You are planning on taking a loan for $ 74 ,000. You will repay the loan...
You are planning on taking a loan for $ 74 ,000. You will repay the loan in annual payments over the next 8 years and the loan has a stated interest rate of 4 %. For the very last payment on your loan, how much of this is repayment of principal? For example, if the loan payment is $400 of which $30 is interest and $370 is principal, your answer is $370. Enter your answer to the nearest $.01. Do not use $ or , signs in your answer. Enter your answer as a positive number.
Homework Answers
Hence, Principal in
very last payment is $10,568.33Add Answer to:
You are planning on taking a loan for $ 74 ,000. You will repay
the loan...
You have taken out a loan of $300 000 at an interest rate of 3% per annum compounded quarterly. You plan to repay the lo...
You have taken out a loan of $300 000 at an interest rate of 3% per annum compounded quarterly. You plan to repay the loan in 240 reducing-principal payments made at the end of each quarter and starting at the end of the first quarter. (a) How much is the principal reduced by after each payment? (b) Write down an expression for the loan balance before repayment Am at the end of period m. This means that A1 should give...
You have just taken out a 13 -year, $ 267 ,000 mortgage loan at an annual...
You have just taken out a 13 -year, $ 267 ,000 mortgage loan at an annual interest rate of 7.5 percent. The mortgage has monthly payments. What is the amount of each payment? Calculate your answer to the nearest $.01. Enter your answer as a postive number. Do not use the $ or , sign.
You borrow a $324355 add-on interest loan from the credit union and will repay in equal...
You borrow a $324355 add-on interest loan from the credit union and will repay in equal installments over 10 years. The nominal rate of interest is 4.19 %. Assuming quarterly repayment and simple rate of interest, obtain the equal quarterly payments Round your final answer to two decimal places. D Question 2 1.5 pts Mr. Anthony Banderus obtained a bullet loan of $170373 at a nominal rate of interest of 5.78 percent for 4 years. If repayment is scheduled at...
Vanna has just financed the purchase of a home for $200 000. She agreed to repay the loan by making equal monthly blended payments of $3000 each at 4%/a, compounded monthly. (14 marks) Create an amortization table using a Microsoft Excel spreadsheet. In y
Vanna has just financed the purchase of a home for $200 000. She agreed to repay the loan by making equal monthly blended payments of $3000 each at 4%/a, compounded monthly. a. Create an amortization table using a Microsoft Excel spreadsheet. In your answer include all the formulas used.b.How long will it take to repay the loan?c. How much will be the final payment?d. Determine how much interest she will pay for her loan.e. Use Microsoft Excel to graph the amortization...
Jan sold her house on December 31 and took a SS 000 mortgage as part of...
Jan sold her house on December 31 and took a SS 000 mortgage as part of the payment. Thc 10-year mortgage has a 10% nominal interest rate but it cals for semiannual payments beginnng next June 30. Ne t year Jan must report on Schedule B of her IRS Form 1040 the amount of interest that was induded in the two payments she received during the year s. What is the dollar amount of each payment Jan receives Round your...
You borrow $1,000 from the bank and agree to repay the loan over the next year...
You borrow $1,000 from the bank and agree to repay the loan over
the next year in 12 equal monthly payments of $90. However, the
bank also charges you a loan initiation fee of $29, which is taken
out of the initial proceeds of the loan. What is the effective
annual interest rate on the loan, taking account of the impact of
the initiation fee?
You borrow $1,000 from the bank and agree to repay the loan over the next...
A balloon payment is a loan where you pay small amounts of the loan first and...
A balloon payment is a loan where you pay small amounts of the loan first and then, at the end of the loan, you pay a BIG portion of the acquired debt to liquidate it. Many times, in this type of loan, you pay the interest of the loan first and then, in the last installment, you pay the last part of the interest and the principal. You and your business partners are contemplating the purchase of a commercial building....
You borrow a $ 332,969 add-on interest loan from the credit union and will repay in...
You borrow a $ 332,969 add-on interest loan from the credit union and will repay in equal installments over 14 years. The nominal rate of interest is 4.56 %. Assuming quarterly repayment and simple rate of interest, obtain the equal quarterly payments. Round your final answer to two decimal places.
You take out a loan for $12257 today. The bank requires that you repay the loan...
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
You take out a loan for $12257 today. The bank requires that you repay the loan...
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
You borrow a $324355 add-on interest loan from the credit union and will repay in equal installments over 10 years. The nominal rate of interest is 4.19 %. Assuming quarterly repayment and simple rate of interest, obtain the equal quarterly payments Round your final answer to two decimal places. D Question 2 1.5 pts Mr. Anthony Banderus obtained a bullet loan of $170373 at a nominal rate of interest of 5.78 percent for 4 years. If repayment is scheduled at...
Jan sold her house on December 31 and took a SS 000 mortgage as part of the payment. Thc 10-year mortgage has a 10% nominal interest rate but it cals for semiannual payments beginnng next June 30. Ne t year Jan must report on Schedule B of her IRS Form 1040 the amount of interest that was induded in the two payments she received during the year s. What is the dollar amount of each payment Jan receives Round your...
You borrow $1,000 from the bank and agree to repay the loan over
the next year in 12 equal monthly payments of $90. However, the
bank also charges you a loan initiation fee of $29, which is taken
out of the initial proceeds of the loan. What is the effective
annual interest rate on the loan, taking account of the impact of
the initiation fee?
You borrow $1,000 from the bank and agree to repay the loan over the next...
A balloon payment is a loan where you pay small amounts of the loan first and then, at the end of the loan, you pay a BIG portion of the acquired debt to liquidate it. Many times, in this type of loan, you pay the interest of the loan first and then, in the last installment, you pay the last part of the interest and the principal. You and your business partners are contemplating the purchase of a commercial building....
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
You take out a loan for $12257 today. The bank requires that you repay the loan with two equal payments, one payment in year 1 and one payment in 2. The interest on the loan is 7% per year. How big is each loan payment?
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