You just obtained a loan of $12,157 with monthly payments for four years at 5.77 percent interest, compounded monthly. What is the amount of each payment? Instruction: Enter your response rounded to two decimal places. 1 h

Q: Find the monthly payment and estimate the remaining balance. Assume interest is on the unpaid…

A: Variables in the question:Loan=$2770Rate=6.7%N=5 year

Q: How long would you have to wait for a deposit of $1,625 to earn $34 in interest? Assume that the…

A: Interest = Principal * Rate * Time

Q: You have approached your bank for a 30 year mortage loan in the sum of $2,160,000. The bank has…

A: Monthly payments refers to the periodic payment of repayment of a loan. Monthly payments includes…

Q: You have taken out a loan of $15,000 for 4 years with an interest rate of 7% compounded annually.…

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

Q: If you deposit $500 per year in an account for six years at 9 percent compounded annually, how much…

A: Data given: Deposit per year=$500 n=6 year Rate=9% p.a. (compounded annually)   Note: Assumed $500…

Q: You just obtained a loan of $18,805 with monthly payments for four years at 8.18 percent interest,…

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

Q: The interest rate on a $118,000 loan is 8.9% compounded semiannually. The monthly payments on the…

A: a) To calculate the interest component of Payment 210, we first need to find the balance of the loan…

Q: If you borrow $7,500 at $550 interest for one year, what is your effective interest rate for the…

A: The effective rate of interest refers to the return on savings or interest on the investment…

Q: You take out an $8,900 car loan that calls for 48 monthly payments starting after 1 month at an APR…

A: a. Monthly payment amount = b. Let, the effective annual interest rate = RR = c. Value of annual…

Q: You have taken a loan of $92,000.00 for 35 years at a 4.9% annual interest rate, with interest…

A: Annual payments are made to service the loan. But the interest rate is compounded quarterly. We can…

Q: One of your customers has just made a purchase in the amount of $26,400. You have agreed to payments…

A: A loan is a debt amount borrowed by one person from another person at a predetermined financial…

Q: Find the monthly payment for the loan indicated. (Round your final answer to two decimal places.)…

A: Formula to calculate EMI:  EMI= (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1] Wherein:  P = Loan…

Q: Find the monthly payment on the loan. Assume that the term of the loan is 10 years. $6300 at 7.8%…

A: Given: Loan amount = $6,300 Interest rate = 7.8% Term = 10 yearsThe payment deferred for 6 months…

Q: You just obtained a loan of $13,384 with monthly payments for four years at 8.4 percent interest,…

A: The concept of time value of money can be used here. As per the concept of time value of money the…

Q: Fill in an amortaization table for a loan of $9,300 to be paid back over 4 years, semiannually. At…

A: The amortization table is a table that shows the payment, interest and principal repayment of each…

Q: If you buy a computer directly from the manufacturer for $3,237 and agree to repay it in 48 equal…

A: a loan, payments made by the borrower are typically applied first to the interest owed, and then to…

Q: Amount Rate Time ​$63,000 12​% 3 years table of monthly payments on a​ $1,000…

A: Loan amount (PV) = $ 63000 Annual interest rate  = 12% Monthly interest rate (R) = 12%/12 = 1%…

Q: A loan is repaid with payments of $2560 made at the end of each month for 13 years. If interest on…

A: Amortization of a loan refers to the process of spreading out the repayment of a loan over a set…

Q: You have taken out a 20-year loan of $72,000 with 3% interest (APR) compounded monthly and with…

A: Annual percentage rate (APR) is a rate that a person is paying annually after undertaking all the…

Q: 1. What is the accumulated value of the Php 25 payment be made at the beginning of each of the next…

A: The accumulated value can be calculated as sum of future value of all cash flows

Q: A loan of $1500 is to be repaid by annual payments of $250 to commence at the end of the fifth year…

A: Loan balance at 5th year = Present value*(1+rate)^years Loan balance at 5th year = $1,500 * (1+5%)^4…

Q: You have taken out a 30-year loan of $55,000 with 6% interest (APR) compounded monthly and with…

A: An amount or asset borrowed by an entity from an individual or financial institution is known as a…

Q: You borrowed some money at 8 percent per annum. You repay the loan by making three annual payments…

A: Present value factor is computed as follows:-Present value factor = wherer = interest raten = time…

Q: ou apply for a loan of $79,000 with the following terms: a seven-year lo emi-annual payments of…

A: Solution:-When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: The interest rate on a $115,000 loan is 8.6% compounded semiannually. The monthly payments on the…

A: Loan amount = $115,000Semi-annually compounded rate = 8.6%Monthly payment = $900To find: Interest…

Q: P(1+12) Calculate P1 Calculate = =. Let R = A В' and call this number A. (Round to two decimal…

A: Loan Payments: These are payments made by the borrower to the lender for amortizing the amount of…

Q: If you borrow $5,300 at $400 interest for one year, what is your annual interest cost for the…

A: The effective interest rate, also known as the effective annual interest rate (EAR) or annual…

Q: Find the monthly payment on the loan. Assume that the term of the loan is 10 years. 57,500 at 7.9%…

A: Loan Amount = 7500 Deferred Payment Period = 38 months (2 years 8 months + 6 months) Time Period =…

Q: If you borrow $5,300 at $900 interest for one year, what is your annual interest cost for the…

A: The effective rate is calculated with the effect of compounding of interest for the frequency given…

Q: Find the monthly payment and estimate the remaining balance. Assume interest is on the upaid…

A: The question is based on the concept of Annuity in Financial Management. Annuity refers to the…

Q: Consider a student loan of $10,000 at a fixed APR of 6% for 4 years. a. Calculate the monthly…

A: Compound = Monthly = 12Principal Amount = p = $10,000Interest rate = r = 6 / 12 = 0.5%Time = t = 4 *…

Q: You have taken out a 23-year loan of $78,000 with 5% interest (APR) compounded monthly and with…

A: Therefore, the amount of your second principal payment is $151.7.