You get a $25,000 loan that you need to pay back in 20 yearly payments. You start your first payment in year 4. So, no payments for the first 3 years. You still pay 20 payments. Calculate the amount of each payment. Interest is compounded yearly. Rate is 9%
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- You borrow $11,000 from the bank at an interest rate of 6%, compounded annually. You are required to make 10 equal end of-year payments to pay off the loan. a) What is the amount of these equal payments? b) What is the amount of the 10 payments if the first payment is not made until 3 years after receipt of the money?You owe $19,000 on student loans at an interest rate of 4.6% compounded monthly. You want to pay off the loan in 6 years. What will your monthly payments be? How much interest do you pay?You need to borrow $15,000. You bank offers you a loan that you have to pay back $500 at the end of each quarter for total 40 quarter (total 10 years). Calculate the effective annual interest rate being charged for the loan.
- You take out a 14-year personal loan for $13000 at rate of 8.1% which compounds 4 times per year. After 1 years, you refinance the loan and get a 13-year loan at a rate of 6.48%. a) When you first get the loan, how much is your payment? $ 390.24 Correct b) Make a spreadsheet for your loan balance, interest, and payments. After 1 years of paying, how much do you owe? $ c) Adjust your spreadsheet for the new interest rate starting when you refinance in year 1. What is your new payment? $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 personal loan for $20,000 has an interest rate of 12% over 5 years with monthly payments. What is the monthly uniform payment? What is owed on the loan after 3 years?
- Please answerYour bank account pays an interest rate of 6 percent, but this interest is compounded daily (use 365-day basis). You plan to deposit $500 in the account today. You also plan to deposit $1,000 in the account at the end of the next three years. How much will you have in the account at the end of three years?You owe $34,000 on student loans at an annual interest rate of 5.4%, with interest compounded monthly. You want to pay off the loan in 12 years.What will your monthly payments be?How much total interest do you pay over the life of the loan?
- You borrow $5,000 at 10% per year and will pay off the loan in 3 equal annual payments starting 1 year after the loan is made. The end-of-year payments are $2,010.57. Which of the following is true for your payment at the end of year 2? a. Interest is $500.00 and principal is $1,510.57 b. Interest is $450.00 and principal is $1,560.57 c. Interest is $348.94 and principal is $1,661.63 d. Interest is $182.78 and principal is $1,827.79.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 have accepted a loan in an amount of $15,000 for your new car. You have agreed to pay the loan back in four years. What is your monthly payment if you agree to pay an interest rate of 9% compounding monthly? Solve this problem for i = 6%, i = 7%, and i = 8% each compounding monthly.
