a loan $1300 is being paid off by quarterly payments of $110. if interest is at...
a loan $1300 is being paid off by quarterly payments of $110. if interest is at the rate of 6% compounded quarterly, how many full payment will be made?
Homework Answers
We can find the solution for this problem on excel using NPER formula ( for an appropriate answer).
So 14 full payment will be made in total. NPER formula is shown in the function box.
Add Answer to:
a loan $1300 is being paid off by quarterly payments
of $110. if interest is at...
The interest rate on a $60,000 loan is 9.1% compounded semiannually. Quarterly payments will pay off...
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 $
The interest rate on a $64,000 loan is 9.6% compounded semiannually. Quarterly payments will pay off...
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...
A loan of $25, 000 is paid off in semi-annual payments over a four year period. ...
A loan of $25, 000 is paid off in semi-annual payments over a four year period. Interest is 6.2% compounded quarterly. What is the size of the payment made at the end of every six months ? (Please use the financial calculator method (BAII) by showing inputs in the financial calculator)
Suppose you have $250,000 of loan. The terms of the loan are that the yearly interest...
Suppose you have $250,000 of loan. The terms of the loan are that the yearly interest is 6% compounded quarterly. You are to make equal quarterly payments of such magnitude as to repay this loan over 30 years. (Keep all your answers to 2 decimal places, e.g. XX.12.) (a) How much are the quarterly payments? Ans: 4504.63 (b) After 5 years' payments, what principal remains to be paid? Ans: 232550.19 (c) How much interest is paid in the first quarter of...
Consider a loan of $10000 that is paid off quarterly over a period of one year....
Consider a loan of $10000 that is paid off quarterly over a period of one year. The agreed statement with the bank that the interest will be paid completely only on the last quarter. On the other hand, th first 3 principal payments from the original loan will have the same value while the last principal payment is just $1000. Calculate the dollar amount of interest and loan principal repaid corresponding to each payment if the interest rate is 10%...
A loan of $8,400 was received at a rate of 9% compounded quarterly. Payments will be...
A loan of $8,400 was received at a rate of 9% compounded quarterly. Payments will be made at the end of each month for 5 years. Determine the size of the payments. Simple interest is paid for part of a period.
(6) Christine Sohn bought a BMW when she came to LA as a purchased by taking a loan that was to be paid off in 20 e...
(6) Christine Sohn bought a BMW when she came to LA as a purchased by taking a loan that was to be paid off in 20 equal, quarterly payments. The interest rate on the loan was 12 % per year with quarterly compounding. After four years, at the time that Christine made her 16th payment, she got married and sold the BMW to her friend Jane Jane made arrangements with Christine's bank to refinance the loan and to pay Christine's...
A $27,000 loan at 8% compounded quarterly is to be repaid by equal quarterly payments over...
A $27,000 loan at 8% compounded quarterly is to be repaid by equal quarterly payments over a seven-year term. a. What will be the principal component of the sixth payment? (Round your answer to 2 decimal places.) Principal component of the sixth payment $ . b. What will be the interest portion of the twenty-second payment? (Round your answer to 2 decimal places.) Interest portion $ . c. How much will the loan’s balance be reduced by Payments 10 to...
A $27,000 loan at 12% compounded quarterly is to be repaid by equal quarterly payments over...
A $27,000 loan at 12% compounded quarterly is to be repaid by equal quarterly payments over a seven- year term. a. What will be the principal component of the sixth payment? (Round your answer to 2 decimal places.) Principal component of the sixth payment $ b. What will be the interest portion of the twenty-second payment? (Round your answer to 2 decimal places.) Interest portion $ C. How much will the loan's balance be reduced by Payments 10 to 15...
A $26,000 loan at 8% compounded quarterly is to be repaid by equal quarterly payments over...
A $26,000 loan at 8% compounded quarterly is to be repaid by equal quarterly payments over a seven-year term. a. What will be the principal component of the sixth payment? (Round your answer to 2 decimal places.) Principal component of the sixth payment $ . b. What will be the interest portion of the twenty-second payment? (Round your answer to 2 decimal places.) Interest portion $ . c. How much will the loan’s balance be reduced by Payments 10 to...
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 $
Consider a loan of $10000 that is paid off quarterly over a period of one year. The agreed statement with the bank that the interest will be paid completely only on the last quarter. On the other hand, th first 3 principal payments from the original loan will have the same value while the last principal payment is just $1000. Calculate the dollar amount of interest and loan principal repaid corresponding to each payment if the interest rate is 10%...
(6) Christine Sohn bought a BMW when she came to LA as a purchased by taking a loan that was to be paid off in 20 equal, quarterly payments. The interest rate on the loan was 12 % per year with quarterly compounding. After four years, at the time that Christine made her 16th payment, she got married and sold the BMW to her friend Jane Jane made arrangements with Christine's bank to refinance the loan and to pay Christine's...
A $27,000 loan at 12% compounded quarterly is to be repaid by equal quarterly payments over a seven- year term. a. What will be the principal component of the sixth payment? (Round your answer to 2 decimal places.) Principal component of the sixth payment $ b. What will be the interest portion of the twenty-second payment? (Round your answer to 2 decimal places.) Interest portion $ C. How much will the loan's balance be reduced by Payments 10 to 15...
Most questions answered within 3 hours.
-
After watching the lectures I am still having a hard time
understanding these equations.
1. The...
asked 42 minutes ago -
Testing:
H0:μ=56.9
H1:μ<56.9
Your sample consists of 23 subjects, with a mean of 56.3 and
standard...
asked 45 minutes ago -
straight wire, labeled as Wire A, lies horizontally on a
tabletop and is oriented to run...
asked 46 minutes ago -
For a Chi-Squared Goodness of Fit Test about a uniform
distribution, complete the table.
Round to...
asked 1 hour ago -
Milk of magnesia is only slightly soluble in water. Kc for the
reaction Mg(OHs)(s)>Mg2+(a) + 2OH-1(aq)...
asked 1 hour ago -
Excel's HYPGEOM.DIST function can be used to compute _____.
a. both hypergeometric probabilities and cumulative
hypergeometric...
asked 1 hour ago -
The rocket used for the human lunar missions was the Saturn V
rocket. At liftoff the...
asked 1 hour ago -
1. The East Street Bagel Shop has a weekly demand for 3,500
bagels, which they make...
asked 1 hour ago -
paraphrasing each paragraph
“Where two or more persons knowingly act together unlawfully,
the act of each...
asked 1 hour ago -
The lateral line system in fish is contained which of the
following?
chemoreceptors
photoreceptors
mechanoreceptors
odor...
asked 1 hour ago -
Find the y-intercept of y =-5 x. The y-intercept of y equals
negative 5 x is______...
asked 1 hour ago -
Customers arrive randomly at a gas station at the average rate
of 30 per hour, while...
asked 1 hour ago