You borrow $260,000.00 that charges you 6.1% interest, compounded monthly. You will make payments monthly in the amount of $1,900.00. How many payments will it take for you to payoff the loan? It will take monthly payments. (Round to 2 decimal places.)
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- Suppose you borrow $15,000 and then repay the loan by making 12 monthly payments of $1,297.92 each. What rate will you be quoted on the loan? NO EXCELSuppose you take out a margin loan for $65,000. The rate you pay is an effective rate of 8.7 percent. If you repay the loan in six months, how much interest will you pay? (Do not round intermediate calculations. Round your answer to 2 decimal places.) InterestPursell Bank offers you a five-year loan for $100,000 at an annual interest rate of 6.8 percent. What will your annual loan payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Annual loan payment
- Suppose you take out a margin loan for $71,000. The rate you pay is an effective rate of 5.6 percent. If you repay the loan in six months, how much interest will you pay? (Do not round intermediate calculations. Round your answer to 2 decimal places.)You borrow $160,000; the annual loan payments are $24,368.03 for 30 years. What interest rate are you being charged? Round your answer to two decimal places.Prescott Bank offers you a five-year loan for $62,000 at an annual interest rate of 6.25 percent. What will your annual loan payment be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
- You borrow $10,000 from a bank for three years at an annual interest rate, or annual percentage rate (APR), of 12%. Monthly payments will be made until all the principal and interest have been repaid. Solve, a. What is your monthly payment? b. If you must pay two points up front, meaning that you get only $9,800 from the bank, what is your true APR on the loan?A customer of your bank comes for a car loan 10000 OMR. He is charged with an interest rate of 5% per year. The customer expects a monthly repayment schedule from you, to plan his repayment. Provide a loan amortization schedule for a monthly repayment of 1 year. (Amortization factor is 0.952 )Suppose you owe $1,100 on your credit card. The annual percentage rate (APR) is 18%, compounded monthly. The credit card company says your minimum monthly payment is $19.80. (4.15) Solve, a. If you make only this minimum payment, how long will it take for you to repay the $1,100 balance (assuming no more charges are made)? b. If you make the minimum payment plus $10 extra each month (for a total of $29.80), how long will it take to repay the $1,100 balance? c. Compare the total interest paid in Part (a) with the total interest paid in Part (b).
- You have just taken out a $24,000car loan with a 4%APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest?(Note: Be careful not to round any intermediate steps less than six decimal places.) When you make your first payment,$.... will go toward the principal of the loan and $......will go toward the interest. (Round to the nearest cent.)You are going to borrow $30,000 to purchase a car. You agree to repay the loan in 36 monthly payments of $996.43 each. What is the nominal interest rate (APR) of this loan if interest is being compounded monthly? Express your answer as a percentage rounded to the nearest one- hundredth decimal place (for example, enter 15.47 for an answer of 15.4695236%).Suppose you lend $11,500 to a friend at an APR of 10.00%. Your friend will pay you back beginning next month with 60 monthly installments. You can reinvest the payments you receive in your money market account at an APR of 1.10%, calculated monthly. a. How much will your friend pay you each month? ______________ b. How much will you have in your account at the end of 60 months? (to nearest $___________________ c. What is your effective annual return (EAR), _._ _%?______________
