Homework Answers
Month Interest Principal Balance
0 9500
1 71.25 49.09 9450.91
2 70.88 49.46 9401.45
...
119 1.79 118.56 119.45
120 0.90 119.45 0
Consider a student loan of $17,500 at a fixed APR of 9% for 5 years. a....
Consider a student loan of $17,500 at a fixed APR of 9% for 5 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. . (Do not round until the final answer. Then round to the nearest cent as needed.)
Consider a student loan of $17,500 at a fixed APR of 12% for 25 years. a....
Consider a student loan of $17,500 at a fixed APR of 12% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. (Do not round until the final answer. Then round to the nearest cent as needed.)
Find the savings plan balance after 6 months with an APR of 8% and monthly payments...
Find the savings plan balance after 6 months with an APR of 8% and monthly payments of $300. The balance is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer. Clear All All parts showing O Find the savings plan balance after 6 months with an APR of 8% and monthly payments of $300. The balance is $1! (Do not round...
Consider the following loan. Complete parts (a)-(c) below An individual borrowed $73,000 at an APR of 7 % , which w...
Consider the following loan. Complete parts (a)-(c) below An individual borrowed $73,000 at an APR of 7 % , which will be paid off with monthly payments of $595 for 18 years. a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ the annual interest rate is the number of payments per year is the loan term is years, and the payment amount...
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...
consider a home mortgage of 225000 at a fixed apr 4.5% for 25 years... I need...
consider a home mortgage of 225000 at a fixed apr 4.5% for 25
years... I need all
ai2 Me·4.D-S Calculate loan payments, tota This Question: 1 pt 1 of Consider a home mortgage of $225,000 at a fixed APR of 4 5% for 25 years. a. Calculate the monthly payment b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid...
Consider a home mortgage of $250,000 at a fixed APR of 3% for 25 years. a....
Consider a home mortgage of $250,000 at a fixed APR of 3% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ 1,185.53 (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total amount paid over...
1.) Consider a home mortgage of $150,000 at a fixed APR of 6% for 15 years....
1.) Consider a home mortgage of $150,000 at a fixed APR of 6% for 15 years. -. Calculate the monthly payment. -. Determine the total amount paid over the term of the loan. - Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is what? (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total amount paid over...
2. For the following annuity due, determine the nominal annual rate of interest. Future Value Term...
2. For the following annuity due, determine the nominal annual rate of interest. Future Value Term Present Value Periodic Rent Payment Period Conversion Period monthly $2,581 $540 1 year 4 years %. The nominal annual rate of interest is (Round to two decimal places as needed.) 3. A company borrowed $13,000 paying interest at 8% compounded quarterly. If the loan is repaid by payments of $1800 made at the end of each 3 months, construct a partial amortization schedule showing...
A local start-up company bought an equipment for $1,200,000. It is financed at a 9% APR....
A local start-up company bought an equipment for $1,200,000. It is financed at a 9% APR. The term of payments is monthly equal payment for five years. You have been consulted to develop a payment plan that will enable the start-up to determine the amount that go into the payment of the principal amount, amount paid in interest, and the loan balance. Use the table below as a guide to develop the payment schedule. (Hint: 9% APR is equivalent to...
Find the savings plan balance after 6 months with an APR of 8% and monthly payments of $300. The balance is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Enter your answer in the answer box and then click Check Answer. Clear All All parts showing O Find the savings plan balance after 6 months with an APR of 8% and monthly payments of $300. The balance is $1! (Do not round...
Consider the following loan. Complete parts (a)-(c) below An individual borrowed $73,000 at an APR of 7 % , which will be paid off with monthly payments of $595 for 18 years. a. Identify the amount borrowed, the annual interest rate, the number of payments per year, the loan term, and the payment amount. The amount borrowed is $ the annual interest rate is the number of payments per year is the loan term is years, and the payment amount...
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...
consider a home mortgage of 225000 at a fixed apr 4.5% for 25
years... I need all
ai2 Me·4.D-S Calculate loan payments, tota This Question: 1 pt 1 of Consider a home mortgage of $225,000 at a fixed APR of 4 5% for 25 years. a. Calculate the monthly payment b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid...
Consider a home mortgage of $250,000 at a fixed APR of 3% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. a. The monthly payment is $ 1,185.53 (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total amount paid over...
2. For the following annuity due, determine the nominal annual rate of interest. Future Value Term Present Value Periodic Rent Payment Period Conversion Period monthly $2,581 $540 1 year 4 years %. The nominal annual rate of interest is (Round to two decimal places as needed.) 3. A company borrowed $13,000 paying interest at 8% compounded quarterly. If the loan is repaid by payments of $1800 made at the end of each 3 months, construct a partial amortization schedule showing...
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