You just took out a loan for $29,449 that requires annual payments of $4,570 for 20 years. The interest rate on the loan is X percent per year and the first regular payment will be made in 1 year. What is X? Input instructions: Input your answer as the number that appears before the percentage sign. For example, enter 9.86 for 9.86% (do not enter .0986 or 9.86%). Round your answer to at least 2 decimal places. percent
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- Give only typing answer with explanation and conclusionSam would like to use the PMT function in Excel to calculate the monthly payments on a car loan of $35,000 which is to be paid off in full after 3 years. Interest is charged at a rate of 4.43% per year and the payment to the loan is to be made at the end of each month. Which function argument is correct? (Reminder: =PMT(rate, nper, pv, [FV], [type]) =PMT( 4.43%, 36, -35000) =PMT( 4.43%/12, 36, -35000) =PMT( 4.43%/12, 3, -35000) =PMT( 4.43%, 3, -35000)Find the interest rates earned on each of the following. Round your answers to the nearest whole number. a. You borrow $680 and promise to pay bạck $782 at the end of 1 year. % b. You lend $680, and the borrower promises to pay you $782 at the end of 1 year. c. You borrow $82,000 and promise to pay back $116,712 at the end of 9 years. % d. You borrow $20,000 and promise to make payments of $6,687.60 at the end of each year for 5 years. %
- 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.)Assume you take out a car loan of $8,600 that calls for 48 monthly payments of $300 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)Suppose 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.) Interest
- You are considering taking out a loan of $10,000.00 that will be paid back over 6 years with monthly payments of $158.74. If the interest rate is 4.5% compounded monthly, what would the unpaid balance be immediately after the sixth payment? What is the equity after the sixth payment? The unpaid balance would be $. (Round to 2 decimal places.) The equity would be $. (Round to 2 decimal places.) Tvm formulaFind the interest rates earned on each of the following. Round each answer to two decimal places. A. You borrow $700 and promise to pay back $728 at the end of 1 year. B. You lend $700 and the borrower promises to pay you $728 at the end of 1 year. C. You borrow $100,000 and promise to pay back $147,746 at the end of 8 years. D. You borrow $12,000 and promise to make payments of $2,771.70 at the end of each year for 5 years.You have just borrowed $100,000 to buy a condo. You will repay the loan in equal monthly payments of $804.62 over the next 30 years. a. What monthly interest rate are you paying on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) b. What is the APR? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) c. What is the effective annual rate on that loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) d. What rate is the lender more likely to quote on the loan?
- Give typing answer with explanation and conclusionFind the future (FV) of a loan of a $6,100 loan at 7.5% for 9 months. (Assume simple interest and round to the nearest cent.) Write your answer in the text box below and submit your work at the last question.Please give me a specific solution don't use excel. 1. You took out a loan that must be repaid with level payments at the end of each year. The loan has an annual effective rate of interest of 6%. The outstanding balance at the end of the seventh year was $22,000 and the outstanding balance at the end of the tenth year was $18,000. What is your payment on the loan? Round your answers to two decimal places. 2.You take out a loan that must be repaid with level payments made at the end of each of the next 14 years. The loan has an annual effective rate of interest of 7%. You know that P8 = $854.50. Compute the following. Round your answers to two decimal places. a) Payment ? b) Loan Amount ?