You receive a car loan of $22,000 and must pay off the loan in 60 monthly installments. If your interest rate is 18% per year compounded monthly, what are your approximate monthly payments on this loan? O $558.66 O $885.50 O $658.35 O $500.00 O $605.89

Q: $5000 that you have to pay in 7 annual installments of $1100 each, the first one at the end of the…

A: The given problem relates to RATE function in excel. RATE function computes interest rate for no. of…

Q: You borrow a five-year $13,000 loan with monthly payments of S250. What is the annual percentage…

A: PV = 13000, PMT = -250, N = 5*12, FV = 0 use rate function in Excel monthly rate = 0.48%

Q: Baghiben

A: The objective of this question is to calculate the monthly payment for a car loan. The loan amount…

Q: You take out a 10-year installment loan for $220,000 and will make 40 quarterly payments of…

A: Amortization Table A document that details the monthly loan payment amount is known as an…

Q: What size mortgage can you afford if you can make a monthly payment of $1,200 per month for 30…

A: Mortgage we can afford is present value of monthly payments

Q: You to plan to borrow at 35000 at a 7.5 annual interest rate. The terms require you to authorize the…

A: To calculate the interest paid in year 2 of the loan, we can use the formula for calculating the…

Q: You plan to borrow $49,400 at a 7.3% annual interest rate. The terms require you to amortize the…

A: Yearly installments= $49400* R* (1+R)^n/((1+R)^N-1) = 49400* 7.3%* (1+7.3%)^7/((1+7.3%)^7-1) = 9262

Q: If you take out a 4 year loan for $16,500 at your bank and pay the quarterly payments for the 4…

A: Total interest is = total payments - loan

Q: You plan to borrow $48,800 at a 6.5% annual interest rate. The terms require you to amortize the…

A: The objective of the question is to calculate the amount of interest paid in the second year of an…

Q: A borrower obtains a fully amortizing loan for $80,000 at 10 percent for 7 year. Payments are…

A: A mortgage is a loan that allows a buyer to acquire a house or other real estate property and repay…

Q: After making twentieth payment of $582.17 on your car loan, you wanted to find out how much is left…

A: In this we need to calculate the present value of loan payment made and how much is balance payment.

Q: Tom is going to borrow $20000 at an interest rate of 5.25% p.a. calculated quarterly. Tom will make…

A: The interest rate that has been compounded over a certain period is the effective annual interest…

Q: You borrow $21421 to buy a car. You will have to repay this loan by making equal monthly payments…

A: Formula for calculating EMI: EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1] P = Loan amount  r=…

Q: You borrow $8000 to help pay your college expenses. You agree to repay the loan at the end of 6…

A: Present Value (PV) of loan = $8,000Annual interest rate = 9% or 0.09Quarterly interest rate (r) =…

Q: Find the monthly payment (in $) and the total interest (in $) for a mortgage of $48,000 at  5 1/4%…

A: The monthly payment for a mortgage is made is such a way that the mortgage amortizes to zero by the…

Q: Find the interest paid on a loan of $2,700 for one year at a simple interest rate of 11% per year.…

A: Simple interest = Principle × rate × time

Q: What is a monthly payment on a 25 year loan of 70200 if the annual interest rebate is 5%

A: Using Excel PMT function

Q: An individual is purchasing a $15,000 automobile, which is to be paid for in 48 monthly installments…

A:

Q: You have a mortgage for $95,000 at 6.50% for 30 years, monthly payments. The loan has a five percent…

A: An amortized loan is subjected to a prepayment penalty if repaid within a stipulated timeline. The…

Q: You plan to take a 15-year mortgage in the amount of $400,000 to buy a home.  The bank charges 4%…

A: Given, Mortgage amount is $400,000 Rate is 4% term is 15 years

Q: You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal…

A: The Present Value of Ordinary Annuity refers to the concept which gives out the discounted or…

Q: You borrow $8000 to help pay your college expenses. You agree to repay the loan at the end of 8…

A: From the given information, Principal (P) = $8000 Time (t) = 8 years r = 8% = 0.08 Compounded…

Q: The following loan is a simple interest amortized loan with monthly payments. $155000, 9 1/2%, 30…

A: A type of loan in which the borrower has to make a schedule for the periodic payment regarding both…

Q: The following loan is a simple interest amortized loan with monthly payments. $5000, 7 1/2%, 4…

A: Answer: Principal balance = $ 5000 rate = 7.5% time = 4 years

Q: he following loan is a simple interest amortized loan with monthly payments. $7000, 7%, 4 years (a)…

A: A loan indicates a sum borrowed to meet specific needs. The loan amount is generally repaid via a…

Q: ou have just signed for a car loan with 48 monthly payments of $500 (principal and interest) at an…

A: First we need to use loan amortization formula below to calculate loan amount.wherePV = loan…

Q: You take out a 30-year $150,000 mortgage loan with an APR of 12% and monthly payments. In 11 years,…

A: Mortgage loans are secured loans and these are paid by easy and equal monthly installments that…

Q: The remaining balance of your car loan would be

A: Remaining balance is the unpaid portion on the loan. It is the amount of money not yet paid to the…

Q: you are taking a $100,000 mortgage loan for your business to be repaid over 5 years in equal…

A: Mortgage loan is the loan which is given by keeping something as collateral. This loan is for…

Q: The following loan is a simple interest amortized loan with monthly payments. $5000, 9%, 4 years (a)…

A: Given, The loan amount is $5,000 Rate is 9.50% Term of loan is 4 years

Q: You borrow $2,400 to pay for a Caribbean vacation and will pay it off over 2 years with regular…

A: Loan amount = $2400 Number if years = 2 Number of months "n" = 2*12 = 24 Interest rate = 8% Monthly…

Q: You plan to borrow $46,400 at a 7.6% annual interest rate. The terms require you to amortize the…

A: Loans are paid by the equal annual payments and these payments carry the payment for interest and…

Q: What monthly payments must you make to pay off the $50,000 loan at 8.4% compounded monthly over 3…

A: A study that proves that the 1value of money today is higher than the future value of money is term…

Q: Determine the interest rate you will pay if you are approved for a loan of $112,000 with annual…

A: Interest Rate: It helps in the computation of the present value or future value of…

Q: You take out a mortgage for $320,000 at 3% compounded monthly. What are your monthly payments if the…

A: Mortgage (P) = $320,000 Monthly rate of interest (r) = 0.0025 (0.03 / 12) Monthly Period of mortgage…

Q: The terms of a loan call for monthly payments for 6 years at 9.6 percent interest. If you borrow…

A: The present Value of Ordinary Annuity refers to the concept which dictates today's value of a sum of…

Q: A personal loan for $20,000 has an interest rate of 12% over 5 years with monthly payments. What is…

A: Equated Monthly Instalment(EMI) means a part of the equally divided monthly amount paid for the…

Q: $5476.6 monthly  If you can afford to pay the monthly payment from the above calculation, how much…

A: Here, Monthly Payment is $5476.6 Time Period (n) is 20 years Interest Rate (Rate)  is 6.25%…

Q: What is the maximum APR you can accept if you can afford to make monthly payments of $120 on a…

A: The yearly rate that borrower pays on loan and investors receives on deposits is the annual…

Q: If I plan to avail of a loan today and I will pay it P7,338 every start of the month for 6 years…

A: monthly rate (r) = (1 + 11.6%/4)1/3 - 1 = 0.9575% FV = 0 N = 6*12 PMT = 7,338 use PV function in…