A student takes out a loan of $2000 at the beginning of each semester (semi-annually) for...
A student takes out a loan of $2000 at the beginning of each semester (semi-annually) for 11 semesters to pay for college. The loan charges 4.4% interest compounded semiannually. The student graduates after the 11 semesters and refinances the loan to a lower 3.7% rate compounded monthly with monthly payments (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid.
Homework Answers
Add Answer to:
A student takes out a loan of $2000 at the beginning of each
semester (semi-annually) for...
Instructor-created question Question Help A student takes out a loan of $2,600 at the beginning of...
Instructor-created question Question Help A student takes out a loan of $2,600 at the beginning of each semester (semi-annually) for 11 semesters to pay for college. The loan charges 7.4% interest compounded semiannually. The student graduates after the 11 semesters and refinances the loan to a lower 6.7% rate compounded monthly with monthly payment (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid The monthly payment is $ (Round to...
Karmen borrowed $5378.00 compounded semi-annually to help finance her education. She contracted to repay the loan i...
Karmen borrowed $5378.00 compounded semi-annually to help finance her education. She contracted to repay the loan in semi-annual payments of $259.00 each. If the payments are due at the end of every 6 months and interest is 6% compounded semi-annually, how long will Karmen have to make semi-annual payments? State your answer in years and months (from 0 to 11 months) month(s). year(s) and Karmen will have to make payments for
Karmen borrowed $5378.00 compounded semi-annually to help finance her...
A student takes out a college loan of $6000 at an annual percentage rate of 5%,...
A student takes out a college loan of $6000 at an annual percentage rate of 5%, compounded monthly. a. If the student makes payments of $800 per month, how much, to the nearest dollar, does the student owe after 4 months? Don't round until the end. Enter an integer or decimal number [more.. b. After how many months will the loan be paid off?
4 of 13 A loan of $24,100 at 3.28% compounded semi-annually is to be repaid with...
4 of 13 A loan of $24,100 at 3.28% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 4 years. a. Calculate the size of the periodic payment. Round to the nearest cent h Caleulata tha tatalintanant naid a. Calculate the size of the periodic payment. Round to the nearest cent b. Calculate the total interest paid. Round to the nearest cent
A $33,950 loan at 10.6% compounded semi-annually is to be paid off by a series of...
A $33,950 loan at 10.6% compounded semi-annually is to be paid off by a series of $4,000 payments that will be made at the end of every six months. How much of the first payment will be credited towards reduction of the principal?
A loan of $1730 at 9.75% interest compounded semi-annually is to be repaid in four years...
A loan of $1730 at 9.75% interest compounded semi-annually is to be repaid in four years in equal semi-annual payments. Complete an amortization schedule for the first four payments of the loan. Adjust the final payment so the balance is zero. Fill out the amortization schedule below. (Round to the nearest cent as needed. Do not include the $ symbol in your answers.) Payment Amount of Interest for Portion to Principal at Number End of Payment Period Principal Period $1730...
Question 15 Jenny takes out a loan of $27,000 from Bendigo Bank for her small business...
Question 15 Jenny takes out a loan of $27,000 from Bendigo Bank for her small business at 11.00% p.a. compounded monthly and promises to pay it back over six years with equal monthly payments. Twenty-two months after taking out the loan (just after the twenty-second payment is made), she decides to refinance her loan at a lower rate of 8.00% p.a. compounded monthly offered by Qudos Bank for the remaining term of the loan. Assuming she can do so immediately...
A loan charging 6% interest compounded semi-annually, was repaid in three installments in 1 year: one...
A loan charging 6% interest compounded semi-annually, was repaid in three installments in 1 year: one $300 payment after 6 months; one $500 payment after 8 months; and a final payment of $1200 at the end of the year. What was the value of the original loan?
Part 1 Suppose a graduate student receives a non-subsidized student loan of $13,000 for each of...
Part 1 Suppose a graduate student receives a non-subsidized student loan of $13,000 for each of the 4 years the student pursues a PhD. If the annual interest rate is 5% and the student has a 10-year repayment program, what are the student's monthly payments on the loans after graduation? (Round your answer to the nearest cent.) $____________ Part 2 Samuel Ng received a 3-year subsidized student loan of $12,000 at an annual interest rate of 5%. What are Samuel's...
