Homework Answers
Total loan = $9000
Ordinary interest (based on 360 days) = 7%
Interest due for 1st 30 days = 
= $52.5
Interest due from 31st day to 90th day after payment of $1500 =
= $87.5
Interest due from 90th day to 150th day = 
= $70
Total Interest due= 52.5 + 87.5 + 70 = $210
Total principal remaining = 9000-1500-1500 =$6000
Final amount due on loan = 6000 + 210 = $6210
Add Answer to:
19. 20. Suppose you take out a loan for 150 days in the amount of $9,000...
Suppose you take out a car loan that requires you to pay $9,000 now, $3,000 at...
Suppose you take out a car loan that requires you to pay $9,000 now, $3,000 at the end of year 1, and 56,000 at the end of year 2. The interest rate is 1% now and increases to 7% in the next year. What is the present value of the payments? Enter your response below rounded to 2 decimal places Number Suppose you will receive payments of $2,000, S7,000, and $8,000 in 3, 6, and 7 year(s) from now, respectively....
You take out a loan in the amount of $36,639. Determine the monthly payment, total payment,...
You take out a loan in the amount of $36,639. Determine the monthly payment, total payment, and amount of interest for each of the following. 2% interest for 36 months. 3% interest for 48 months. 4% interest for 60 months. 5% interest for 72 months.
James wants to take out a loan. He can afford to make monthly payments of 100...
James wants to take out a loan. He can afford to make monthly
payments of 100 dollars and wants to pay the loan off after exactly
30 years.
What is the maximum amount that James can afford to borrow if
the bank charges interest at an annual rate of 8 percent,
compounded monthly?
(Give your answer, in dollars, correct to the nearest
dollar.)
Nicola borrows 60000 dollars from a bank that charges interest
at an annual rate of 10 percent,...
You take out a 30-year loan in the amount of $450,000 at a 6 percent rate...
You take out a 30-year loan in the amount of $450,000 at a 6 percent rate annually. The loan is to be paid off by equal monthly installments over 30 years. How much is the total interest payment for the first five months? Draw an amortization table to support your answer showing the beginning balance, total payment, principal repayment, interest payment and ending balance. (Note: You need to show only five months on the table. You may use excel and...
A loan payment of $1700.00 was due 20 days ago and another payment of $900.00 is...
A loan payment of $1700.00 was due 20 days ago and another payment of $900.00 is due 70 days from now. What single payment 130 days from now will pay off the two obligations if interest is to be 9% and the agreed focal date is 130 days from now? The value of the payment is $. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)
You want to buy a house and take out a mortgage for $250,000. The only mortgage...
You want to buy a house and take out a mortgage for $250,000. The only mortgage that you can afford is a 30 year ARM that has a fixed rate of 3% annual compounded monthly for the first 3 years and then can adjust every year after that. Against the advice of a wise EMIS professor that you once had, you decided to take the mortgage. a) What is the monthly payment for his home mortgage for the first 3...
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?
a. You took out a loan for $68,800, at 4.5% ordinary interest. The total amount of...
a. You took out a loan for $68,800, at 4.5% ordinary interest. The total amount of interest was $4,644? What is the time period (in days) of the loan? b.You repaid a $2,500 installment loan with 24 monthly payments of $123.00 each. What was the annual percentage rate of the loan? answer b: 16.496% ???
A loan payment of $1200 was due 50 days ago and another payment of $800 is...
A loan payment of $1200 was due 50 days ago and another payment of $800 is due 60 days from now. Question: What single payment 100 days from now will pay off the two loan obligations if interest is to be 7% and the "Focal Date" is 100 days from now. (Draw a time line before doing the question)..Please show your work...
Suppose you take out a car loan that requires you to pay $9,000 now, $3,000 at the end of year 1, and 56,000 at the end of year 2. The interest rate is 1% now and increases to 7% in the next year. What is the present value of the payments? Enter your response below rounded to 2 decimal places Number Suppose you will receive payments of $2,000, S7,000, and $8,000 in 3, 6, and 7 year(s) from now, respectively....
James wants to take out a loan. He can afford to make monthly
payments of 100 dollars and wants to pay the loan off after exactly
30 years.
What is the maximum amount that James can afford to borrow if
the bank charges interest at an annual rate of 8 percent,
compounded monthly?
(Give your answer, in dollars, correct to the nearest
dollar.)
Nicola borrows 60000 dollars from a bank that charges interest
at an annual rate of 10 percent,...
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?
A loan payment of $1200 was due 50 days ago and another payment of $800 is due 60 days from now. Question: What single payment 100 days from now will pay off the two loan obligations if interest is to be 7% and the "Focal Date" is 100 days from now. (Draw a time line before doing the question)..Please show your work...
Most questions answered within 3 hours.
-
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 16 minutes ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 1 hour ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 1 hour ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 1 hour ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 1 hour ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 2 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 2 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 2 hours ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 2 hours ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 2 hours ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 2 hours ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 2 hours ago