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Calculation of Row 8 School Year Loan amount Interest rate per year Monthly payments Total to...
Monthly loan payments are $530. Lender charges .93 percent per month interest (the interest rate is already...
Monthly loan payments are $530. Lender charges .93 percent per month interest (the interest rate is already monthly). Required: If the loan amount is $14,750, how many months until the loan is repaid in full? ( Round your answer to 2 decimal places (e.g., 32.16).) Number of months
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interes...
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interest rate r is rtn.t rt Ben buys his $230,000 home and, after the $40,000 down payment, finances the remainder with a simple interest amortized loan. Ben can pay at most $1,200 per month for the loan, on which the lender has set an annual rate...
Nathan has a loan of $6000 to repay, with an interest rate of 8% compounded monthly....
Nathan has a loan of $6000 to repay, with an interest rate of 8% compounded monthly. Nathan planned to make $150 payments at the end of each month to repay his loan, but is considering only $100 per month. How many additional months will it take to repay the loan if he pays $100 per month instead of $150? (Hint: Round each term in months up to a whole number before finding the difference.)
Hayley makes annual end-of-year payments of $6,260.96 on a five-year loan with an 8 percent interest...
Hayley makes annual end-of-year payments of $6,260.96 on a five-year loan with an 8 percent interest rate. The original principal amount was O A 531,000 OB. $30,000 O C. $20,000 OD. $25,000
• 1) A new car is purchased and a $20,000 loan is taken. The loan is...
• 1) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the monthly payment? • 2)A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the balance after 3 years? . 3) A new car is purchased and a $30,000 loan...
19. Monthly Payments The monthly payment on a loan may be calculated by the following formula:...
19. Monthly Payments The monthly payment on a loan may be calculated by the following formula: Rate (1Rate) ((1 Rate)N - 1) Payment - Rate is the monthly interest rate, which is the annual interest rate divided by 12" (12% annual interest would be 1 percent monthly interest.) N is the number of payments, and L is the amount of the loan. Write a program that asks for these values and displays a report similar to Loan Amount: Monthly Interest...
Loan interest For the loan amount, interest rate, annual payment, and loan term shown in the...
Loan interest For the loan amount, interest rate, annual payment, and loan term shown in the following table, calculate the annual interest paid each year over the term of the loan, assuming that the payments are made at the end of each year. Amount Interest rate $27,0009 % Annual payment $8,334.05 Term 4 years The portion of the payment that is applied to interest in year 1 is $2430. (Round to the nearest cent.) The portion of the payment that...
repare an amortization schedule for a five-year loan of $45,000. The interest rate is 8% per...
repare an amortization schedule for a five-year loan of $45,000. The interest rate is 8% per year, and the loan calls for equal annual payments. (Do not round intermediate calculations. Enter all amount as positive value. Round the final answers to 2 decimal places. Leave no cells blank - be certain to enter "0" wherever required.) Year Beginning Balance Total Payment Interest Payment Principal Payment Ending Balance 1 $ $ $ $ $ 2 3 4 5 How much interest...
Loan interest For the loan amount, interest rate, annual payment, and loan term shown in the following table, calculate...
Loan interest For the loan amount, interest rate, annual payment, and loan term shown in the following table, calculate the annual interest paid each year over the term of the loan, assuming that the payments are made at the end of each year. Amount $24,000 Interest rate 13% Annual payment $8,068.66 Term 4 years The portion of the payment that is applied to interest in year 1 is $ . (Round to the nearest cent.)
Use the table to find the monthly payments on the given loan. Time Rate 8% Amount $180,000 Click ...
Use the table to find the monthly payments on the given loan. Time Rate 8% Amount $180,000 Click the icon to view a table of monthly payments on a $1,000 loan. 30 years The monthly payments for this loan are $ (Type an integer or a decimal.) Enter your answer in the answer box. i Monthly Payment on a $1,000 loan Number of Years for the Loan 10 $29.53 $22.58 S10.12 $6.06 $4.77 29.9723.0310.616.605.37 3042 23.49.10 7.166.00 31.34 24.4 12.13...
(1 point) Recall that the formula for a simple interest amortized loan, with initial loan value Vo, monthly payments of size m, with interest compounded n times per year for t years at annual interest rate r is rtn.t rt Ben buys his $230,000 home and, after the $40,000 down payment, finances the remainder with a simple interest amortized loan. Ben can pay at most $1,200 per month for the loan, on which the lender has set an annual rate...
Hayley makes annual end-of-year payments of $6,260.96 on a five-year loan with an 8 percent interest rate. The original principal amount was O A 531,000 OB. $30,000 O C. $20,000 OD. $25,000
• 1) A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the monthly payment? • 2)A new car is purchased and a $20,000 loan is taken. The loan is for 5 years (60 months) and the interest rate is 7.9% compounded monthly. What is the balance after 3 years? . 3) A new car is purchased and a $30,000 loan...
19. Monthly Payments The monthly payment on a loan may be calculated by the following formula: Rate (1Rate) ((1 Rate)N - 1) Payment - Rate is the monthly interest rate, which is the annual interest rate divided by 12" (12% annual interest would be 1 percent monthly interest.) N is the number of payments, and L is the amount of the loan. Write a program that asks for these values and displays a report similar to Loan Amount: Monthly Interest...
Loan interest For the loan amount, interest rate, annual payment, and loan term shown in the following table, calculate the annual interest paid each year over the term of the loan, assuming that the payments are made at the end of each year. Amount Interest rate $27,0009 % Annual payment $8,334.05 Term 4 years The portion of the payment that is applied to interest in year 1 is $2430. (Round to the nearest cent.) The portion of the payment that...
Loan interest For the loan amount, interest rate, annual payment, and loan term shown in the following table, calculate the annual interest paid each year over the term of the loan, assuming that the payments are made at the end of each year. Amount $24,000 Interest rate 13% Annual payment $8,068.66 Term 4 years The portion of the payment that is applied to interest in year 1 is $ . (Round to the nearest cent.)
Use the table to find the monthly payments on the given loan. Time Rate 8% Amount $180,000 Click the icon to view a table of monthly payments on a $1,000 loan. 30 years The monthly payments for this loan are $ (Type an integer or a decimal.) Enter your answer in the answer box. i Monthly Payment on a $1,000 loan Number of Years for the Loan 10 $29.53 $22.58 S10.12 $6.06 $4.77 29.9723.0310.616.605.37 3042 23.49.10 7.166.00 31.34 24.4 12.13...
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