Mary takes out a loan to purchase a car. She will pay $400 at the end...
Mary takes out a loan to purchase a car. She will pay $400 at the end of each month for 3 years. a. If the interest rate is 8% effective interest, what is the amount of the loan? b. What is the outstanding balance of the loan at the end of one year? Use both models and compare.
Homework Answers
1. Amount of loan = $12,817.33
2. Balance of loan after 1 year = $8869.16
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Mary takes out a loan to purchase a car. She will pay $400 at
the end...
A B C A borrower takes out a 29-year mortgage loan for $286,819 with an interest...
A
B
C
A borrower takes out a 29-year mortgage loan for $286,819 with an interest rate of 9%. What would the monthly payment be? A borrower takes out a 30-year mortgage loan for $190,372 with an interest rate of 8% and monthly payments. What portion of the first month's payment would be applied to interest? A borrower has a 25-year mortgage loan for $495,186 with an interest rate of 9% and monthly payments. If she wants to pay off...
A student takes out a five-year loan of 1000. interest on the loan is at an...
A student takes out a five-year loan of 1000. interest on the loan is at an annual effective interest rate of i. at the end of each year, the student pays the interest due on the loan and makes a deposit of twice the amount of that interest payment into a sinking fund. the sinking fund credits interest at an annual effective rate of 0.8i. the sinking fund will accumulate the amount needed to pay off the loan at the...
10) You have just taken out an 8-year, $14,000 loan to purchase a new car. This...
10) You have just taken out an 8-year, $14,000 loan to purchase a new car. This loa is to be repaid in 96 equal end-of-month installments. If each of the monthly installments is $200.00, what is the effective annual interest rate on this car loa
Lab 1: Check out my wheels! You want to purchase a car and need a loan...
Lab 1: Check out my wheels! You want to purchase a car and need a loan of $15,000. Check the current interest rates online for 2 year car loans and 5 year car loans. Paste a link to the website that lists the interest rate. Create amortization tables for both loans. (For the 5 year loan, you will need to extend the table from the example.) What are the total payments for each loan? (You can sum the payments or...
When you purchased your car, you took out a five-year annual payment loan with an interest...
When you purchased your car, you took out a five-year annual payment loan with an interest rate of 6.1% per year. The annual payment on the car is 5,500. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned...
To purchase a car, Sarah took out a 60-month loan for $27,700 with a 6.2% annual...
To purchase a car, Sarah took out a 60-month loan for $27,700 with a 6.2% annual interest rate. After making 43 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan. Sarah's monthly payment is (Round to the nearest cent.) payments remaining is The amount needed to pay off this loan with (Round to the nearest cent.)
To purchase a car, Sarah took out a 60-month loan for $30,100 with a 7.7% annual...
To purchase a car, Sarah took out a 60-month loan for $30,100 with a 7.7% annual interest rate. After making 43 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan. Sarah's monthly payment is "Round to the nearest cent.) The amount needed to pay off this loan with Round to the nearest cent.) payments remaining is .
Consider the situation where someone takes out a loan for $30,000 to pay for college. Assume...
Consider the situation where someone takes out a loan for $30,000 to pay for college. Assume the loan has an annual interest rate of 4% compounded monthly. Assume that person pays $400 a month to pay off the loan. (a) How long will it take for the person to pay off the loan? (b) If the person was only able to pay $150 a month, how long will it take to pay off the loan? (c) What is the minimum...
When you purchased your car, you took out a five-year annual-payment loan with an interest rate...
When you purchased your car, you took out a five-year annual-payment loan with an interest rate of 6% per year. The annual payment on the car is $5,000. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a) You have owned the car for one year (so there are four years left on the loan). b) You have owned the...
Marie purchased a car and took out a loan for the $14,663.61 purchase, at 7% interest...
Marie purchased a car and took out a loan for the $14,663.61 purchase, at 7% interest for 6 years. If she has 4 years left on her loan, what is her remaining balance?
A
B
C
A borrower takes out a 29-year mortgage loan for $286,819 with an interest rate of 9%. What would the monthly payment be? A borrower takes out a 30-year mortgage loan for $190,372 with an interest rate of 8% and monthly payments. What portion of the first month's payment would be applied to interest? A borrower has a 25-year mortgage loan for $495,186 with an interest rate of 9% and monthly payments. If she wants to pay off...
10) You have just taken out an 8-year, $14,000 loan to purchase a new car. This loa is to be repaid in 96 equal end-of-month installments. If each of the monthly installments is $200.00, what is the effective annual interest rate on this car loa
Lab 1: Check out my wheels! You want to purchase a car and need a loan of $15,000. Check the current interest rates online for 2 year car loans and 5 year car loans. Paste a link to the website that lists the interest rate. Create amortization tables for both loans. (For the 5 year loan, you will need to extend the table from the example.) What are the total payments for each loan? (You can sum the payments or...
When you purchased your car, you took out a five-year annual payment loan with an interest rate of 6.1% per year. The annual payment on the car is 5,500. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios? a. You have owned the car for one year (so there are four years left on the loan)? b. You have owned...
To purchase a car, Sarah took out a 60-month loan for $27,700 with a 6.2% annual interest rate. After making 43 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan. Sarah's monthly payment is (Round to the nearest cent.) payments remaining is The amount needed to pay off this loan with (Round to the nearest cent.)
To purchase a car, Sarah took out a 60-month loan for $30,100 with a 7.7% annual interest rate. After making 43 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance. Calculate Sarah's monthly payment and the amount needed to pay off her loan. Sarah's monthly payment is "Round to the nearest cent.) The amount needed to pay off this loan with Round to the nearest cent.) payments remaining is .
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