Homework Answers
Nper = 4 * 12 = 48
PMT = 550
Rate = 10% / 12
FV = 0
Outstanding loan can be calculated by using the following excel
formula:
=PV(rate,nper,pmt,fv)
=PV(10%/12,48,-550,0)
= $21,685.49
Number of period can be calculated by using the following excel
formula:
=NPER(rate,pmt,pv,fv)
=NPER(10%/12,800,-21685.49,0)
= 30.85 months
It will take 30.85 months to pay off the loan.
Add Answer to:
You have an outstanding student loan with required payments of $550 per month for the next...
You have an outstanding student loan with required payments of $600 per month for the next...
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 9% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month Looking at your budget, you can afford to pay an extra $250 a month in addition to your required monthly payments of $600, or $850 in total...
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest...
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 10% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra S250 a month in addition to your required monthly payments of $600, or $850 in total...
Score: 0 of 1 pt 6 of 9 (3 complete) HW Score: 22.22 % , 2...
Score: 0 of 1 pt 6 of 9 (3 complete) HW Score: 22.22 % , 2 of 9 pts P 5-26 (similar to) Question Help You have an outstanding student loan with required payments of $600 per month for the next four years The interest rate on the loan is 8 % APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking...
You are looking to buy a car. You can afford $550 in monthly payments for four...
You are looking to buy a car. You can afford $550 in monthly payments for four years. In addition to the loan, you can make a $2,000 down payment. If interest rates are 9.50 percent APR, what price of car can you afford (loan plus down payment)? (Do not round Intermediate calculations and round your final answer to 2 decimal places.) Present value
When you borrow money to buy a house or a car, you pay off the loan...
When you borrow money to buy a house or a car, you pay off the loan in monthly payments, but the interest is always accruing on the outstanding balance. This makes the determination of your monthly payme on a loan more complicated than you might expect. If you borrow P dollars at a monthly interest rate ofras decimal) and wish to pay off the note in months, then your monthly payment M = M(Prt) in dollars can be calculated using...
You are looking to buy a car. You can afford $730 in monthly payments for five...
You are looking to buy a car. You can afford $730 in monthly payments for five years. In addition to the loan, you can make a $830 down payment. If interest rates are 10.00 percent APR, what price of car can you afford (loan plus down payment)? (Do not round Intermediate calculations and round your final answer to 2 decimal places.) Present value To borrow $3,700, you are offered an add-on interest loan at 9.3 percent with 12 monthly payments....
Problem 4-38 Calculating Loan Payments You need a 35-year, fixed-rate mortgage to buy a new home...
Problem 4-38 Calculating Loan Payments You need a 35-year, fixed-rate mortgage to buy a new home for $260,000. Your mortgage bank will lend you the money at an APR of 5.55 percent for this 420-month loan. However, you can only afford monthly payments of $1,000, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you...
Suppose you have a student loan of $30,000 with an APR of 12% for 40 years....
Suppose you have a student loan of $30,000 with an APR of 12% for 40 years. Complete parts (a) through (c) below. a. What are your required monthly payments? The required monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. Suppose you would like to pay the loan off in 20 years instead of 40. What monthly payments will you need to make? The monthly payment required to pay...
You have just taken out a $27,000 car loan with a 7 % APR, compounded monthly....
You have just taken out a $27,000 car loan with a 7 % APR, compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest? (Note: Be careful not to round any intermediate steps less than six decimal places.) You have just sold your house for $900,000 in cash. Your mortgage was originally a...
You have some extra cash this month and you are considering putting it toward your car loan. Your...
You have some extra cash this month and you are considering putting it toward your car loan. Your interest rate is 6.8 %, your loan payments are $ 624 per month, and you have 36 months left on your loan. If you pay an additional $ 1 comma 500 with your next regular $ 624 payment (due in one month), how much will it reduce the amount of time left to pay off your loan? (Note: Be careful not to...
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 9% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month Looking at your budget, you can afford to pay an extra $250 a month in addition to your required monthly payments of $600, or $850 in total...
You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 10% APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra S250 a month in addition to your required monthly payments of $600, or $850 in total...
Score: 0 of 1 pt 6 of 9 (3 complete) HW Score: 22.22 % , 2 of 9 pts P 5-26 (similar to) Question Help You have an outstanding student loan with required payments of $600 per month for the next four years The interest rate on the loan is 8 % APR (compounded monthly). Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking...
You are looking to buy a car. You can afford $550 in monthly payments for four years. In addition to the loan, you can make a $2,000 down payment. If interest rates are 9.50 percent APR, what price of car can you afford (loan plus down payment)? (Do not round Intermediate calculations and round your final answer to 2 decimal places.) Present value
When you borrow money to buy a house or a car, you pay off the loan in monthly payments, but the interest is always accruing on the outstanding balance. This makes the determination of your monthly payme on a loan more complicated than you might expect. If you borrow P dollars at a monthly interest rate ofras decimal) and wish to pay off the note in months, then your monthly payment M = M(Prt) in dollars can be calculated using...
You are looking to buy a car. You can afford $730 in monthly payments for five years. In addition to the loan, you can make a $830 down payment. If interest rates are 10.00 percent APR, what price of car can you afford (loan plus down payment)? (Do not round Intermediate calculations and round your final answer to 2 decimal places.) Present value To borrow $3,700, you are offered an add-on interest loan at 9.3 percent with 12 monthly payments....
Problem 4-38 Calculating Loan Payments You need a 35-year, fixed-rate mortgage to buy a new home for $260,000. Your mortgage bank will lend you the money at an APR of 5.55 percent for this 420-month loan. However, you can only afford monthly payments of $1,000, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you...
Suppose you have a student loan of $30,000 with an APR of 12% for 40 years. Complete parts (a) through (c) below. a. What are your required monthly payments? The required monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.) b. Suppose you would like to pay the loan off in 20 years instead of 40. What monthly payments will you need to make? The monthly payment required to pay...
Most questions answered within 3 hours.
-
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 54 minutes ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 56 minutes ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 1 hour ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 2 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 2 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 3 hours ago -
Oscar Inc. has inventory in Japan valued at 39,051,000 Yen one
year ago. One year ago...
asked 3 hours ago -
If Canada suffered from "fundamental disequilibrium," and its
government choose not to devalue its currency, a...
asked 3 hours ago -
4. How many input & output Key Value Pairs are passed into,
and emitted out of...
asked 3 hours ago -
Why would your heart not function well if constructed of
skeletal muscle? What is the particular...
asked 3 hours ago -
Please respond to this essay question in full essay form for
Chemistry 1102 Organic and Biochemistry:...
asked 3 hours ago -
Determine the head loss and velocity of flow in a water supply main
of 15.0 cm...
asked 3 hours ago