If $6,000 is borrowed at 8% interest to be paid back over 5 years, how much of the fourth year's installment payment is principal paid?
If $6,000 is borrowed at 8% interest to be paid back over 5 years, how much...
An auto repair shop borrowed $18,000 to be repaid by monthly payments over 7 years. Interest on the loan is 6% compounded monthly. (a) What is the size of the periodic payment? (b) What is the outstanding principal after payment 31? (c) What is the interest paid on payment 32? (d) How much principal is repaid in payment 32?
1. Brenda and Matt borrowed $40,000 from the Farm Service Agency for spring crop inputs, at 8% annual interest rate. They took out the loan on March 1 and paid it back on December 10, 285 days later. How much did they have to repay? Principal Interest TotalS 2. They also borrowed $12,000 from Farm Credit Services to buy some sows. They agreed to pay it back with 3 annual payments, plus 8% interest on the remaining loan balance. If...
CTL (Concrete Testing Lab) borrowed $120,000 for new equipment at 12% per year, compounded quarterly. It is to be paid back over 4 years in equal quarterly payments. How much interest is in the 6th payment? $ How much principal is in the 6th payment? $ What principal is owed immediately following the 6th payment?
2. You borrowed $6,000.00 for 5 years at 7% annual interest rate. The banker said that to repay the total loan amount you have to pay $1,463 at the end of each year. a) Draw a time line depicting this cash low b) Build a table to determine how much of the annual payment is interest, and 2 how much principal is there in each annual payment. 4
1. Create an amortization payment table to pay back a loan of 10000 over 4 years at an interest rate of 8% per year. Table should include the Payment, Interest, Principal Repaid, Outstanding Balance for each year.
CTL (Concrete Testing Lab) borrowed $40,000 for new equipment at 11% per year, compounded quarterly. It is to be paid back over 3 years in equal quarterly payments. a.How much interest is in the 6th payment? b.How much principal is in the 6th payment? c.What principal is owed immediately following the 6th payment?
1.Calculate the amount of interest that will be paid on a motorcycle loan of $9,000 with a simple interest rate of 7% over the course of 5 years. 2.Calculate the amount of interest that will be paid on a house that costs $110,000 with a simple interest rate of 4% over 30 years. How much total will eventually be paid for the house? 3.A pontoon boat is being sold for $65,000. With an offer of 6% APR (simple interest)for 10...
You borrowed $100,000 exactly 5 years ago. The loan is structured as an amortized loan. The interest rate is 7% and you make quarterly (end-of-quarter) payments of $2124.88. The loan is amortized over 25 years. How much principal have you paid over the first 5 years? Use Excel to calculate. Please show all Excel formulas.
Lyon, Tigah, Barry, and Dorthe each borrow $3,500 and plan to pay it back over 2 years at 7% interest. 3. , What is the total interest that each one pays over the life of the loan if the interest rate is compounded quarterly? [20] .Lyon pays back his loan in one payment at the end of 2 years. " Tigah pays back her loan with annual interes t payments and the principal payment at the end of 2 years....
An firm borrowed $203,000 to remodel their office. The load was to be paid back in equal monthly payments over 30 years at 5% interest, compounded monthly. After 12 years, the firm wants to pay off the loan. What is the remaining balance that must be paid off? Express your answer in $ to the nearest $1,000.