Homework Answers
Simple interest=Principal*Interest Rate*Time period
1181=35000*Interest Rate*(3/12)
1181=8750*Interest Rate
Interest Rate=(1181/8750)
=13.50%(Approx).
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17. You borrow $35,000 for 3 months and pay $1,181 in interest. What simple interest rate...
You owe the bank $2000 in 9 months. Instead you negotiate with the bank to pay $1200 in 3 months and $X in 7 months to fully pay off the loan. Using a simple discount rate of d = 9% and a focal date o...
You owe the bank $2000 in 9 months. Instead you negotiate with
the bank to pay $1200 in 3 months and $X in 7 months to
fully pay off the loan. Using a simple discount rate of d
= 9% and a focal date of 7 months from now, what is
X?
You owe the bank $2000 ın 9 months. Instead you negotiate with the bank to pay $1200in 3 months and $Xin 7 months to fully pay off the...
Please Help. 17. You borrow $A at an interest rate of r% (per month) and pay it off over t months by making monthly payments of P-g(A,r, t) dollars. In financial terms, what do the following statem...
Please Help.
17. You borrow $A at an interest rate of r% (per month) and pay it off over t months by making monthly payments of P-g(A,r, t) dollars. In financial terms, what do the following statements tell you? (a) g(8000, 1,24)- 376.59 (b) O9 -0.047 (8000,1,24) -44.83 or (8000,1,24)
17. You borrow $A at an interest rate of r% (per month) and pay it off over t months by making monthly payments of P-g(A,r, t) dollars. In financial terms,...
3. You plan to borrow $35,000 at a 5% annual interest rate. The terms require you to amortize the loan with 7 cqual...
3. You plan to borrow $35,000 at a 5% annual interest rate. The terms require you to amortize the loan with 7 cqual end-of-year payments. How much total interest would you be paying after the first two years and after 7 years?
Suppose you borrow $710 for a term of four years at simple interest with an APR...
Suppose you borrow $710 for a term of four years at simple interest with an APR of 3.51%. Determine the total you must pay back on the loan. - A particular payday loan company offers quick, short-term loans using the borrower's future paychecks as collateral. The loan company charges $17 for each $120 loaned for a term of 16 days. Find the APR charged by the payday loan company. Suppose you borrow $710 for a term of four years at...
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...
2-2 You borrow $20,000 at an annual interest rate of 8%. You will pay the loan...
2-2 You borrow $20,000 at an annual interest rate of 8%. You will pay the loan back in two equal payments at the end of year 1 and year 4. a. Calculate the amount to be paid each year using the factor tables. b. Draw the fully labeled cash flow diagram. c. Complete the following table: BOY alanceamount BOY+Interest)Payment Interest Total Balance f) 3 4
Suppose you borrow $950 for a term of three years at simple interest and 5.65% APR....
Suppose you borrow $950 for a term of three years at simple interest and 5.65% APR. Determine the total (principal plus interest) you must pay back on the loan. The total (principal plus interest) you must pay back on the loan is $_.
You borrow $25,000 for 9 months at an annual interest rate of 10%. What is your...
You borrow $25,000 for 9 months at an annual interest rate of 10%. What is your interest expense?
Your company plans to borrow $5 million for 12 months, and your banker gives you a...
Your company plans to borrow $5 million for 12 months, and your banker gives you a stated rate of 17 percent interest Calculate the effective rate of interest for the following types of loans. a. Simple 17 percent interest with a compensating balance of 8 percent (Use a 360-day year. Input your answer as a percent rounde Effective rate of interest 18.48% b. Discounted interest (with no compensating balance). (Input your answer as percent rounded to 2 decimal places) Effective...
17. You borrow $196,000 to buy a house. The annual mortgage rate is 5% and the...
17. You borrow $196,000 to buy a house. The annual mortgage rate is 5% and the loan period is 25 years. Payments are made monthly. If you pay the mortgage according to the loan agreement, how much payment will you pay each month?
You owe the bank $2000 in 9 months. Instead you negotiate with
the bank to pay $1200 in 3 months and $X in 7 months to
fully pay off the loan. Using a simple discount rate of d
= 9% and a focal date of 7 months from now, what is
X?
You owe the bank $2000 ın 9 months. Instead you negotiate with the bank to pay $1200in 3 months and $Xin 7 months to fully pay off the...
Please Help.
17. You borrow $A at an interest rate of r% (per month) and pay it off over t months by making monthly payments of P-g(A,r, t) dollars. In financial terms, what do the following statements tell you? (a) g(8000, 1,24)- 376.59 (b) O9 -0.047 (8000,1,24) -44.83 or (8000,1,24)
17. You borrow $A at an interest rate of r% (per month) and pay it off over t months by making monthly payments of P-g(A,r, t) dollars. In financial terms,...
3. You plan to borrow $35,000 at a 5% annual interest rate. The terms require you to amortize the loan with 7 cqual end-of-year payments. How much total interest would you be paying after the first two years and after 7 years?
Suppose you borrow $710 for a term of four years at simple interest with an APR of 3.51%. Determine the total you must pay back on the loan. - A particular payday loan company offers quick, short-term loans using the borrower's future paychecks as collateral. The loan company charges $17 for each $120 loaned for a term of 16 days. Find the APR charged by the payday loan company. Suppose you borrow $710 for a term of four years at...
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...
2-2 You borrow $20,000 at an annual interest rate of 8%. You will pay the loan back in two equal payments at the end of year 1 and year 4. a. Calculate the amount to be paid each year using the factor tables. b. Draw the fully labeled cash flow diagram. c. Complete the following table: BOY alanceamount BOY+Interest)Payment Interest Total Balance f) 3 4
Your company plans to borrow $5 million for 12 months, and your banker gives you a stated rate of 17 percent interest Calculate the effective rate of interest for the following types of loans. a. Simple 17 percent interest with a compensating balance of 8 percent (Use a 360-day year. Input your answer as a percent rounde Effective rate of interest 18.48% b. Discounted interest (with no compensating balance). (Input your answer as percent rounded to 2 decimal places) Effective...
17. You borrow $196,000 to buy a house. The annual mortgage rate is 5% and the loan period is 25 years. Payments are made monthly. If you pay the mortgage according to the loan agreement, how much payment will you pay each month?
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