you are paying of a purchase made with a down payment of 50000 usd. you will pay the rest of 245000 in 5 installments equalling 49000 for 5 months. what is the interest rate that will help pay off your total purchase.
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- You've been offered a loan of $20000, which you will have to repay in 5 equal annual payments of $6000, with the first payment due one year from now. What interest rate would you pay on that loan?You plan to borrow P10,000 from your bank, which offers to lend you the money at a 7.5% nominal rate on a one-year loan. What is the effective interest rate if the loan is a discount loan?You buy items costing $800 and finance the cost with a fixed loan installment for 18 months at 5% simple interest per year. What is the finance charge? What is the monthly payment?
- If you need a loan for $16000 and make a down payment of 5%, then finance the balance with a 3-year fixed installment loan with an APR of 6%, a) what will your down payment be? b) what will your monthly payment be (use the Installment Payment Formula).The purchase price of an item is $15,000. You decide to buy it using an installment plan. You put 20% down. You agree to pay $275 per month for 5 years. a.) what is the amount of your down payment? b.) how much are you borrowing? c.) how much will you pay in interest? d.)how much will this item cost you in total?You plan to buy a car for R250 000, you will give a deposit of R25000. The remainder of the cost will be paid over a period of 5 years in monthly installments at an 8% annual rate. What will your monthly installment be?
- You borrow $20000 and make an agreement to repay the loan with10 annual payments of 5,000. What is the annual effective rate of interest that you are paying?What is the effective interest rate charged to a loan of P5,000 paid after 5 years amounting to P7,250? What is the nominal rate if it is compounded semi-annually? upload your solution with signature sifan ?A person is repaying a loan of $50000 at $200 per month. The interest rate is 3% per month. Form a difference equation, solve the difference equation and find how long it will take to repay the loan.
- Suppose you take out a car loan that requires you to pay $7,000 now, $4,000 at the end of year 1, and $6,000 at the end of year 2. The interest rate is 5% now and increases to 10% in the next year. What is the present value of the payments? Enter your response below rounded to 2 decimal places. NumberYou are taking a car loan of 100000, for 5 years and monthly payment of 1648, the interest rate is 10.48%, and a final payment of 35000 at the end of the loan. -Calculate all the necessary to help you determine if it is a good loan or notYou want to buy a $226,000 home. You plan to pay 5% as a down payment, and take out a 30-year loan at 6.55% interest for the rest. a) How much is the loan amount going to be? b) What will your monthly payments be? c) How much of the first payment is interest?