Calculate the amount of the annual payments required to pay off a $100,000 note in 5 years given a 7% rate of interest compounded annually.
Amount of the annual payments = Amount of notes / Cumulative present value factor @7% for 5 years
= $100000 / 4.10020
= $24,389
Calculate the amount of the annual payments required to pay off a $100,000 note in 5...
A borrower had a loan of $30,000.00 at 5% compounded annually, with 7 annual payments. Suppose the borrower paid off the loan after 4 years. Calculate the amount needed to pay off the loan. The amount needed to pay off this loan after 4 years is $ (Round to the nearest cent as needed.)
A 5-year loan in the amount of $48,000 is to be repaid in equal annual payments. What is the remaining principal balance after the third payment if the interest rate is 5 percent, compounded annually?
A borrower had a loan of 500 000 0045 compounded annually, with annual payments Suppose the borrower paid off the loan after 4 years Calculate the amount needed to pay of the loan The amount needed to pay of this loon after 4 years is (Round to the nearest cont as needed)
5 MARKS Donna's monthly payments of $753.10 will pay off her car loan in 5 years. The interest rate on her loan is 3.10% compounded monthly, what is the original cost of the car? 3 MARKS 2. caile
A 10-year loan in the amount of $238,000 is to be repaid in equal annual payments. The interest rate is 7 percent, compounded annually. What is the amount of interest that is included in the loan payment for Year 3? PLEASE HELP WITH EXCEL FUNCTION
You borrow $100,000 today. You will repay the loan with 5 equal annual payments starting next year. Each payment is equal to $20,000 In addition to these payments, you will make a "balloon payment" in year 5 . If the interest rate on the loan is 2% APR, compounded annually, how big is the balloon payment? Group of answer choices $6,304 $6,960 $5,731 $6,327
What amount of equal end of period payments (known as a payment in arrears) is required to completely pay off a current loan balance amount of 26,000 if the interest rate applied is 5.0% and the desire is to finish payments 17 periods from now?
The interest rate on a $64,000 loan is 9.6% compounded semiannually. Quarterly payments will pay off the loan in fifteen years. (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. Calculate the interest component of Payment 13. Interest $ b. Calculate the principal component of Payment 52. Principal $ c. Calculate the total interest in Payments 41 to 50 inclusive. Total interest $ d. Calculate the reduction of principal in Year...
engnieering economy Note: Show all of your work to arrive at a final result and for full credit. 1) If a person places $10,000 in an account that pays 10% compounded annually, how much money will be in the account after 10 years? 2) Three years ago a person borrowed $15,000 at an interest rate of 10% compounded annually and agreed to pay it back in equal payments over an 8 year period. This same person now wants to pay...
The interest rate on a $60,000 loan is 9.1% compounded semiannually. Quarterly payments will pay off the loan in fifteen years. (Do not round intermediate calculations and round your final answers to 2 decimal places.) a. Calculate the interest component of Payment 13. Interest $ b. Calculate the principal component of Payment 52. Principal $ c. Calculate the total interest in Payments 39 to 50 inclusive. Total interest d. Calculate the reduction of principal in Year 4. Principal reduction $