You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $),and the payoff for the loan (in $). (Round dollars to the nearest cent.)FinanceAmountFinancedNumber of Monthly PaymentsPaymentsPaymentMadeRebateFractionChargeRebate$4,60036$163.3332+A$LoanPayoff

Amount financed = $4600Number of payments = 36Monthly payments = $163.33Payments made = 32To find:…

Answered: You are the loan department supervisor…

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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You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Amount Financed Number of Payments Monthly Payments Rebate Payment Made Fraction Finance Charge Rebate $4,700 36 $167.33 29 15/666 X $ 85.76 Loan Payoff x $785 89
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Amount Financed Number of Monthly Payments Rebate Payments Payment Made Fraction Finance Charge Rebate $4,700 36 $167.33 29 15/666 X $85.76 Loan Payoff X $ 785.89 X
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it’s your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round to the nearest cent)
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) if the amount financed is = 1,900 number of payments are = 18 the monthly payment is = 125.89 payments made are = 13 slove for rebate fraction, finance charge rebate and the loan payoff
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.
You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ every month 1 3 4 6 $40,000
You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) LoanPayment PaymentPeriod Term ofLoan (years) NominalRate (%) Present Value(Amount of Loan) $ 2,582 every month 1 1 4 6 $30,000 loan payment wrong needs correction
Find the following. (Round your answers to the nearest cent.) FinanceCharge Number ofPayments Frequency Amount Number ofPayments Left $9.10 12 Monthly $15 5 (b) the amount needed to pay off the loan
The following loan was paid in full before its due date a) Find the value of h using an appropriate formula b) Use the actuarial method to find the amount of unearned interest c) Find the payoff amount Regular Monthly Payment # of Payments Remaining after Payoff APR 7.2% $247 8 What is the finance charge per $100 financed? h=$ (Round to the nearest cent)
rive loan is below. Payments of $1,987.26 are made monthly. Payment # Payment 1 1,987.26 2 1,987.26 3 1,987.26 Interest Debt Payment Balance 1,604.17 383.09 1,602.41 384.85 1,600.65 386.61 Provide your answer below: X Y Z Calculate the value of z, the balance of the loan at the end of month 3. Give your answer to the nearest dollar. Do not include commas or the dollar sign in your answer.
What is the finance charge?
You are the loan department supervisor for the Pacific National Bank. The following installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate, and the payoff for each loan. Enter the rebate fraction in this form: numerator / denominator (e.g., 82/165). Do not round intermediate calculations. Round your answers for finance charge rebate and loan payoff to the nearest cent. Do not reduce to lowest terms. Finance Amount Number of Monthly Payments Rebate Charge Loan Financed Payments Payment Made Fraction Rebate Payoff $1,500 30 $105.2 22

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