Homework Answers
EMI = 
r is the rate of interest for a compounding period i.e. 13%/ 12 = 1.08333333333% OR 0.01083333333
n is the no of compoundind period i.e. 6years * 12 = 72 months
EMI = 
= 
=$ 236.87
NOTE: The answer to your question has been given below/above. If there is any query regarding the answer, please ask in the comment section. If you find the answer helpful, do upvote. Help us help you.
Add Answer to:
This Question: 1 pt 8 of 11 This Test: 20 pis p... Loan Payments. Tracy is...
Tracy is borrowing $10,800 on a six-year, 15%, add-on interest loan. What will Tracy's monthly payments...
Tracy is borrowing $10,800 on a six-year, 15%, add-on interest loan. What will Tracy's monthly payments be?
Quarter-end payments of $1,590 are made to settle a loan of $35,280 in 8 years. What...
Quarter-end payments of $1,590 are made to settle a loan of $35,280 in 8 years. What is the effective interest rate? % Round to two decimal places Raymond leased equipment worth $30,000 for 6 years. If the cost of borrowing is 6.79% compounded semi-annually, calculate the size of the lease payment that is required to be made at the beginning of each half-year. Round to the nearest cent
4. A loan of $14,000 with interest at 12% compounded annually is repaid by payments of...
4. A loan of $14,000 with interest at 12% compounded annually is repaid by payments of $856.00 made at the end of every month. (a) How many payments will be required to amortize the loan? (b) If the loan is repaid in full in 1 year, what is the payout figure? (c) If paid out, what is the total cost of the loan? (a) The number of payments required to amortize the loan is (Round up to the nearest whole...
Homework: Homework 4D - Loan Payments, Credit Cards, Mortga Save Score: 0 of 1 pt 7...
Homework: Homework 4D - Loan Payments, Credit Cards, Mortga Save Score: 0 of 1 pt 7 of 10 (7 complete) HW Score: 55%, 5.5 of 10 pts 4.D.27 Question Help Someone needs to borrow $11,000 to buy a car and the person has determined that monthly payments of $250 are affordable. The bank offers a 3-year loan at 7% APR, a 4-year loan at 7.5%, or a 5-year loan at 8% APR. Which loan best meets the person's needs? Explain....
A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a)...
A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a) If interest is 5.22% compounded annually, what is the size of each monthly payment? (b) Find the total interest paid during the first year. (c) Compute the interest included in the 26th payment. (d) If the mortgage is renewed after five years at 4.10% compounded annually, what is the size of the monthly payment for the renewal period? (0) Construct a partial amortization schedule...
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $719.75...
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $719.75 at the end of every six months over ten years. If interest is 6.7% compounded monthly, what was the original loan balance? The original loan balance was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Question Help (Related to Checkpoint 6.3) (Determining the outstanding balance of a loan) Seven years ago...
Question Help (Related to Checkpoint 6.3) (Determining the outstanding balance of a loan) Seven years ago you took out a $250,000, 20-year mortgage with an annual interest rate of 11 percent and monthly payments of $2,580.47. What is the outstanding balance on your current loan if you just make the 84th payment? If you just make the 84th payment, the outstanding balance on your current loan is $ . (Round to the nearest cent.)
Shirley, a recent college graduate, excitedly described to her older sister the $1,880 sofa, table, and...
Shirley, a recent college graduate, excitedly described to her older sister the $1,880 sofa, table, and chairs she found today. However, when asked she could not tell her sister which interest calculation method was to be used on her credit-based purchase. Calculate the monthly payments and total cost for a bank loan assuming a one-year repayment period and 14.5 percent interest. Now, assume the store uses the add-on method of interest calculation. Calculate the monthly payment and total cost with...
Question 2 of 5 Shelby had a loan of $135,000 and made payments of $2,500 at...
Question 2 of 5 Shelby had a loan of $135,000 and made payments of $2,500 at the end of every month to settle it. If he received the loan at 2.52% compounded monthly, what was the balance on the loan at the end of three years? $52,202.55 Round to the nearest cent Next Question : cly Ply TY : 12 = 2.52 : 135.000 * 2500 PMI : 19157.37509139 P = 12x3 : 36 AMORT = 52.262.55
Can you help me with this question? Compare the monthly payments and total loan costs for...
Can you help me with this question?
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 costs. You need a $40,000 loan. Option 1: a 30-year loan at an APR of 8.15%. Option 2: a 15-year loan at an APR of 7.75% Find the monthly payment for each option. The monthly payment for option 1 is $ . The monthly payment for...
