Homework Answers
As per rules I am answering the first 4 subparts of the question:
1: similar to; minus; 9600
(The finance charges are calculated as simple interest. Hence loan disbursed = Loan amount- finance charges= 10000-400 = 9600)
2: Equation :
Fd= Fs = P*r*t
(This is the simple interest equation)
3: Principal
(P is the principal amount of loan)
4: Annual
(R is the annual rate of interest)
5: Years
(T is the number of years of the loan)
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7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan...
6. Calculating simple interest and APR on a single-payment loan Aa Aa E You are taking...
6. Calculating simple interest and APR on a single-payment loan Aa Aa E You are taking out a single-payment loan that uses the simple interest method to compute the finance charge. You need to figure out what your payment will be when the loan comes due. The equation to calculate the finance charge is: In the equation, Fs is the finance charge for the loan. What are the other values? P is the r is the stated t is the...
Drop down options: 1. the same as, differently from 2. less, plus 3. $9280, $6720 4....
Drop down options:
1. the same as, differently from
2. less, plus
3. $9280, $6720
4. -, x, /, +
5. -, x, /, +
6. principal, payback
7. annual, monthly
8. months, years
9. principal, loan disbursement
10. higher than, the same as, lower than
7. Calculating finance charges using the discount method and APRon a single payment loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance...
A single-payment loan is advantageous to a borrower only if: a. the interest rate is more...
A single-payment loan is advantageous to a borrower only if: a. the interest rate is more than that on an installment loan offered by commercial banks. b. funds are expected to be available in the future to repay the loan in a lump sum. c. the finance charges are calculated using the discount method. d. the finance charges are calculated using the simple interest method. e. it has a collateral note.
In a discount interest loan, you pay the interest payment up front. For example, if a...
In a discount interest loan, you pay the interest payment up
front. For example, if a 1-year loan is stated as $50,000 and the
interest rate is 7.50%, the borrower “pays” 0.0750 × $50,000 =
$3,750 immediately, thereby receiving net funds of $46,250 and
repaying $50,000 in a year.
a. What is the effective interest rate on this
loan? (Do not round intermediate calculations. Enter your
answer as a percent rounded to 2 decimal places.)
b. What is the effective...
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...
QUESTION 4 You are given two loans, with each loan to be repaid by a single payment in the future. Each payment include...
QUESTION 4 You are given two loans, with each loan to be repaid by a single payment in the future. Each payment includes both principal and interest. The first loan is repaid by a 3000 payment at the end of four years. The interest is accrued at an annual nominal rate of discount equal to 5% compounded semiannually. The second loan is repaid by a 4000 payment at the end of five years. The interest is accrued at an annual...
Drop down options: 1. Garret, Mike 2. add-on, simple interest Ch 07: Assignment - Using Consumer...
Drop down options:
1. Garret, Mike
2. add-on, simple interest
Ch 07: Assignment - Using Consumer Loans 10. Comparing payments on installment loans when using the simple interestor add-on methods to compute finance charges Comparing Loan Payments Using the simple interest and Add-on Methods of Interest Computation Installment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a fixed amount periodically...
8. Calculating an installment loan payment using simple interest Calculating the Loan Payment on a Simple-Interest...
8. Calculating an installment loan payment using simple interest Calculating the Loan Payment on a Simple-Interest Installment Loan Instaliment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a fixed amount periodically (usually monthly) than budget for paying one big amount in the future. Interest on installment loans may be computed using the simple interest method or the add-on method. For...
You are a new loan officer with Alpha Mortgage, and the manager of the loan department...
You are a new loan officer with Alpha Mortgage, and the manager of the loan department has just presented a problem to you. He is unable to complete the APR calculation on an adjustable rate mortgage that a borrower applied for yesterday. The loan features initial payments based on a 10 percent rate of interest, while the current composite rate on the loan is 13 percent. No discount points have been paid by any party to the transaction, and any...
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at a 4% annual rate of...
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at a 4% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual end-of-year payments Calculate the annual end of year loan payment b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time. a. The amount of the...
6. Calculating simple interest and APR on a single-payment loan Aa Aa E You are taking out a single-payment loan that uses the simple interest method to compute the finance charge. You need to figure out what your payment will be when the loan comes due. The equation to calculate the finance charge is: In the equation, Fs is the finance charge for the loan. What are the other values? P is the r is the stated t is the...
Drop down options:
1. the same as, differently from
2. less, plus
3. $9280, $6720
4. -, x, /, +
5. -, x, /, +
6. principal, payback
7. annual, monthly
8. months, years
9. principal, loan disbursement
10. higher than, the same as, lower than
7. Calculating finance charges using the discount method and APRon a single payment loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance...
In a discount interest loan, you pay the interest payment up
front. For example, if a 1-year loan is stated as $50,000 and the
interest rate is 7.50%, the borrower “pays” 0.0750 × $50,000 =
$3,750 immediately, thereby receiving net funds of $46,250 and
repaying $50,000 in a year.
a. What is the effective interest rate on this
loan? (Do not round intermediate calculations. Enter your
answer as a percent rounded to 2 decimal places.)
b. What is the effective...
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...
QUESTION 4 You are given two loans, with each loan to be repaid by a single payment in the future. Each payment includes both principal and interest. The first loan is repaid by a 3000 payment at the end of four years. The interest is accrued at an annual nominal rate of discount equal to 5% compounded semiannually. The second loan is repaid by a 4000 payment at the end of five years. The interest is accrued at an annual...
Drop down options:
1. Garret, Mike
2. add-on, simple interest
Ch 07: Assignment - Using Consumer Loans 10. Comparing payments on installment loans when using the simple interestor add-on methods to compute finance charges Comparing Loan Payments Using the simple interest and Add-on Methods of Interest Computation Installment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a fixed amount periodically...
8. Calculating an installment loan payment using simple interest Calculating the Loan Payment on a Simple-Interest Installment Loan Instaliment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a fixed amount periodically (usually monthly) than budget for paying one big amount in the future. Interest on installment loans may be computed using the simple interest method or the add-on method. For...
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at a 4% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual end-of-year payments Calculate the annual end of year loan payment b. Prepare a loan amortization schedule showing the interest and principal breakdown of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time. a. The amount of the...
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