Homework Answers
Monthly interest rate can be calculated by dividing annual rate by number of months in a year.
Therefore, monthly rate = 12.7%/12 = 1.06%
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A loan is going to be 32 months long, and is...
5 points Save Answer How much is your loan amount today if you are going to...
5 points Save Answer How much is your loan amount today if you are going to repay using 63 equal monthly payments of $339 with annual interest of 5.5 percent but assuming monthly compounding? Answer to the nearest dollar amount, and enter without the dollar sign. 5 points How much is your loan amount today if you are going to repay using 63 equal monthly payments of $339 with annual interest of 5.5 percent but assuming monthly compounding? the nearest...
I NEED ABSOLUTELY CORRECT ANSWERS FOR THESE. Question 1 0.2 pts You receive a credit card...
I NEED ABSOLUTELY CORRECT ANSWERS FOR THESE.
Question 1 0.2 pts You receive a credit card offer with terms of 1.25% interest. When you read the fine print, however, you see that the interest is not the annual percentage rate (APR), but the amount being charged every quarter. What is the APR (also known as the nominal interest rate)? Enter your answer as the percentage rate (without the percentage sign). For example, if you calculate 12.34%, enter it as 12.34...
answer those 4 please Fatima just borrowed 83,364 dollars. She plans to repay this loan by...
answer those 4 please Fatima just borrowed 83,364 dollars. She plans to repay this loan by making a special payment of 29,387 dollars in 7 years and by making regular annual payments of 13,147 dollars per year until the loan is paid off. If the interest rate on the loan is 17.93 percent per year and she makes her first regular annual payment of 13,147 dollars immediately, then how many regular annual payments of 13,147 dollars must Fatima make? Round...
Loan 2 Beginning-of-month repayment 3 Interest Rate, i 4 Months, n 5 Amount of Loan 24...
Loan 2 Beginning-of-month repayment 3 Interest Rate, i 4 Months, n 5 Amount of Loan 24 $1,500 Recreate the above in excel. You seek to borrow $1,500 from a friend to cover your gym fees. You promise to repay the loan in 24 monthly repayments commencing today. If the effective annual interest (EAR) rate is 24.3% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00)
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
Problem 5-50 Effective Interest Rate (L04) You've borrowed $8,117.01 and agreed to pay back the loan...
Problem 5-50 Effective Interest Rate (L04) You've borrowed $8,117.01 and agreed to pay back the loan with monthly payments of $290. Assume the interest rate is 12% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent...
please help me to solve a, b, c. You take out an $8,100 car loan that...
please help me to solve a, b, c.
You take out an $8,100 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%. a. What is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual interest...
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,...
5 points Save Answer How much is your loan amount today if you are going to repay using 63 equal monthly payments of $339 with annual interest of 5.5 percent but assuming monthly compounding? Answer to the nearest dollar amount, and enter without the dollar sign. 5 points How much is your loan amount today if you are going to repay using 63 equal monthly payments of $339 with annual interest of 5.5 percent but assuming monthly compounding? the nearest...
I NEED ABSOLUTELY CORRECT ANSWERS FOR THESE.
Question 1 0.2 pts You receive a credit card offer with terms of 1.25% interest. When you read the fine print, however, you see that the interest is not the annual percentage rate (APR), but the amount being charged every quarter. What is the APR (also known as the nominal interest rate)? Enter your answer as the percentage rate (without the percentage sign). For example, if you calculate 12.34%, enter it as 12.34...
Loan 2 Beginning-of-month repayment 3 Interest Rate, i 4 Months, n 5 Amount of Loan 24 $1,500 Recreate the above in excel. You seek to borrow $1,500 from a friend to cover your gym fees. You promise to repay the loan in 24 monthly repayments commencing today. If the effective annual interest (EAR) rate is 24.3% what is the amount of the monthly repayment? (answer do not include $ sign; show cents eg 100.00)
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
You've borrowed $2,244.14 and agreed to pay back the loan with monthly payments of $140. Assume the interest rate is 15% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermed iate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
Problem 5-50 Effective Interest Rate (L04) You've borrowed $8,117.01 and agreed to pay back the loan with monthly payments of $290. Assume the interest rate is 12% stated as an APR. a. How long will it take you to pay back the loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Number of months b. What is the effective annual rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent...
please help me to solve a, b, c.
You take out an $8,100 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%. a. What is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Monthly payment b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) Effective annual interest...
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,...
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