Mark has borrowed $22213 to finance the purchase a second hand car. The loan is to...
Mark borrowed $22875 to buy a new car. The loan is to be repaid with monthly repayments. Interest is charged monthly at 8.2% p/a. How much will each repayment be if the first is made RIGHT AWAY, on the day the car is delivered?
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) =
WUSUI Rei Finance Charges. Bill wants to purchase a new car for $50,000. Bill has no savings, so he needs to finance the entire purchase amount. With no down payment, the interest rate on the loan is 8% and the maturity of the loan is six years. His monthly payments will be $876.66. Bill's monthly net cash flows are $686. Bill also has a credit card with a $9,365 limit and an interest rate of 12%. If Bill uses all...
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $719.75 at the end of every six months over ten years. If interest is 6.7% compounded monthly, what was the original loan balance? The original loan balance was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $1154.26 at the end of every three months over five years. If interest is 7.6 % compounded monthly , what was the original loan balance?
Five years ago you borrowed $230,000 to finance the purchase of a $290,000 house. The interest rate on the old mortgage is 5.5%. Payment terms are being made monthly to amortize the loan over 30 years. You have found another lender who will refinance the current outstanding loan balance at 3.5% with monthly payments for 25 years. There are no prepayment penalties associated with either loan. You feel the appropriate refinancing cost is 5% of the new loan amount. a....
(Round to the nearest cent) Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at a 4% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual, end-of-year payments. a. Calculate the annual, end-of-year loan payment. b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time.
Mark borrowed $12746 to help pay for expenses. If the loan carries an annual interest rate of 3.2% and he wants to be debt free in 3 years by making monthly payments, how much will each payment be? Round your answer to the nearest dollar.
Write a python program for the below question? Car Loan If A dollars is borrowed at r% interest compounded monthly to purchase a car with monthly payments for n years, then the monthly payment is given by the formula monthly payment = i / 1 - (1 + i)-12n . A where i = r/1200. Write a program that calculates the monthly payment after the user gives the amount of the loan, the interest rate, and the number of years.
Six years ago, Bill Tower borrowed $1,320,000 to purchase a new home. The loan had an interest rate of 6.75% p.a. and a term of 240 months (i.e., required 20 years of monthly payments with the first payment due one month after Bill closed on the loan). What is the current payoff amount on Bill’s loan (that is, immediately after the 72nd payment assuming that Bill has only made the required monthly payment every month)?