Calculate the monthly payment for a loan amount of $5,915 over 24 months (2 years) with...
Calculate the monthly payment for a loan amount of $5,915 over 24 months (2 years) with an interest rate of 9.5% using the add-on method ((P*r*T) + P)/24. Also, what would the finance charges be for this loan every month for 24 months? Thank you!
Homework Answers
SEE THE IMAGE. ANY DOUBTS, FEEL FREE TO ASK. THUMBS UP PLEASE
I HAVE GIVEN FULL EXPLANATION OF HOW ADD ON METHOD IS CALCULATING MONTHLY PAYMENT
IF WE USE YOUR EQUATION, IT WILL BE LIKE : [(5915 X 9.5%
X 24/12) + 5915]/24 = 293.29
Add Answer to:
Calculate the monthly payment for a loan amount of $5,915 over
24 months (2 years) with...
HELP! How do I find the MONTHLY finance charge on a loan of $5,915 for 24...
HELP! How do I find the MONTHLY finance charge on a loan of $5,915 for 24 months, what is each months finance charge monthly payment is $293.29 the interest rate is 9.5% I am doing this in a excel sheet. Is there anyway excel computes this for you?
In month 10, the payment amount is $183.36. Of this payment amount, $ repays the principal....
In month 10, the payment amount is $183.36. Of this payment amount, $ repays the principal. pays interest, and You can see from this sample repayment schedule that the repayment amount generally remains the same from month to month. However, as the months progress, a percentage of the payment pays interest, and a percentage repays the principal. The add-on method is a widely used technique for computing interest on installment loans. With the add-on method, interest is calculated by applying...
A loan of $49295 is to be financed over a period of 24 months. The bank...
A loan of $49295 is to be financed over a period of 24 months. The bank quotes a nominal rate of 8% for the first 12 months and a nominal rate of 9% for any remaining unpaid balance after 12 months compounded monthly. What equal end-of-the-month payment for 24 months would be required to repay the loan with interest?
In C. Thank you! Bank Write a program to calculate the monthly payment on a loan...
In C. Thank you!
Bank
Write a
program to calculate the monthly payment on a loan given the loan
amount, interest rate and the number of years to pay off the loan.
Then add a function to print an amortization schedule for that
loan. Create a class to save the current balance and the rest of
the data as private data. Add member functions to make a payment
and to print the amortization report.
Use the following class header. Class...
1. What monthly payment is required to amortize a loan of $50,000 over 14 years if...
1. What monthly payment is required to amortize a loan of $50,000 over 14 years if interest at the rate of 6%/year is charged on the unpaid balance and interest calculations are made at the end of each month? (Round your answer to the nearest cent.) $ 2. The Flemings secured a bank loan of $368,000 to help finance the purchase of a house. The bank charges interest at a rate of 3%/year on the unpaid balance, and interest computations...
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan...
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance charges is done method. Under the discount method, a borrower receives the principal the principal is $10,000 and the finance charges are $400, the borrower will receive $ the way they're computed using the simple interest the finance charges. For example, if The following...
using Matlab program: Create a loan payment program that can be used for any loan amount...
using Matlab program: Create a loan payment program that can be used for any loan amount such as a home or car loan. The program should ask the user for the input values below, compute the monthly payment, then compute the monthly balance. Display the balance in a table Month Balance 1 $ ##.## 2 $ ##.## 3 $ ##.## . . . etc Use the formula PMT=P*(r(1+r)^n)/((1+r)^n-1) PMT = the monthly payment. P = the principal r = the interest rate per month, which...
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find the a) Monthly payment, b) The total principal and interest that would be paid on the loan over 30 years c) The balance in 5 years and d
A thirty year monthly payment mortgage loan for 500,000 is offered at a nominal rate of 8.4% convertible monthly. Find thea) Monthly payment,b) The total principal and interest that would be paid on the loan over 30 years c) The balance in 5 years andd) The principal and interest paid over the first 5 years.
Calculate the equal monthly payment of interest and principal for a $750,000 loan fully amortized over...
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A loan is amortized over 7 years, with monthly payments at a nominal rate of 9.5% compounded monthly. The first payme...
A loan is amortized over 7 years, with monthly payments at a nominal rate of 9.5% compounded monthly. The first payment is $1000, paid one month from the date of the loan. Each succeeding monthly payment will be 3% lower than the prior one. What is the outstanding balance immediately after the 30th payment is made?
In month 10, the payment amount is $183.36. Of this payment amount, $ repays the principal. pays interest, and You can see from this sample repayment schedule that the repayment amount generally remains the same from month to month. However, as the months progress, a percentage of the payment pays interest, and a percentage repays the principal. The add-on method is a widely used technique for computing interest on installment loans. With the add-on method, interest is calculated by applying...
In C. Thank you!
Bank
Write a
program to calculate the monthly payment on a loan given the loan
amount, interest rate and the number of years to pay off the loan.
Then add a function to print an amortization schedule for that
loan. Create a class to save the current balance and the rest of
the data as private data. Add member functions to make a payment
and to print the amortization report.
Use the following class header. Class...
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance charges is done method. Under the discount method, a borrower receives the principal the principal is $10,000 and the finance charges are $400, the borrower will receive $ the way they're computed using the simple interest the finance charges. For example, if The following...
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