If you borrow $1,000 at 8.5% simple interest and the loan requires a lump sum payment...
If you borrow $1,000 at 8.5% simple interest and the loan
requires a lump sum payment of $1,215.71, what is the term of the
loan? (Round your answer to the nearest whole number.)
t = days
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If you borrow $1,000 at 8.5% simple interest and the loan
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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.) Equal payments 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,) % EAR To borrow $1,450, you...
8. Calculating an installment loan payment using simple interest Calculating the Loan Payment on a Simple-Interest Installment Loan Instaliment loans allow borrowers to repay the loan with periodic payments over time. They are more common than single-payment loans because it is easier for most people to pay a fixed amount periodically (usually monthly) than budget for paying one big amount in the future. Interest on installment loans may be computed using the simple interest method or the add-on method. For...
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You borrow $80,000; the annual loan payments are $7,106.19 for 30 years. What interest rate are you being charged? Round your answer to the nearest whole number.
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