Finance
Barb Jones received a $5,000 loan last month with the intention of repaying the loan in 12 months. However, Jones now discovers she has cash to repay the loan after making just three payments. What percentage of the total finance charge is Jones entitled to receive as a rebate and what percentage of the loan's finance charge is the lender entitled to keep?
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need help Suppose you take out a 60-month installment loan to finance one year of tuition...
need help
Suppose you take out a 60-month installment loan to finance one year of tuition for $13,100. The payments are $327.50 per month and the total finance charge is $6,550. After 24 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff. $5,476.23 $7,623.77 OOOO $9,406.23 $11,790.00
Time to repay installment loan Personal Finance Problem - Mia Salto wishes to determine how long...
Time to repay installment loan Personal Finance Problem - Mia Salto wishes to determine how long it will take to repay a $13,000 loan given that the lender requires her to make annualend-of-year installment payments of $2,946. a. If the interest rate on the loan is 14%, how long will it take for her to repay the loan fully? b. How long will it take if the interest rate is 11%? c. How long will it take if she has...
Karmen borrowed $5378.00 compounded semi-annually to help finance her education. She contracted to repay the loan i...
Karmen borrowed $5378.00 compounded semi-annually to help finance her education. She contracted to repay the loan in semi-annual payments of $259.00 each. If the payments are due at the end of every 6 months and interest is 6% compounded semi-annually, how long will Karmen have to make semi-annual payments? State your answer in years and months (from 0 to 11 months) month(s). year(s) and Karmen will have to make payments for
Karmen borrowed $5378.00 compounded semi-annually to help finance her...
Please post with mathematical formulas please, not an excel sheet! 1. Mr. X is repaying a loan by monthly payments of $1...
Please post with mathematical
formulas please, not an excel sheet!
1. Mr. X is repaying a loan by monthly payments of $146.75 at a nominal annual rate of 9% compounded monthly. Immediately after one of the pay- ments is made, when Mr. X has still 50 payments ahead of him, the lender lowers the interest rate to 7.8% nominal annual rate compounded monthly. Mr. X chooses to keep the same monthly payments, except the last payment that is larger than...
American School Business Math Exam 2 Business Math Exam 2 Student Number Student Name table on...
American School Business Math Exam 2
Business Math Exam 2 Student Number Student Name table on page A13 n the textbo etfer to the Monthly Payment on an Installment Loan of sio0 table on page A13 in the textbook. 16. Antoni Gaudi monthly payments, what $2.650. The store financing requires a l5% down payment and 42 monthly payments. What is the finance chargse? purchased a bedroom set with an installment loan that has an APR of 12%. 17. Louise Bourgeois...
You need a new car and the dealer has offered you a price of $20,000, with the following payment options: (a) pay cash and receive a $2,000 rebate, or (b) pay a $5,000 down payment and finance the rest with a 0% APR loan over 30 months. But having just q
You need a new car and the dealer has offered you a price of $20,000, with the following payment options: (a) pay cash and receive a $2,000 rebate, or (b) pay a $5,000 down payment and finance the rest with a 0% APR loan over 30 months. But having just quit your job and started an MBA program, you are in debt and you expect to be in debt for at least the next 2 ½ years. You plan to use credit cards to...
please show all steps 2. You have borrowed a loan form bank for $400,000 to finance...
please show all steps
2. You have borrowed a loan form bank for $400,000 to finance a new house. You are required to repay the loan in 360 equal monthly payments starting at the end of month 1. The bank charges an interest rate of 3% APR, compounded monthly. (i) What is the reduction in repayment time if you decide to add $400 to each payment? What is the remaining balance of the loan after 120 payments under (ii) the...
Assume that you want to borrow $800,000 in order to purchase a new car. As you...
Assume that you want to borrow $800,000 in order to purchase a new car. As you are a fresh graduate, you can only find one lender, Come-On Finance Limited, willing to grant you an auto loan. In fact, a friend of yours can also give you a helping hand. You are now comparing the following loans under different terms offered by the two parties. Loan 1: Borrow $800,000 from Come-On Finance as an add-on 4% simple interest loan, with quarterly...
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan...
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance charges is done method. Under the discount method, a borrower receives the principal the principal is $10,000 and the finance charges are $400, the borrower will receive $ the way they're computed using the simple interest the finance charges. For example, if The following...
1- Your rich aunt wants to finance four years of college for you. Assuming an annual...
1- Your rich aunt wants to finance four years of college for you. Assuming an annual cost of $19,000, how much money must she put in your college fund now to cover the entire cost of your college education if the fund earns 6% per year. 2- You just bought a used car for $7,000 with no down payment using dealer financing at 5% APR compounded monthly. If you make monthly payments of $500, how many months will it take...
need help
Suppose you take out a 60-month installment loan to finance one year of tuition for $13,100. The payments are $327.50 per month and the total finance charge is $6,550. After 24 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff. $5,476.23 $7,623.77 OOOO $9,406.23 $11,790.00
Karmen borrowed $5378.00 compounded semi-annually to help finance her education. She contracted to repay the loan in semi-annual payments of $259.00 each. If the payments are due at the end of every 6 months and interest is 6% compounded semi-annually, how long will Karmen have to make semi-annual payments? State your answer in years and months (from 0 to 11 months) month(s). year(s) and Karmen will have to make payments for
Karmen borrowed $5378.00 compounded semi-annually to help finance her...
Please post with mathematical
formulas please, not an excel sheet!
1. Mr. X is repaying a loan by monthly payments of $146.75 at a nominal annual rate of 9% compounded monthly. Immediately after one of the pay- ments is made, when Mr. X has still 50 payments ahead of him, the lender lowers the interest rate to 7.8% nominal annual rate compounded monthly. Mr. X chooses to keep the same monthly payments, except the last payment that is larger than...
American School Business Math Exam 2
Business Math Exam 2 Student Number Student Name table on page A13 n the textbo etfer to the Monthly Payment on an Installment Loan of sio0 table on page A13 in the textbook. 16. Antoni Gaudi monthly payments, what $2.650. The store financing requires a l5% down payment and 42 monthly payments. What is the finance chargse? purchased a bedroom set with an installment loan that has an APR of 12%. 17. Louise Bourgeois...
please show all steps
2. You have borrowed a loan form bank for $400,000 to finance a new house. You are required to repay the loan in 360 equal monthly payments starting at the end of month 1. The bank charges an interest rate of 3% APR, compounded monthly. (i) What is the reduction in repayment time if you decide to add $400 to each payment? What is the remaining balance of the loan after 120 payments under (ii) the...
Assume that you want to borrow $800,000 in order to purchase a new car. As you are a fresh graduate, you can only find one lender, Come-On Finance Limited, willing to grant you an auto loan. In fact, a friend of yours can also give you a helping hand. You are now comparing the following loans under different terms offered by the two parties. Loan 1: Borrow $800,000 from Come-On Finance as an add-on 4% simple interest loan, with quarterly...
7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance charges is done method. Under the discount method, a borrower receives the principal the principal is $10,000 and the finance charges are $400, the borrower will receive $ the way they're computed using the simple interest the finance charges. For example, if The following...
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