Prepare an amortization schedule for a simple interest amortized loan of $6000 to be paid back...
Prepare an amortization schedule for a simple interest amortized loan of $6000 to be paid back with four monthly payments at 9.125% interest. When calculating the first interest portion, round 45.625 down to 45.62
Homework Answers
Add Answer to:
Prepare an amortization schedule for a simple interest amortized
loan of $6000 to be paid back...
Prepare the first row of a loan amortization schedule based on the following information. The loan...
Prepare the first row of a loan amortization schedule based on the following information. The loan amount is for $31,060 with an annual interest rate of 11.00%. The loan will be repaid over 28 years with monthly payments. a) What is the Loan Payment? b) What portion of this payment is Interest? c) What portion of this payment is Principal? d) What is the Loan balance after first monthly payment?
The following loan is a simple interest amortized loan with monthly payments. The following loan is...
The following loan is a simple interest amortized loan with
monthly payments.
The following loan is a simple interest amortized loan with monthly payments. $289,000, 102%, 35 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $
Please show the works P5-48 Loan amortization schedule Joan Messineo borrowed $45,000 at a 4% annual...
Please show the works
P5-48 Loan amortization schedule Joan Messineo borrowed $45,000 at a 4% annual rate of interest that she must repay over 3 years. The loan is amortized into three equal, end-of-year payments. a. Calculate the end-of-year loan payment. b. Prepare a loan amortization schedule showing the interest and principal break- down of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time.
Loan Amortization Schedule You purchase a fully loaded Honda Accord with an MSRP of $32,000 for...
Loan Amortization Schedule You purchase a fully loaded Honda Accord with an MSRP of $32,000 for $27,000. You pay the 3% tax of $810 up front and put down $5,000. The dealer offers a simple interest installment loan with an annual rate of 5% for 3 years. The projected resale value of the car after 2 years is $17,000. Compute the loan value and monthly loan payments. (10 pts) Create a monthly amortization schedule over the entire loan period. (10...
(Round to the nearest cent) Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $46,000 at...
(Round to the nearest
cent)
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. a. 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.
Wade Ellis buys a new car for $16,135.79. He puts 10% down and obtains a simple...
Wade Ellis buys a new car for $16,135.79. He puts 10% down and obtains a simple interest amortized loan for the rest at 11 1/2 (a) Find his monthly payment. interest for four years. (Round your answers to the nearest cent.) (b) Find the total interest. (c) Prepare an amortization schedule for the first two months of the loan. Payment Number Principal Portion Interest Portion Total Payment Balance 0 $ 1 $ $ $ $ 2 $ $ $ $
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $49 comma 00049,000 at a 66% annual...
Loan amortization schedule Personal Finance Problem Joan Messineo borrowed $49 comma 00049,000 at a 66% annual rate of interest to be repaid over 3 years. The loan is amortized into three equal, annual, end-of-year payments. a. 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...
Given the annual interest rate and a line of an amortization schedule for that loan, complete...
Given the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Annual Interest Rate Payment $524.49 Interest Paid $43.29 Paid on Principal $481.20 Balance $8,040.03 out the amortization schedule below. Payment Balance Annual interest Rate 6.1% Interest Paid $43.29 Paid on Principal $481.20 $8.040.03 $524.49 $ 524.49 Round to the nearest cent as needed.
Amortized loan: The next three questions will be based on the following information. Prepare an amortization...
Amortized loan: The next three questions will be based on the following information. Prepare an amortization schedule for a three-year loan of $100,000. The interest rate is 8% per year, and the loan calls for equal annual payment. For the above loan, how much is the total interest paid over three years?
Amortization with Equal Payments [LO3] Prepare an amortization schedule for a five-year loan of $71,500. The...
Amortization with Equal Payments [LO3] Prepare an amortization schedule for a five-year loan of $71,500. The interest rate is 7 percent per year, and the loan calls for equal annual payments. How much interest is paid in the third year? How much total interest is paid over the life of the loan?
The following loan is a simple interest amortized loan with
monthly payments.
The following loan is a simple interest amortized loan with monthly payments. $289,000, 102%, 35 years (a) Find the monthly payment. (Give your answer to the nearest cent.) Payment $ (b) Find the total interest for the given simple interest amortized loan. (Give your answer to the nearest cent.) Total interest $
Please show the works
P5-48 Loan amortization schedule Joan Messineo borrowed $45,000 at a 4% annual rate of interest that she must repay over 3 years. The loan is amortized into three equal, end-of-year payments. a. Calculate the end-of-year loan payment. b. Prepare a loan amortization schedule showing the interest and principal break- down of each of the three loan payments. c. Explain why the interest portion of each payment declines with the passage of time.
(Round to the nearest
cent)
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. a. 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.
Given the annual interest rate and a line of an amortization schedule for that loan, complete the next line of the schedule. Assume that payments are made monthly. Annual Interest Rate Payment $524.49 Interest Paid $43.29 Paid on Principal $481.20 Balance $8,040.03 out the amortization schedule below. Payment Balance Annual interest Rate 6.1% Interest Paid $43.29 Paid on Principal $481.20 $8.040.03 $524.49 $ 524.49 Round to the nearest cent as needed.
Most questions answered within 3 hours.
-
A sock stuck to the side of a clothes-dryer barrel has a
centripetal acceleration of 24...
asked 2 minutes ago -
A perfect gas undergoes an isentropic process such that its
volume doubles. If the ratio of...
asked 22 minutes ago -
list the elements in groups 3A to 6A in the same order as in the
periodic...
asked 31 minutes ago -
Estimating effect size. Peng and Chen (2014)
evaluated effect size estimates for various tests. In their...
asked 41 minutes ago -
Write a script in MySQL that creates and calls a stored
procedure name test. This procedure...
asked 42 minutes ago -
If we test the following: H0: μ = 17
vs. H1: μ ≠ 17 and the...
asked 52 minutes ago -
in the past year TVG had revenues of 3 million, cost
of goods sold of $25...
asked 58 minutes ago -
4) In a polypeptide, which bond cannot rotate because of its
partial double bond character?
The...
asked 1 hour ago -
Assume that in the short run L = 1,000 and K = 100. 1. What is...
asked 1 hour ago -
At a given temperature, 2.06 atm of H2 and 3.7 atm of Br2 are
mixed and...
asked 1 hour ago -
Sodium reacts with Hydrochloric acid to form sodium chloride and
hydrogen gas. 2Na(s)+ 2 HCl(aq)-> 2...
asked 1 hour ago -
The following circuits (1 & 2) are combined to form a
series-parallel circuit and resulting circuit...
asked 1 hour ago