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A radio commercial for a loan company states: "You only pay 34 a day for each...
Assume a 360 day year. You borrow $450 from your bank for 3 months. The loan...
Assume a 360 day year.
You borrow $450 from your bank for 3 months. The loan agreement states that you must repay the loan at a rate of $150 per month plus interest. The interest rate for the loan is % above the prime interest rate. During the first month the prime rate is 45%, during the second month it is 5%, and during the third month it is 5%. What is the total amount of interest you pay on...
A commercial bank will loan you $27,817 for 3 years to buy a car. The loan...
A commercial bank will loan you $27,817 for 3 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 13.32 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
A commercial bank will loan you $33,732 for 4 years to buy a car. The loan...
A commercial bank will loan you $33,732 for 4 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 7.29 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
A commercial bank will loan you $40,283 for 6 years to buy a car. The loan...
A commercial bank will loan you $40,283 for 6 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 4.81 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
A commercial bank will loan you $50,753 for 3 years to buy a car. The loan...
A commercial bank will loan you $50,753 for 3 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 6.46 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
al. If the loan requires being A company offers to loan $6,000 using a car title...
al. If the loan requires being A company offers to loan $6,000 using a car title as collateral. If the loan paid back $7,500 in 3 months, what simple interest rate did the loan company earn? If the loan company made a similar $6,000 every 3 months for a year, how much total of the year? interest would they earn over the course Exercise 1.2.10. Bobby is buying a house from Ami for $15,000. To complete the sale of a...
Harper Engine Company needs $634,000 to take a cash discount of 2.50/20, net 120. A banker...
Harper Engine Company needs $634,000 to take a cash discount of 2.50/20, net 120. A banker will loan the money for 100 days at an interest cost of $14,700. a. What is the effective rate on the bank loan? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest b. How much would it cost (in percentage terms) if Harper did not take the cash discount...
Harper Engine Company needs $638,000 to take a cash discount of 1.50/15, net 65. A banker...
Harper Engine Company needs $638,000 to take a cash discount of 1.50/15, net 65. A banker will loan the money for 50 days at an interest cost of $16,800. a. What is the effective rate on the bank loan? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest L % b. How much would it cost (in percentage terms) if Harper did not take the...
32 PAYMENTS 33 9) What is the amount of each loan payment: 34 ($32,000) Amount Borrowed...
32 PAYMENTS 33 9) What is the amount of each loan payment: 34 ($32,000) Amount Borrowed 5 Years 4.25% Annual Interest Rate Annual Payments Payment Total Amount Repaid Total Interest Paid 42 43 10) What is the amount of each loan payment: 44 ($32,000) Amount Borrowed 5 Years 3.00% Annual Interest Rate Monthly Payments Payment Total Amount Repaid Total Interest Paid 53 11) You want to borrow $25,000 to buy a car. 54 Bank offers 3.85% interest (montly payments) for...
a. If you borrow $2,900 and agree to repay the loan in six equal annual payments...
a. If you borrow $2,900 and agree to repay the loan in six equal annual payments at an interest rate of 11%, what will your payment be? (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. Amount of payment: b. What will your payment be if you make the first payment on the loan immediately instead of at the end of the first year? (Do not round intermediate calculations. Round your answer to 2 decimal places.)...
Assume a 360 day year.
You borrow $450 from your bank for 3 months. The loan agreement states that you must repay the loan at a rate of $150 per month plus interest. The interest rate for the loan is % above the prime interest rate. During the first month the prime rate is 45%, during the second month it is 5%, and during the third month it is 5%. What is the total amount of interest you pay on...
A commercial bank will loan you $27,817 for 3 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 13.32 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
A commercial bank will loan you $33,732 for 4 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 7.29 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
A commercial bank will loan you $50,753 for 3 years to buy a car. The loan must be repaid in equal monthly payments at the end of the month. The annual interest rate on the loan is 6.46 percent of the unpaid balance. What is the amount of the monthly payments? Round the answer to two decimal places.
al. If the loan requires being A company offers to loan $6,000 using a car title as collateral. If the loan paid back $7,500 in 3 months, what simple interest rate did the loan company earn? If the loan company made a similar $6,000 every 3 months for a year, how much total of the year? interest would they earn over the course Exercise 1.2.10. Bobby is buying a house from Ami for $15,000. To complete the sale of a...
Harper Engine Company needs $634,000 to take a cash discount of 2.50/20, net 120. A banker will loan the money for 100 days at an interest cost of $14,700. a. What is the effective rate on the bank loan? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest b. How much would it cost (in percentage terms) if Harper did not take the cash discount...
Harper Engine Company needs $638,000 to take a cash discount of 1.50/15, net 65. A banker will loan the money for 50 days at an interest cost of $16,800. a. What is the effective rate on the bank loan? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest L % b. How much would it cost (in percentage terms) if Harper did not take the...
32 PAYMENTS 33 9) What is the amount of each loan payment: 34 ($32,000) Amount Borrowed 5 Years 4.25% Annual Interest Rate Annual Payments Payment Total Amount Repaid Total Interest Paid 42 43 10) What is the amount of each loan payment: 44 ($32,000) Amount Borrowed 5 Years 3.00% Annual Interest Rate Monthly Payments Payment Total Amount Repaid Total Interest Paid 53 11) You want to borrow $25,000 to buy a car. 54 Bank offers 3.85% interest (montly payments) for...
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