Quarter-end payments of $1,590 are made to settle a loan of $35,280 in 8 years. What is the effective interest rate? % Round to two decimal places Raymond leased equipment worth $30,000 for 6 years. If the cost of borrowing is 6.79% compounded semi-annually, calculate the size of the lease payment that is required to be made at the beginning of each half-year. Round to the nearest cent
4. A loan of $14,000 with interest at 12% compounded annually is repaid by payments of $856.00 made at the end of every month. (a) How many payments will be required to amortize the loan? (b) If the loan is repaid in full in 1 year, what is the payout figure? (c) If paid out, what is the total cost of the loan? (a) The number of payments required to amortize the loan is (Round up to the nearest whole...
Homework: Homework 4D - Loan Payments, Credit Cards, Mortga Save Score: 0 of 1 pt 7 of 10 (7 complete) HW Score: 55%, 5.5 of 10 pts 4.D.27 Question Help Someone needs to borrow $11,000 to buy a car and the person has determined that monthly payments of $250 are affordable. The bank offers a 3-year loan at 7% APR, a 4-year loan at 7.5%, or a 5-year loan at 8% APR. Which loan best meets the person's needs? Explain....
A $130,000 mortgage amortized by monthly payments over 20 years is renewable after five years (a) If interest is 5.22% compounded annually, what is the size of each monthly payment? (b) Find the total interest paid during the first year. (c) Compute the interest included in the 26th payment. (d) If the mortgage is renewed after five years at 4.10% compounded annually, what is the size of the monthly payment for the renewal period? (0) Construct a partial amortization schedule...
Langara Woodcraft borrowed money to purchase equipment. The loan is repaid by making payments of $719.75 at the end of every six months over ten years. If interest is 6.7% compounded monthly, what was the original loan balance? The original loan balance was $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
Question Help (Related to Checkpoint 6.3) (Determining the outstanding balance of a loan) Seven years ago you took out a $250,000, 20-year mortgage with an annual interest rate of 11 percent and monthly payments of $2,580.47. What is the outstanding balance on your current loan if you just make the 84th payment? If you just make the 84th payment, the outstanding balance on your current loan is $ . (Round to the nearest cent.)
Shirley, a recent college graduate, excitedly described to her older sister the $1,880 sofa, table, and chairs she found today. However, when asked she could not tell her sister which interest calculation method was to be used on her credit-based purchase. Calculate the monthly payments and total cost for a bank loan assuming a one-year repayment period and 14.5 percent interest. Now, assume the store uses the add-on method of interest calculation. Calculate the monthly payment and total cost with...
Question 2 of 5 Shelby had a loan of $135,000 and made payments of $2,500 at the end of every month to settle it. If he received the loan at 2.52% compounded monthly, what was the balance on the loan at the end of three years? $52,202.55 Round to the nearest cent Next Question : cly Ply TY : 12 = 2.52 : 135.000 * 2500 PMI : 19157.37509139 P = 12x3 : 36 AMORT = 52.262.55
Can you help me with this question?
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 costs. You need a $40,000 loan. Option 1: a 30-year loan at an APR of 8.15%. Option 2: a 15-year loan at an APR of 7.75% Find the monthly payment for each option. The monthly payment for option 1 is $ . The monthly payment for...
Most questions answered within 3 hours.
-
A flow rate of 0.4 m / s of air enters a compressor at 100 kPa....
asked 26 minutes ago -
Write a balanced chemical equation for the reaction between HCl
and NaOH. Be sure to include...
asked 30 minutes ago -
A 200 g mass is gently hung on a vertical spring which stretches
it 20cm before...
asked 32 minutes ago -
Elaborate on some of the difficulties in determine the value of
information, as well as the...
asked 29 minutes ago -
A person wants to use a lever to lift a dumpster weighing 4700
N. The lever...
asked 34 minutes ago -
Hello,
Can you assist with the 2 part multiple choice question?
1A) Which of the following...
asked 50 minutes ago -
A municipal bond you are considering as an investment currently
pays a yield of 6.82 percent....
asked 54 minutes ago -
My Ebook is already expired. How could I keep using it since it
is very helpfull...
asked 1 hour ago -
describe in detail your "perfect" place to study in your home
giving great detail to how...
asked 1 hour ago -
Decide with a brief explanation of the following statements
about reaction rates and catalysis are true:...
asked 1 hour ago -
Write a grading program in Java for a class with the following
grading policies: There are...
asked 1 hour ago -
Can someone explain the process of this Display a text
file program and show the supposed...
asked 1 hour ago