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?
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Hence, Monthly finance charge is 1.44%
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HELP! How do I find the MONTHLY finance charge on a loan of
$5,915 for 24...
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!
Loan 2 Beginning-of-month repayment 3 Interest Rate, i 4 Months, n 5 Amount of Loan 24...
Loan 2 Beginning-of-month repayment 3 Interest Rate, i 4 Months, n 5 Amount of Loan 24 $1,500 Recreate the above in excel. You seek to borrow $1,500 from a friend to cover your gym fees. You promise to repay the loan in 24 monthly repayments commencing today. If the effective annual interest (EAR) rate is 24.3% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00)
how do I find the answer for U.S Bank? #13 First America Bank's monthly payment charge...
how do I find the answer for U.S Bank?
#13 First America Bank's monthly payment charge on a 48-month, $19,000 loan is $508.26. The U.S. Bank's monthly payment fee is $517.70 for the same loan amount. -> 12.8 What would be the APR for an auto loan for each of these banks? 12.q✓ N 48 - APR First America Bank /yl s X12 U.S. Bank pv 19000 PMT - 508.26 Fulo gi why is it wrong
Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He...
Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $27,000. The dealer has told Tim that if he can come up with a down payment of $5,400, the dealer will finance the balance of the price at a 7% annual rate over 5 years (60 months). (Hint: Use four decimal places for the monthly interest rate in all your calculations.) a. Assuming that Tim accepts the dealer's offer,...
Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He...
Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $39,000. The dealer has told Tim that if he can come up with a down payment of $5,900, the dealer will finance the balance of the price at a 5% annual rate over 5 years (60 months). (Hint: Use four decimal places for the monthly interest rate in all your calculations.) a. Assuming that Tim accepts the dealer's offer,...
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...
Compare the monthly payments and total loan costs for the following pairs of loan options. Assume...
Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing You need a $190,000 loan. Option 1: a 30-year loan at an APR of 10% Option 2: a 15-year loan at an APR of 9.5% Find the monthly payment for each option. The monthly payment for option 1 is $ The monthly payment for option 2 is S (Do not round until the...
need help Suppose you take out a 60-month installment loan to finance one year of tuition...
need help
Suppose you take out a 60-month installment loan to finance one year of tuition for $13,100. The payments are $327.50 per month and the total finance charge is $6,550. After 24 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff. $5,476.23 $7,623.77 OOOO $9,406.23 $11,790.00
A person borrowed $30000 to finance the purchase of a new vehicle. The loan will be...
A person borrowed $30000 to finance the purchase of a new vehicle. The loan will be paid off in 5 years, and the borrowing interest rate is 6%. The person is required to make monthly payments to the loan. What is the amount of monthly payment? N (number of loan payments) = I (monthly interest rate) = % PV (amount borrowed) = FV (ending loan balance) = PMT (required monthly payment) =
This worksheet will compute the monthly value of an amortized loan for 36 months. This will...
This worksheet will compute the monthly value of an amortized loan for 36 months. This will be a worksheet in which the loan value or principal, interest rate, and monthly payment can be changed and the worksheet will automatically update. Within the worksheet there will be some absolute cell referencing that is needed and some relative cell referencing that is needed. You will need to determine which is appropriate. Title the worksheet "Amortization of Car Loan" in cell A1. Leave...
Loan 2 Beginning-of-month repayment 3 Interest Rate, i 4 Months, n 5 Amount of Loan 24 $1,500 Recreate the above in excel. You seek to borrow $1,500 from a friend to cover your gym fees. You promise to repay the loan in 24 monthly repayments commencing today. If the effective annual interest (EAR) rate is 24.3% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00)
how do I find the answer for U.S Bank?
#13 First America Bank's monthly payment charge on a 48-month, $19,000 loan is $508.26. The U.S. Bank's monthly payment fee is $517.70 for the same loan amount. -> 12.8 What would be the APR for an auto loan for each of these banks? 12.q✓ N 48 - APR First America Bank /yl s X12 U.S. Bank pv 19000 PMT - 508.26 Fulo gi why is it wrong
Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $27,000. The dealer has told Tim that if he can come up with a down payment of $5,400, the dealer will finance the balance of the price at a 7% annual rate over 5 years (60 months). (Hint: Use four decimal places for the monthly interest rate in all your calculations.) a. Assuming that Tim accepts the dealer's offer,...
Monthly loan payments Personal Finance Problem Tim Smith is shopping for a used luxury car. He has found one priced at $39,000. The dealer has told Tim that if he can come up with a down payment of $5,900, the dealer will finance the balance of the price at a 5% annual rate over 5 years (60 months). (Hint: Use four decimal places for the monthly interest rate in all your calculations.) a. Assuming that Tim accepts the dealer's offer,...
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...
Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing You need a $190,000 loan. Option 1: a 30-year loan at an APR of 10% Option 2: a 15-year loan at an APR of 9.5% Find the monthly payment for each option. The monthly payment for option 1 is $ The monthly payment for option 2 is S (Do not round until the...
need help
Suppose you take out a 60-month installment loan to finance one year of tuition for $13,100. The payments are $327.50 per month and the total finance charge is $6,550. After 24 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff. $5,476.23 $7,623.77 OOOO $9,406.23 $11,790.00
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