Malcolm is offered a loan of $20,200 that requires 60 monthly payments of $427.21. What is...
Malcolm is offered a loan of $20,200 that requires 60 monthly
payments of $427.21.
What is the effective annual interest rate on this loan?
(Round intermediate calculations to 5 decimal places,
e.g. 5.12534% and final answer to 2 decimal places, e.g.
25.12%.)
What would the quoted rate be? (Round answer to 2
decimal places, e.g. 25.12%. Do not round your intermediate
calculations.)
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Malcolm is offered a loan of $20,200 that requires 60 monthly
payments of $427.21.
What is...
A loan is offered with monthly payments and a 12.00 percent APR. What's the loan's effective...
A loan is offered with monthly payments and a 12.00 percent APR. What's the loan's effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Effective annual rate %
A loan is offered with monthly payments and a 15.50 percent APR. What's the loan's effective...
A loan is offered with monthly payments and a 15.50 percent APR. What's the loan's effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Efective annual rate %
A loan is offered with monthly payments and a 17.00 percent APR. What’s the loan’s effective...
A loan is offered with monthly payments and a 17.00 percent APR. What’s the loan’s effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Assume you take out a car loan of $7,900 that calls for 60 monthly payments of...
Assume you take out a car loan of $7,900 that calls for 60 monthly payments of $230 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) *what is Effective interest rate?? b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)...
A loan is offered with monthly payments and a 12.50 percent APR. What’s the loan’s effective annual rate (EAR)? (Do not...
A loan is offered with monthly payments and a 12.50 percent APR. What’s the loan’s effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
You take out an $8,600 car loan that calls for 48 monthly payments starting after 1...
You take out an $8,600 car loan that calls for 48 monthly
payments starting after 1 month at an APR of 6%. a. What is your
monthly payment? (Do not round intermediate calculations. Round
your answer to 2 decimal places.) b. What is the effective annual
interest rate on the loan? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal places.) c. Now
assume the payments are made in four annual year-end installments.
What...
Problem 6-20 Calculating Loan Payments (LO2, 4) You want to buy a new sports coupe for...
Problem 6-20 Calculating Loan Payments (LO2, 4) You want to buy a new sports coupe for $87.500, and the finance office at the dealership has quoted you an APR of 6.9 percent for a 48 month loan to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round Intermediate calculations. Enter your...
You want to buy a new sports coupe for $75,500, and the finance office at the...
You want to buy a new sports coupe for $75,500, and the finance office at the dealership has quoted you a 5.7 percent APR loan for 60 months to buy the car. What will your monthly payments be? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)) Monthly payment $ What is the effective annual rate on this loan? (Do not round intermediate calculations and round your final answer to 2 decimal...
You take out a $7,400 car loan that calls for 36 monthly payments starting after 1...
You take out a $7,400 car loan that calls for 36 monthly payments starting after 1 month at an APR of 9%. a. What is your monthly payment? (Do not round intermediate calculations. Round your answer to 2 decimal places.) - monthly payment? b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent -effective annual interest rate?? c. Now assume the payments are made in four annual year-end...
To borrow $1,450, you are offered an add on interest loan at 8.5 percent with 12 monthly payments
To borrow $1,450, you are offered an add on interest loan at 8.5 percent with 12 monthly payments. Compute the 12 equal payments. (Round your answer to 2 decimal places.) Use the amount you borrowed and the monthly payments you computed to calculate the APR of the loan. Then, use that APR to compute the EAR of the loan. (Do not round intermediate calculations and round your answer to 2 decimal places.)
A loan is offered with monthly payments and a 12.00 percent APR. What's the loan's effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Effective annual rate %
A loan is offered with monthly payments and a 15.50 percent APR. What's the loan's effective annual rate (EAR)? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Efective annual rate %
You take out an $8,600 car loan that calls for 48 monthly
payments starting after 1 month at an APR of 6%. a. What is your
monthly payment? (Do not round intermediate calculations. Round
your answer to 2 decimal places.) b. What is the effective annual
interest rate on the loan? (Do not round intermediate calculations.
Enter your answer as a percent rounded to 2 decimal places.) c. Now
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What...
Problem 6-20 Calculating Loan Payments (LO2, 4) You want to buy a new sports coupe for $87.500, and the finance office at the dealership has quoted you an APR of 6.9 percent for a 48 month loan to buy the car. a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the effective annual rate on this loan? (Do not round Intermediate calculations. Enter your...
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