the periodic payment of a loan including interest for a pre-defined…

Q: What is the monthly payment on a loan of $5,000 at APR = 8% for one year.

A: Loan amount (LV) = $5000 Interest rate = 8% Monthly interest rate (i) = 8%/12 = 0.666666666666667%…

Q: "If a loan of 1 million is made for 7 days at a rate of 5% per annum, how much interest would be…

A: p = $1000,000 d = 7 days r = 5%

Q: Simple interest of P1,235 is owed on a loan of P9,500 after four years and four months. What is the…

A: Simple interest amount (I) = P1,235 Loan amount (P) = P9,500 Period (t) = 4 Years and 4 months =…

Q: Find the i (the rate per period) and n (the number of periods) for the following loan at the given…

A:

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: Consider a loan of $98,000 at 7% compounded annually, with 12 annual payments. Find the following.…

A: Loan amortization can be defined as the procedure of amortizing the loan in such a way that the loan…

Q: A loan of £4,000 is to be repaid over 5 years by a level annuity payable monthly in arrears. The…

A: Loan payback is the process of repaying a lender for the money borrowed. The loan is repaid in a…

Q: 4) Monthly payments are required on a $35,000 loan at 6.0% compounded monthly. The loan has an…

A: Monthly payment refers to an amount that is paid every month for the repayment of loan amount…

Q: ↑ Consider the following loan Complete parts (a) (c) below An individual borrowed $67,000 at an APR…

A: Amount borrowed = $67,000Annual rate = 3%Number of years = 20 yearsPayment = $372

Q: A loan of size L is to be paid off by payments of 2000 each year for 10 years. The principal repaid…

A: The question is based on the concept of loan amortization and sinking fund. The question can be…

Q: Given the following information, calculate the remaining loan balance after 12 years: loan amount:…

A: Loan amount = $84,000Interest rate = 4.5%Number of years = 20 yearsNumber of years passed = 12 years

Q: You borrowed $5,000 for 24 months at 6% interest. What is the total payback on the Single Payment…

A: Total payback on the Single Payment loan - It es the payback of the loan at a single payment…

Q: If $14,000 is borrowed for 2 months and $82 is paid, then the annual simple interest rate is ____

A: Interest = p * r * t Interest = $82 principal = $14,000 r = rate of interest  t = time in years = 2…

Q: An installment loan for $18,000 has terms such that monthly payments of $180 are made for 10 years.…

A: Workings:- Time Period of Payments(in years) = 10 years Time Period of Payments(in months) = 10*12…

Q: Suppose a customer has to pay a total amount of PhP 20,676 as a payment of a personal loan at the…

A: Solved using Financial Calculator  FV = 20,676 N = 3.5 * 4 = 14 I/Y = 4/4 = 1  CPT PV = 17,987.35

Q: A borrower had a loan of $7800 at 5.6% compounded semiannually, with 20 semiannual payments. Suppose…

A: We have; The loan amount is $7800 The interest rate is 5.6% compounded semiannually Total m=number…

Q: Find the annual simple interest rate of a loan, where $300 is borrowed and where $315 is repaid at…

A: Simple interest is an amount of interest that is paid on the principal portion of a loan or deposit.

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: Consider a loan of $88,000 at 4% compounded annually. (a) the payment necessary to amortize the loan…

A: When we take a loan we make periodic payments towards that loan.   The periodic payments will…

Q: Monthly payments are required on a $35,000 loan at 6.0% compounded monthly. The loan has an…

A: A loan is a financial transaction where one party, typically a lender or financial institution,…

Q: What is the payment in month 13 on a CAM loan for $150,000 with a maturity of 15 years at 5.85%?…

A: Debt refers to the owed capital that the corporations or individuals employ, it requires the…

Q: What is the monthly payment on a loan of $5,000 at APR = 6% for 4 years.

A: Loan amount (LV) = $5000 Interest rate = 6% Monthly interest rate (r) = 6%/12 = 0.50% Period = 4…

Q: The monthly payments on a 20-year loan of $25,000 at 6.8% interest are $190.83. (a) What is the…

A: Present value of annuity is the current value of the future payments that are calculated using the…

Q: What is the total interest paid on a loan of $5,000 at APR = 6% for 5 years.

A: Compound Interest = P(1+r/n)^nt - PWhere P = Principal = $5,000R = Rate on interest = 6%N = number…

Q: What monthly payments must you make to pay off the $50,000 loan at 8.4% compounded monthly over 3…

A: A study that proves that the 1value of money today is higher than the future value of money is term…

Q: Assume that you take out a $2000 loan for 53 months at 5.5% APR. How much total interest will you…

A: Total interest paid = Future amount payable - Loan amount Amount payable for the loan borrowed is…

Q: A business received a for year $2,000,000 loan at an interest rate of 7% per year. The principal is…

A: NPV means PV of amount which is receive or pay in future. NPV can be find by using discounting rate…

Q: A loan of $5000 earns $750 interest in 1.5 years. Find the rate of interest.

A: Interest amount = Principal * Rate * Time duration

Q: How much interest is paid in total on a 3-year loan for $30 000? The interest rate is 8.7%…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: Number of payments = (enter a whole number) PV=$ I/Y= PMT=$ % Complete the amortization table below.…

A: By rearranging the PV of ordinary annuity formula below, we can determine the n (number of payments)…

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: Find the amount borrowed for the loan described. (Round your answer to the nearest cent.) R =…

A: Here, Semi Annual Payments is $878.80 Interest Rate is 5.8% Compounding Period is Semi Annual i.e 2…

Q: What is the monthly loan payment on a 30 year, $250,000 loan at 5.25%, plus two points

A: Monthly payments refer to the specified amount that a borrower is required to repay a loan each…

Q: A loan of P15 000 is taken out. If the interest rate on the loan is 7%, how much interest is due…

A: Notes Payable - Notes Payable is the liability for the company which needs to be paid after a fixed…

Q: Consider a loan of $5.2 million that is paid quarterly over a period of 15 years. Calculate the…

A: Loan amortization is the process of paying off a loan over time with regular, fixed payments. Each…

Q: For an auto loan of $25,600 @ 3.5 APR due in five (5) years, a) what is the total interest paid, and…

A: Loan = 25,600 APR = 3.5% N = 60 months (5 years) Interest Rate = APR/12 = 3.5%/12 per month

Q: a car loan of 25,293.25 is to be repaid with​ end-of-month payments of 554.68. If interest is ​7%…

A: Compound = Monthly = 12Present Value = pv = 25,293.25Payment = p = 554.68Interest Rate = r = 7 / 12…

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.