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2 Jahaziel borrowed $8,500 on a three-year loan with an APR of 8.85%. What is the...
You borrowed $20,000 one year ago. The loan terms are: 5-year loan with APR of 24% compounded monthly. There are 3 questions to answer for this problem. In your answers, do not use the $ sign, use comma to separate thousands, and round to the nearest dollar. 1. What is the monthly payment for this loan? 2. What is the loan balance today? 3. Today, you decide you want to pay off the loan in 20 months rather than the...
Consider the following loan. Complete parts (a)-(c) below An individual borrowed $73,000 at an APR of 7 % , which will be paid off with monthly payments of $595 for 18 years. a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ the annual interest rate is the number of payments per year is the loan term is years, and the payment amount...
You need a $200,00 Loan. Option is a 15-year loan at an APR of 8.5% What is the monthly payment? What is the amount of total payments made?
Given the Following: Amount Borrowed: 200,000 APR: 3% Term: 8 years a. What is the monthly payment? b. What is the amount of the monthly payment that is interest in the 8th month? c. What is the amount of monthly payment that is principle in the 10th month? d. What is the effective interest rate on this loan?
Consider a 3-year amortized loan of $100,000 that requires monthly loan payment. The APR of this loan is 4.8%. What is the amount of each monthly loan payment? Select one: O a. $3055.48 O b. $2765.34 c. $2988.12 O d. $2865.26
Suppose you have a student loan of $30,000 with an APR of 12% for 40 years. Complete parts (a) through (c) below. a. What are your required monthly payments? The required monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. Suppose you would like to pay the loan off in 20 years instead of 40. What monthly payments will you need to make? The monthly payment required to pay...
6. Calculating simple interest and APR on a single-payment loan Aa Aa E You are taking out a single-payment loan that uses the simple interest method to compute the finance charge. You need to figure out what your payment will be when the loan comes due. The equation to calculate the finance charge is: In the equation, Fs is the finance charge for the loan. What are the other values? P is the r is the stated t is the...
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...
Suppose you have the following three student loans: 513,000 with an APR of 8.5% for 17 years $15,000 with an APRoffor 22 years, and $14,500 with an APR of 10% for 12 years Calculate the monthly payment for each loan individually, Calodate the total you'll pay in payments during the life of all tree foors. Abank offers to consolidate your three loans into a single lan with an APR of 9% and a loan term of 22 years. What will...
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.