3) Ravi invests $10,000 in an investment account that pays 4% compounded semi- annually. Ravi takes each interest p...
3) Ravi invests $10,000 in an investment account that pays 4% compounded semi- annually. Ravi takes each interest payment and invests it in a savings account that pays 1% compounded monthly. a) How much money does Ravi have at the end of 10 years? b) What is the effective annual rate he earned over 10 years?
Instructor-created question Question Help A student takes out a loan of $2,600 at the beginning of each semester (semi-annually) for 11 semesters to pay for college. The loan charges 7.4% interest compounded semiannually. The student graduates after the 11 semesters and refinances the loan to a lower 6.7% rate compounded monthly with monthly payment (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid The monthly payment is $ (Round to...
Karmen borrowed $5378.00 compounded semi-annually to help finance her education. She contracted to repay the loan in semi-annual payments of $259.00 each. If the payments are due at the end of every 6 months and interest is 6% compounded semi-annually, how long will Karmen have to make semi-annual payments? State your answer in years and months (from 0 to 11 months) month(s). year(s) and Karmen will have to make payments for
Karmen borrowed $5378.00 compounded semi-annually to help finance her...
A student takes out a college loan of $6000 at an annual percentage rate of 5%, compounded monthly. a. If the student makes payments of $800 per month, how much, to the nearest dollar, does the student owe after 4 months? Don't round until the end. Enter an integer or decimal number [more.. b. After how many months will the loan be paid off?
4 of 13 A loan of $24,100 at 3.28% compounded semi-annually is to be repaid with payments at the end of every 6 months. The loan was settled in 4 years. a. Calculate the size of the periodic payment. Round to the nearest cent h Caleulata tha tatalintanant naid a. Calculate the size of the periodic payment. Round to the nearest cent b. Calculate the total interest paid. Round to the nearest cent
A loan of $1730 at 9.75% interest compounded semi-annually is to be repaid in four years in equal semi-annual payments. Complete an amortization schedule for the first four payments of the loan. Adjust the final payment so the balance is zero. Fill out the amortization schedule below. (Round to the nearest cent as needed. Do not include the $ symbol in your answers.) Payment Amount of Interest for Portion to Principal at Number End of Payment Period Principal Period $1730...
Question 15 Jenny takes out a loan of $27,000 from Bendigo Bank for her small business at 11.00% p.a. compounded monthly and promises to pay it back over six years with equal monthly payments. Twenty-two months after taking out the loan (just after the twenty-second payment is made), she decides to refinance her loan at a lower rate of 8.00% p.a. compounded monthly offered by Qudos Bank for the remaining term of the loan. Assuming she can do so immediately...
3) Ravi invests $10,000 in an investment account that pays 4% compounded semi- annually. Ravi takes each interest payment and invests it in a savings account that pays 1% compounded monthly. a) How much money does Ravi have at the end of 10 years? b) What is the effective annual rate he earned over 10 years?
Most questions answered within 3 hours.
-
Batteries play an important role in our everyday lives. From
making many devices mobile, to allowing...
asked 21 seconds ago -
Determine the pHpH of an HFHF solution of each of the following
concentrations. The KAKA value...
asked 3 minutes ago -
Two point charges of 7.0mL are initially 11.5m apart. What is
the change in potential energy...
asked 4 minutes ago -
It is possible to iterate through an array quickly and easily
using a loop?
asked 8 minutes ago -
Please write as a short answer
You have heartburn and a two hour working session on...
asked 9 minutes ago -
Please solve with excel and mention the excel function.
Thanks
Kevin deposits $10,000 in a savings...
asked 10 minutes ago -
Which Special Journal would the following transaction be
journalized in?
Sold merchandise on account to Customer...
asked 22 minutes ago -
Assuming 100% dissociation, calculate the freezing point (?fTf)
and boiling point (?bTb) of 1.45 ? K3PO4(aq)1.45...
asked 25 minutes ago -
An inflated helium balloon with a volume of 0.35L at
sea level (1.0 atm) was allowed...
asked 27 minutes ago -
Python 3.0 Please
Write a function that takes, as arguments, a binary string, a
list of...
asked 55 minutes ago -
(a) Calculate the momentum of a 2150 kg elephant charging a
hunter at a speed of...
asked 42 minutes ago -
all the following is an example of a fixed cost except: any cost
that changes in...
asked 44 minutes ago