All the given options are required to be there in the loan disclosure statement. It should include annual percentage rate, finance charges, total amount financed and total amount of payment
So correct answer is E) All are required
Question 7 (1 point) Which of the following is not required by law to be on...
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...
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance charges is done method. Under the discount method, a borrower receives the principal the principal is $10,000 and the finance charges are $400, the borrower will receive $ the way they're computed using the simple interest the finance charges. For example, if The following...
Drop down options:
1. the same as, differently from
2. less, plus
3. $9280, $6720
4. -, x, /, +
5. -, x, /, +
6. principal, payback
7. annual, monthly
8. months, years
9. principal, loan disbursement
10. higher than, the same as, lower than
7. Calculating finance charges using the discount method and APRon a single payment loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance...
Chapter 11 - Exercise 04 A. You financed a 4-year loan for $20,000 and were charged 9% interest with a 20% down payment. Calculate the amount financed, the finance charge, and the monthly payment. Loan Amount $20,000.00 Interest Rate 9% Down Payment Percent 20% Years for Loan 4 Amount Financed Finance Charge Monthly Payment Directions: a. Enter a formula in Cell B8 to calculate the Amount Financed. b. Enter a formula in Cell B9 to calculate the Finance...
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...
Question 1 (1 point) ✓ Saved Doris borrowed $5000 from a finance company at an interest of 8% quarterly. The loan is to be repaid in 3 equal payments, annually. What is the amount of the equal payment? A) $1948.69 B) $1787.42 OC) $1856.77 D) $1419.51 O E) $1666.67
Accounting Question
$943,000 Loan Interest Rate Life (years) Date of Loan 43 Use the installment method - not straight line Do NOT round any interrmediate numbers. Do NOT turn this into a monthly problem. a) What is the annual payment? b) What are the total interest payments? c) After 17 payments have been made, what percentage of the total interest has been paid (round to the nearest percentage point)? d) After 17 payments have been made, what percentage of the...
This is an accounting project for my class. Can I please have
the answers for each question and formulas? Not specific. Just the
general formulas used for an annual payment, total interest
payment, percentage of the total interest paid after 27 have been
made. Thank you.
Use the following check digits:
Sum Total Cash flow = Sum interest paid
Owe at end = $0
Sum Principal repaid = amount borrowed
Sum Total Payment = Sum Interest paid + Sum principal...
1. A project requires an initial investment (or you may say, ‘cash outflow’) of $225,000 and is expected to generate the following net cash inflows: Year 1: $120,000 Year 2: $125,000 What is Net Present Value (NPV) of the project if the minimum required rate of return (or, you may say firm’s cost of capital) is 4%? Group of answer choices a) 5954.14 b) 6002.23 c) 4420.38 d) 5263.20 2. Let's assume you finance your house through Wells-Fargo Bank. Below,...
4 Which of the following is not a stakeholder of a corporation? a. Manager. b. Employee c. Government. d. Competitor SA credit loan that charges a monthly interest rate of 1% , which of the following statements is correct? a. The Annual Percentage Rate is 12%, the effective annual rate is 12%. b·The Annual Percentage Rate is 12.68%, the effective annual rate is 12.68%. C. The Annual Percentage Rate is 12%, the effective annual rate is 12.68%. d, The Annual...