You took a loan of 20000 KD today at an interest rate of 4.5%. You agreed to payback the loan in 6 equal annual payments. Calculate the annual repaymentamount.N =i = %yearsTo answer this question, I should calculate:OPMTOFVOPVThe annual repayment amount is: $(Include two decimal places)

N = 6 years i= 4.5% To calculate annual repayments , calculate PMT Annual repayment amount=…

Answered: You took a loan of 20000 KD today at an…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 18P

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The following loan is a simple interest amortized loan with monthly payments. $155000, 9 1/2%, 30 years(a) Find the monthly payment. (Give your answer to the nearest cent.)Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.)Total interest $
1. Suppose you borrow $16,000. The interest rate is 9%, and it requires 4 equal end-of-year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Round your answers to the nearest cent. If your answer is zero, enter "0".
The following loan is a simple interest amortized loan with monthly payments. $5000, 91%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $
The following loan is a simple interest amortized loan with monthly payments. $7000, 7%, 4 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $189.58 (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $ 2100 X
Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%. a) What is your monthly payment? N: months I %: P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12 b) Of the first month's mortgage payment, how much is interest? HINT: I=Prt Interest: I=$ c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest Amount Applied to Principal: $ d) How much is your outstanding balance after the first month’s payment? HINT: Principal - Amount Applied to Principal Outstanding Balance after first payment: $
What is the size of eight equal annual payments to repay a loan of $1,000? The first payment is due one year after receiving the loan? The interest rate is 10% per year. Hint (at_Page 21) The constant amount or payment (PMT) per interest period is calculated using the formula: PV(RATE(1+ RATE)NPER (1+ RATE)NPER – 1 PMT = RATE = effective interest rate per interest period NPER = number of compounding (interest) periods %3D PV = present value or principle or initial amount at the start
can you solve it? Thank you!
How to find N and the monthly payment values?
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You took a loan of 20000 KD today at an interest rate of 4.5%. You agreed to pay back the loan in 6 equal annual payments. Calculate the annual repayment amount. N = i = % years To answer this question, I should calculate: OPMT OFV OPV The annual repayment amount is: $ (Include two decimal places)