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Problem 5-50 Effective Interest Rate (L04) You've borrowed $8,117.01 and agreed to pay back the loan...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
Problem 5-60 Effective Interest Rate (L04) Find the APR (the stated interest rate) for each case....
Problem 5-60 Effective Interest Rate (L04) Find the APR (the stated interest rate) for each case. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) APR Effective Annual Compounding Interest Rate Period 16.77 % 1 month 7.12 6 months 10.38 3 months % % % Lenny Loanshark charges “1.03 points" per week (that is, 1.03% per week) on his loans. What APR must he report to consumers? Assume exactly 52 weeks in a...
You have just borrowed $140,000 to buy a condo. You will repay the loan in equal...
You have just borrowed $140,000 to buy a condo. You will repay the loan in equal monthly payments of $1,474.51 over the next 25 years. a-1. 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.) Monthly interest rate % a-2. What is the APR? (Do not round intermediate calculations. Enter your answer as a whole percent.) APR % b. What is the effective...
In a discount interest loan, you pay the interest payment up front. For example, if a...
In a discount interest loan, you pay the interest payment up
front. For example, if a 1-year loan is stated as $50,000 and the
interest rate is 7.50%, the borrower “pays” 0.0750 × $50,000 =
$3,750 immediately, thereby receiving net funds of $46,250 and
repaying $50,000 in a year.
a. What is the effective interest rate on this
loan? (Do not round intermediate calculations. Enter your
answer as a percent rounded to 2 decimal places.)
b. What is the effective...
Banks sometimes quote interest rates in the form of “add-on interest.” In this case, if a...
Banks sometimes quote interest rates in the form of “add-on interest.” In this case, if a 1-year loan is quoted with an interest rate of 9.5% and you borrow $1,000, then you pay back $1,284. But you make these payments in monthly installments of $107 each. A. What is the true APR on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) APR______% B. What...
You borrowed $1,200 to buy a new computer and agreed to pay the loan back 3...
You borrowed $1,200 to buy a new computer and agreed to pay the loan back 3 years later; if the loan has a 10 percent interest rate, what is the balance you will owe at that time? You recently purchased a new car for 18,000 by agreeing to make equal annual payments for 5 years. If the interest rate on your loan is 8 percent, how much is each payment?
Assume you take out a car loan of $7,900 that calls for 60 monthly payments of...
Assume you take out a car loan of $7,900 that calls for 60 monthly payments of $230 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.) *what is Effective interest rate?? 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.)...
You take out an $8,600 car loan that calls for 48 monthly payments starting after 1...
You take out an $8,600 car loan that calls for 48 monthly
payments starting after 1 month at an APR of 6%. a. What is your
monthly payment? (Do not round intermediate calculations. Round
your answer to 2 decimal places.) 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.) c. Now
assume the payments are made in four annual year-end installments.
What...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
Problem 5-60 Effective Interest Rate (L04) Find the APR (the stated interest rate) for each case. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) APR Effective Annual Compounding Interest Rate Period 16.77 % 1 month 7.12 6 months 10.38 3 months % % % Lenny Loanshark charges “1.03 points" per week (that is, 1.03% per week) on his loans. What APR must he report to consumers? Assume exactly 52 weeks in a...
You have just borrowed $140,000 to buy a condo. You will repay the loan in equal monthly payments of $1,474.51 over the next 25 years. a-1. 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.) Monthly interest rate % a-2. What is the APR? (Do not round intermediate calculations. Enter your answer as a whole percent.) APR % b. What is the effective...
In a discount interest loan, you pay the interest payment up
front. For example, if a 1-year loan is stated as $50,000 and the
interest rate is 7.50%, the borrower “pays” 0.0750 × $50,000 =
$3,750 immediately, thereby receiving net funds of $46,250 and
repaying $50,000 in a year.
a. What is the effective interest rate on this
loan? (Do not round intermediate calculations. Enter your
answer as a percent rounded to 2 decimal places.)
b. What is the effective...
You take out an $8,600 car loan that calls for 48 monthly
payments starting after 1 month at an APR of 6%. a. What is your
monthly payment? (Do not round intermediate calculations. Round
your answer to 2 decimal places.) 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.) c. Now
assume the payments are made in four annual year-end installments.
What...
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