Question

An amount of $15,000 is borrowed from the bank at an annual interest rate 12% h Calculate the repavment amounts if the loan ($15 000) will be repaid in two equal installments of $7.500 each, paid at the end of second and fourth years respectively. Interest will be paid each year Click the icon to view the interest and annuity table for discrete compounding when i- 12%% per year . a. The equal end-of-year payments required to pay off the loan in 4 years are $ 4,938 per year. (Round to the nearest dollar.) b. Fill in the table below. (Round to the nearest dollar.) Amount Ower t Beainning of Year Total Money Total Principal Payment Accrued Owed at End of-Year Year for Year End of Year Payment $ $ $ Question Help ns on automobiles, house mortgages, etc. A friend of yours has financed $24,000 on the purchase of a new automobile, and the annual interest Remainina Loan Bid f equal end-of-month installments (principal and interest). This is the customary way to pay off loans on automobiles, house mortgages, etc. A eni-1% per month. est cent.) Remaining Loan Balance st Pe4ment Principal Repayment Payment Number 3 Suppose that under the Plan of Repayment one should pay off the debt in a number of equal end-of-month installmen rate is 12% (1% per month). a. Monthly payments over a 60-month loan period will be how much? b. How much interest and principal will be paid within three month of this loan? Click the icon to view the interest and annuity table for discrete compounding when i= 1% per month. a. The monthly payment over a 60-month loan period is S 532.80 (Round to the nearest cent.) b. Fill in the table below. (Round to the nearest cent.) Pay

Answer 1

O Formatting Table Styles Alignment Number fx C H a) 15000 Loan Int rate 129 Tenure ΕΟΥpayment 4 yrs 4938,52 Amount owed at beginning Int accrued Total money owed Principal repaid Amount owed at eay Year 15000.00 16800.00 4938.52 11861.48 1800.00 11861.48 1423.38 1001.56 1 2 13284.86 4938.52 8346.34 8346.34 9347.91 4938.52 4409.39 4409.39 529.13 4938.52 4938.52 0.00 t beginning Int accrued Total money owed Principal repaid Amount owed at eoy 15000.00 15000.00 Year Amount owed 1800.00 16800.00 1800.00 15000.00 1 7500.00 1800.00 16800.00 9300.00 7500.00 900.00 8400.00 900.00 7500.00 0.00 7500.00 900.00 8400.00 8400.00 i Sheet